The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-03
IIGB|S(I Is IN lHE LEAD
DEALINGS IN UNION PACIFIC TOOK
SECOND PLAcE4s IN WALL
STREET YESTERDAY
ROUTES TO PACIFIC COAST
Key to the Situation in Dealings in
stocks OF the Granger RenAs-
Those Now Unprotected
MHst Hustle.

~ Closing.


Thursday. Wednesd'y
Bar silver, New York. .591s 5sA
Call Money, New YORK =. Al 332 8
NEW YORK, May e.-The Atchisan
stocks took the leadership of the marcel
away from Union tactic today both IN
point of strength aid activity. During
the most of the day the volume of trans
actions in the two common stocks ran
a close race, but the dealings in Atca
ison common and preferred easily out
stripped those in the two Union Paci. @
stocks. A heavy pIepoEds rance of the to-
tai transaction in the who'e market cen
tered in these stocks. There have been
very confident predictions that the first
dividend on Atch.Son for the first half
year would be 2k per cent, and it Is Ike
ly that short interest was accumulated
in the stock by those who had better in
formation In the expectation that yester-
days IL per cent dividend would bring
out heavy offer ngS. AS matter of ia t.
the offerings were very moderate. The
character of toGay's buYing, however,
could by no means be safely attr.b; ted TO
either a demand from shorts or from a
purely speculative manipulation. The
movement was supposed to be due to q
new phase Of the struggle among the
Granger trunk lines to secure for them
serves compensatory advantages to offset
the Burlington deal. Officials of the st.
Paul railroad was quoted anonymously
this morning as breathing forth threat
en.ngs of building new line to the Pa
Il
in the advantages of the supposed Union
Pacific ABSORPTION. This corroboratfS the
current suppostion that the great Grang-
eT trunk lines feel themselves at a tact
ical disadvantage II they have not an
assured Pacific coast outlet as wei as an
eastern trunk line connection and that
all of them w II sooner or later take meas
ures to secure these advantages. The
movement Of prices today was cited as
giving evidence that the buying of Atch-
ison was for the benefit of the st. Paul
and probably also OF Rock Island There
was disposition to attribute the late
strength of Baltimore & Ohio to plans for
making that road the eastern outlet. and
the late squirt III Norfolk & Western and
Chesapeake e Ohio were supposed to In
dictate alternative possibilities. The dec
laration of the first dividend on Norfolk
d Western OF ] per cent was, however.
tie more plausible explanation of the
strength Of the last nanled stocks. The
fGVeTiSh and erratIcs fluctuations in IN
ion Pacific were amply explained by the
new uncertainties Surrounding the pres
emit ownership of It's control There were
various runners both to the effect that
the Vanderbilt interests had perfected
their control and that the Hartman in
tCrcst had secured tl1er maintainence Of
their control. Ever movement in the
stock and every runlor regarding the con-
troll were Looked upon with suspicion by
the uneasy speculatorS as a device to fur
Their the contest, and Underlying all was
their dread that once@the actual control
is decided, the nlsh price Will not ne
maintained. The extreme range of the
stock was points and the net loss
~. Atcnison advanced an extreme 11bs
and closed within a fraction of the best.
St. Paul is 2k higher on the day. Ches-
apealSe & Ohio 3lB and Norfolk & West
ern is. The stocks included In the Bur
lngton deal. the Erie stocks not eXclud-
ed, were all notably heavy. The heavy
profit-ta<ing and weakness Of the United
States Steel stocks had q large senti-
mental influence on the whole market.
New York Central was quite severely
handled and lost 3B on the day Ex-
cept for few special points of strength,
the market was, on the whole reaction
airy. The money rate was distinctly i'm
er today, ruling at per cent early in
the day, and it was said that a number
of the banks were calling loans The
subtreaSury figures, which include the
payment for the great part Of the gold
exports, show loss by the money mar
ket thus far Of S., 758.000 The payments
of the government interest and of the
blocks of government bonds redeemed
in the statement. but 1t is evident, never
theless, that there must have been
very heavy movement or cash from the
interior during the week to overcome
these losses. The sterling exchange mar
ket had a firm undertone, and there Is
still a possibility of geld engagements
tomorrow for Saturdays steamer. The
closing Of the market was easy and al
most weak, except for the final squirt in
AtchisOn.
Union Pacific convertible bonds con-
tinucd very active and the bond market
otherwise was irregular Total sales,
par value. $1,165000. United States re-
funding rs coupon: declined Z and the
S's Y per cent on the last call.