The times., 1899-06-27
RAILWAY LIST IN DEMAND
Animation Characterizes the Open
ing of the Stock Market.
Effect of the Rumored Deal of the
New York CcntraI-Fnlling Prices
of Wheat-The Money Market Dis
turbed on Account of Shifting
of Loans-Industrinls Reactionary.

New York, June ga report that the
New York Central had acquired control of
the Boston and Albany and would guaran-
tee s per cent on the stock of the latter,
was published this morning. Notwith-
standing the absence of official confirma-
tion of the report, it was generally ere lifted,
particularly as it received pronounced re-
fiection in the dealings of New York Gen.
tral and all the other stocks directly or
indirectly concerned in the rumored ar
rangement. The idea of a great transcon-
tinental system to be formed out of the
lines identified with the Vanderbilt name
is one to which Wall Street has clung with
remarkable tenacity, and it has been un-
shaken alike by personal disavowals and
by the absence of tangible evidence. On
this account this morning New York Cen
trail Boston and Albany rumors were not
only commonly believed, but they were the
cause of others out of which in short
time the speculative imagination had con-
structed one vast and consolidated system
stretching from ocean to ocean.
Wall Street will probably have to wait a
! long time for the realization of this vision
of railway expansion, and, indeed, this
mornings particular report seemed to be
rather premature in point of fact, how
ever close 1t may be in line with subse-
quent developments. Wall Streets notions
in this respect are, of course, based upon
the Lake Shore and the Michigan Central
arrangements with the New York Central.
and also upon the inherent proba-
bilities of the general proportion Trad
in the days market followed two
separate courses and the line of de-
marcation was sharply defined. The rail-
way list, and particularly the standard is
sues, showed a good demand and were
| almost uniformly strong.
On the other hand it appeared practi-
cally from the opening that the strength OF
those stocks was being utilized for the
purpose of liquidating holdings in the in
| dustrial shares and some of the specialties.
! Naturally the diverse movements reacted
TO some extent upon each other, the weak
ness in the industrials retardlng the ad-
| vances in the railway list, while the lat
| ter facilitated the liquidation in the in
/ dustrials. The actual news of the day COM
/ prised some very favorable returns OF rail-
way traffic, falling prices for wheat, and
engagements of some 81, 2,25O,O0O gold for
export by tomorrow's steamships.
! The money market on call was somewhat
| disturbed on account of the shifting about
( of loans in advance of the arrangements
! for the July disbursements. The transient
character of the closer money market pre-
vented it from assuming a prominent
place in speculative calculations.
There was nothing bearing directly upon
| the industrial quarter to account for the
reactionary tendency evident there. Brook
| lyn Rapid Transit was depressed by per-
sistent rumors Of an impending labor
strike, but they were officially denied
without much improvement appearing in
the stock. Apparently London accepted
the New York Central Boston and Albany
rumors as authentic, for American stocks
were shown there at a sharp advance, and
| the disposition on the dealings here for
1 foreign account was favorable. The trad
/ ing with the course of the day lost some
of the snap and animation that marked
it earlier, though retaining the other noted
! characteristics. The bond market was com
! paratively dull, though steady, rejecting
the fact that while the July disbursements
are equal in volume TO those in January,
the demand for securities is seldom sim
! ilarly great.