The times., 1901-05-23
THE MARKET PEATURELESS
Light Dealing, With an Uncertain
and Varying Tone.

Observers of st. Paul Think They See
"a New Move in the Railway Field
Union Pacific ErrHtic on Heavy
Transnctions IndustriaIs Rise.
NEW YORK. May 22-Today's stock
market did not afford ground for extended
comment. The dealings We're in light
vols.me. and the tone was decidedly un-
certain and varying. For some reason
the pools in a number Of lower priced
and usually inactive stocks elected he
occasion as a fitting opportunity for the
promotion Of their specialtes. and, at all
events, the stocks of the class cited fur
nished the most extensive movements IN
today's market.
At the opening Of business the tone of
the market was decidedly weak. Its ten
dency at the time seemed TO be owing
both to the decline which appeared in
American stocks in London and to the
expectations that the week $ gold ship
ments would attain a large aggregate.
Somewhat unexpectedly, also, foreign
houses appeared as quite large sellers Of
stocks here, the total sales on this aC-
count being estimated as IN excess OF
80 0oQ shares
After the first few minutes Of business.
however. the market developed much
firneT tone, and some rapid reCOVclles
appeared The conspicuous features OF
the railway lis. were the Erie issues, st.
Paul. and TIE Wabash securities. There
were again heavy dealings conducted in
Union Pacific and the movements in the
stock continued eNceedlngly cratic.
Interest regarding Union Pacihc affairs
now appears to centre altogether on the
collateral which is to be placed under the
new Issue Of S6o. .tN1 zoe convertible bonds.
VARYING coEiectUres in this regard could
be heard today, and some OF them LOOK
an extraordinary and rather incredible
turn.
Nothing that was definite bearing on
the exceptional firmneSs Of St Paul came
TO light. but observers Of the dealings in
that stock have for some time reported
& steady absorption Of it. and many per
sons think they detect therein some new
and important move on the railway
checkerboard. Some of the conspicuous
movements among the minor railway is
sues were in Wisconsin Central, Des
Moines, and the Colorado Southern and
Mexican National. Hooking Valley issues
were also particularly strong, a move
ment naturally attributable to the declar-
alton Of the initial dividend on the COM
mon stock
Little or nothing of interest appeared
in the market aside from the dealings in
the railway list. As was the case in the
latter quarter, a number of the lower
priced industrial stocks were taken up and
advanced, among them being American
Car and Foundry and United States
Leather. The fairly heavy dealings in
the United States Steel stocks resulted in
only limited movements in prices. Sugar
Refining was dull, notwithstanding the
early approach OF the dividend declaration
on the stock, a circumstance usually con-
ducive to speculative activity Neither
the so-called specislties nor the local
traction stocks played conspicuous part
in the days dealings.
The general situation outside of the
market itself was about as fcatureless as
were the dealings on the stock exchange.
The money market was extremely easy,
and the actual engagements of gold for
export were in small volume Few state
ments of railway traffic Of interest were
submitted The day, as a whole. may be
said TO have emphasized the fact that the
stock market has now returned to normal
conditions, a state of things welcomed
by the majority Of persons interested in
Wall Street affairs.