The Washington times. (Washington [D.C.]) 1901-1902, 1902-05-22
Canadian Pacific Again Leads
in Activity and General
Gains.
MOVING TO HIGHER LEVELS
Amalgamated Copper the Feature of
the Industrial List-Fractiona Net
Advances Made in United States
Steel-Heavy Trading on Curb.

NEW YORK, May 2l.-The most inter
esting development in financial markets
today was a decline both in foreign ex-
change and in the local rates for money.
As q rule, the two markets work in OPP
posite directions. The explanation of
today's phenomena is the money is flow
ing to this center from The interior, and
at the same time Europe is buying
stocks on a moderate scale, and foreign
bankers are DESTROYS of lending their
accommodating unemployed balances in
this market through the machinery of
foreign exchange. Foreign purchases
of stocks through arbitrage houses ag-
gregsted about 10000 shares on balance.
Influenced largely by the considera-
tions that have been noted, the stock
market was strong throughout. The
terday. and Canadian Pacific was again
the leader in respect to activity. 1t
also scored the greatest net gain. name
ly. 2ss per cent.
Inc pciiti ic anu 10 siONluE III
the street. though there is absolutely
no evidence to support IT. that event.
ually 1t will be found that a basis is
being established for an alliance be-
tween the Canadian Pacific Company
and the systems controlled by the
Northern Securities Company.
Other Strong Features.
Other strong features were Union
Pacific. St. Paul. Reading issues. and
Chicago and Alton, which was unusu-
ally active at net gain OF mtre than
2 points. The market for the acthra-
cite coal stocks reflected the prevailing
opinion that the strike of the anthra-
cite miners will be unsuccessful.
Less active issues that made progress
toward higher levels were Canadian
Southern common and second preferred;
Duluth. South Shore and Atlantic pre-
ferred. Great Northern preferred. Kan
sas City and Southern iseues. the 500
stocks. New York. Chicago and ST.
Louis second preferred; New York.
New Haven and Hartford; p c. c. and
st. Louis: Wabash common, and Wis
eonsin Central issues q,
Further occurrence OF the tendency Of
tiae larger systems to absorb the small
Or ones was furnished today In the an
nouncement that capitalists identified
with the Wabash Company had secured
control Of the Ann Arbor Railroad. This
transaction means that the managers of
the so-called Gould system, in which
the Missouri Pacific Company is the |
central figure, arc intent not only upon |
establishing a trunk line from the At |
iantlc to the Pacific, but also supplying |
q with branches for securing and con-
tributing traffic.
Amalgamated Active.
The feature of the industrial market |
vac the revival of activity in Amalga-
mated Copper at a net advance OF Ia |
points. This movement is amply OK
Stained by the greater activity in the |
market for the metal at further ad-
vance in prices. The same influence was
effective in the curb market, where 1t
was reflected In the dealings in United
Copper. in White Knob Copper. and In
Montreal and Boston. The market for
the copper stocks in Boston was also
unusually active at advancing prices.
There was a falling of in the deal
mrs in the United States Steel stocks,
stu the market for them was strong
1t fractional net advances. Less active
issues that enjoyed noteworthy net
gains were Anaconda, Distillina pre-
ferred. American Cotton Oil. and on light
transactions, American Car and Foun-
Cry preferred. There was decided in
crease in the dealings in bonds, and the
market for them was very strong.
The more noteworthy dealings were in
Baltimore and Ohio general AS. Color
sdo Fuel 5's. Consolidated Tobacco as.
and Southern Pacific SIS.
In Outside Market.
In the outside market the noteworthy
1eaiings other than in the copper stocks
we're in American Mailing Companies
II 80. United States Steel SIS at a
urther advance to 95% and interest; Ha- I
vana Commercial common, at an ad
vance to 19A. on unusually heavy trad
leg. the preferred at Sc; Northern Sc
rurities, at an advance TO 1909: San
Francisco Railway preferred and Stan
lard Oil. which declined from 62s to ]
sas.
The close In all departments was