The Savannah morning news., 1901-05-02
STOCKS AND BONDS.
Union Pacific Again to the Front ms
Markets SlSyrOcket.

New York, May 1.--Union Pacific again
furnished the sensation of the stock mar
ket to-day. and the movement of that
stock and of stocks correlated with 1t in
the speculation dominated the market
practically all day. The stock showed a
good gain at the opening and was firmly
maintained all through the period of sharp
reaction when the enormous proflt-tal1ine
mad borne down prices after the opening
This reaction had become very general
when Union Pacific began to advance by
sucn strides and on such - succession of
ouylng orders as was a surprise in even
the current market. The advance was
pretty steady by fractions up to about 1913.
but from that point the advance became
wild, jumping point between sales. some
times, and falling back as abruptly, but
without any relaxation in the character
of the buying until the price touched 1913
From that point the stock fell back by
feverish fluctuations to 1913 and then vi
brated wildly, as though the traders were
attempting to ind level representing
some undisclosed offer for the stock
The violent relapse in Union Pacific
came about the same time as the an
nouncement of the dividend action on
Atehison. As there have been very dem
onstrative claims that this semi-annual
dividend would be per cent instead of
l12 per Dent. there were some disappoint-
ed traders who sold the stock freely on
the announcement, causing relapse of
points. The market looked at this time
as though it would lose all the advantages
derived from the squirt in Union Pacific
and large part of the recoveries which
had reached from to points from the
early low level were lost again The gen.
eral movement of prices was so erratic
as TO throw the speculation into confu-
sion, and operators refrained from taking
action. leading to practically the first ne
riod OF anything approaching dullness for
the week
In the course of the afternoon, however
Union racine renewed its advance in a
much more orderly and well sustained
manner than in the morning. and very
notable buying of Northern Pacific sup
plemented this movement. The great
speculative movement thereupon resumed
lull swing the participants showing I'M
diminished industry in seeking ont new
points of strength and bringing about a
genera resumption OF strength. Union
Pacinc's late advance carried it UP to
100, an extreme rise of Is points, and New
York Central touched 1891 a gain Of 5H
Northwest gained 81 on the day. These
advances were apparently sympathettc
and gave color to the supposition that the
Nanderoits had secured control of Union
racine. This supposition was commonly
accepted this morning. but the violent
movements in Union Pacific gave rise to
surmise OF a renewed contest for the con-
troll of the property.
Inere is an appearance of uncertainty
even among the insiders as to where the
actual control lies, but that a bold con-
test in the open market for the control
has been going on is now an accepted
TACT, and, following upon the ACCOMPLISH
ment of the Burlington deal II makes
the speculative public quite ready to jump
az any suggestion of O consolidation of
whatever magnitude. The conditions pre-
cipitated by the Burlington deal, especial
ly when followed by the Union Pacific
operation, gives a very logical basis for
the supposition that rival RAILROAD sys-
TENS are in measure in an unprotected
position unless they follow with similar
consultations.
The Pennsylvania dividend was also
ppointment to the more ebullient
class of spectators as they had predict
ed with great confidence that 1t would be
supplemented by an extra dividend but
the effect on the stock was very slight
as IL came after the market had fairly
turned upward again.
The additional engagements of 81, $50 900
in gold for to-morrows French steamer
came as a surprise, and the earlier an
nouncement was large factor in the
chilling influence on the opening stock
market, following as it did yesterday az
ternoons advance to per cent in the
call money rates. The rate ran up to 8
per cent. again under the demand from
belated borrowers to-day, but the specu-
lative contingent were not disturbed. The
disbursements of government interest and
of corporation earnings incident to the
first of the month are looked to TO keep
the present needs OF the money market
supplied. The days business. though
falling 100000 shares below yesterdays
level. was stiH Of abnormal proportions
The United States Steel stocks, though
continuing very active. moved very mar
rowly. EXCEPT for the dip after the open
ing.
The large business In bonds to-day was
largely accounted for by the extraordinary
dealings and price fluctuations In Union
Pacific conertible As in sympathy with the
stock. Otherwise the market was moder-
ately active and strong. Total sales, par
value. $l1. 1896, 900 United States IS de-
clined 4 per cent. on the last CALL
The total sales Of stocks to-day were
27J0 600 shares. including Atchison. 176, 400:
Atchison preferred. Y. 100; Baltimore and
Ohio. $500; Chesapeake and Ohio, 1900;
Chicago. Burlington and Quincy. $500;
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