Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-13
SPRUNG A SURPRISE.
Wall Street Learns at the Eleventh Hour Of
n Big RaiIroad Gobble-It Causes
Rush to Buy GrauRers

Rush to Buy Graugers.
NEW YORK, March 1.-THE stock market
during the greater portion of to-day was dull
! and stagnant for most of the list, and the few
movements which took place had little or no
significance. The opening this morning WAS
attended by a stronger tone than usual of late
and especially in the Grangers there was more
life and positive strength, 1t was reserved
until the last hour to spring upon the street the
intelligence that the Chicago, Burlington and
Quincy had at last secured the controlling
interest in the Chicago. Burlington and North
ern and there was a rush to huy the Grangers
and the stocks of all the roads which will be
benefited by cessation Of the rate cutting in
the west and Northwest. Burlington and
Quincy led the upward movement, but Rock
Island. ST, Paul, Union Pacific and Louisville
and Nashville were close behind. The pros
pect Of discontinuance of the rate troubles in
the West already has caused better feeling in
the street and an easier money market.
There were other items favorable to the i'm
provement of values chief among which was
the declaration of the dividend upon the pre-
ferred stock of the st. Paul. and complete
change in the management OF the Louisville
New Albany and Chicago Railway. owing to
the fact that controlling interest had boen
bought quietly by some large corporation. The
general market to-day was devoid of interest.
The close was active, excited and Strong at the
best prices of the day. Burlington and Quincy
is up 21s, Denver. Texas and Fort Worth, 13l
Rock Island, 1ss, Oregon Improvement, ~.
Atchison and ST. Paul, ~, Northwestern per
cent, and Others fractional amounts.
The railroad bond market was again more
active to-day, the sales of all issues reaching
81 665 900, out of which Atchison incomes con.
tributed 1881, 900 and were the strong point in
the list. while the Louisville, New Albany and
Chicago consols were conspicuously weak The
rest OF the list, however, displayed the same
steady tone without tendency in either direc-
tion. Louisville, New Albany and Chicago
consols lost 2, at l02
The Post says: There are reports, which seem
to have some foundation, of new pool having
been formed in Rock Island, and aside from
this it is noticed that there has been pretty
steady buying in the last two days of the other
Crangers. especially Northwestern and ST,
Paul, for Chicago account. While the volume
of trading in the more active stocks has
fallen off because there had been cessation
of the efforts to depress them, good many of
the usually less active stocks have had larger
business in the last week and have advanced
considerably.
were the builders and operators of the Bur
lington and Northern, the former has never
been able to dictate the policy of the Burling-
ton and Northern, and as the latter has been
the greatest disturber of rates. the matter has
always had the aspect of "a house divided
against itself" The announcement that the
Burlington and Quincy had bought the Bur
lington and Northern was therefore accepted
as pledge that the rate cutting would be
stopped, and on this, supposition all the
Granger stocks began at once to advance.
The following taUle shows the prices OF active
stocks on the New York Stock Exchange yester-
gay. corrected daily for TIE DISPATCH by
MhlIEkI &STEPHENsoN, Oldest Pittsburg mem
oers OF New YORK Stock Exchange. 81 Fourth ave-
nue.: