The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-30


a Fight for Control of Union Paci-
fic-London n Heavy Buyer of the
SteeIs. Which Advance sharply.
NEW YORK. April 29-Further new
records were established in todays deal
iugs in the stock market. Many of the
railway stocks sold at the best prices ever
attained At the same time, and as was
the case last week, it was virtually i'm
possible to assign any definite reasons,
apart from technical causes, for what took
place Little more, in fact. could be said
than that unparalleled buying orders
poured into the general market and par
ticularly into the Pacific and granger
stocks. and that these resulted in simply
sensational advances.
In Union Pacific the amazing advance
recorded was again construed as chiefly
rejecting the current contest for control
of that property now obviously in prog
ress. There is no more interesting ques-
ton presented for consideration today IN
financial affairs than this apparent con-
test of financial powers will be. Regard
ed in one way the market levels of such
stocks as Union Pacific and St Paul, in
view of their established earning power
would not be matter for protracted DIS
cussion, but on the other hand it is palpa-
bly, absurd to suppose that the merits of
these securities have only now begun to
attract the attention of investors.
Those observers of Wall Street affairs
who have reached the conclusion that the
so-calIed good stories all have been told
may discover before long that the present
unparalleled situation comprises possibili-
ties heretofore undreamt of. 1t may be
10 l1re &c nj
apt to be enlightened until the compre-
hensive plans under way are fully ma
tured.
As already noted, today's remarkable
transactions in stocks were not directly
accounted for by definite developments.
Business was resumed on the stock ex-
change in new surroundings, but owihs
to the painstaking preparations Tor the
change, there was little or no inconVeh-
ience Saturdays bank statesmen was
accounted encouraging. as foreshadowIng
continued ease in the money market Inc
latter feature of the situation was Vlrtu-
ally unchanged today, the prevaiiinS rates
being at about the same level as those
quoted at the close of business last week
Additional exports of gold to Europe
were announced and received scant at
tention London was a factor OF materlaI
weight in the local market. as the trans
actions from that quarter attained ire
mendous proportions. In ADDITION, Amer
lean stocks were shown IN the earn
cables at advances, which extended 70
points, and more, above parity with L II
DAYS final figures.
Ii was estimated that the transactions
in this market for foreign account result
ed on balance in the purchase OF upwards
of l00.OJJ shares OF Stock. Houses WIN
Chicago connections also carried on an
enormous business, and likewise ooueht
heavily on balance. Their dealings. how
ever. were largely confined to the Paciic
and granger stocks. and were instrument
tai in bringing about the extreme move
ments noted therein.
n nerhaps goes without saying that in
such superheated speculation as pre-
vailed, while the general tendency OF
prices was distinctly upward, the advance
was punctuated by occasional and sharp
reactions. The days more pronounced
movements were in Atchison common,
Baltimore and Ohio. Canadian PACING,
Illinois Central New York Central, Penn
sylvania, Union and Northern Pacific,
Rock Island, and St Paul.
The exceptions to the general tendency
of the railway list were only among
few of the inactive stocks, and We're de-
void Of particular significance. In the
earlier part of the day the anthracite coal
stocks were disposed to lag, but later
they also developed increasing strength
dealings in local traction shares.
London S purchases were particularly
heavy in the United States Steel stocks,
both issues of which scored extensive adj
vanccs. Otherwise, the dealings in the in
dustrial quarter did not attain large pro-
portions. American Smelling was sharply
depressed in the forenoon. but it later re-
covered the whole Of its loss. Sugar Re
filming and the Tobacco stocks were com
para lively neglected.
A number of pronounced advances were
recorded among the so-called specialties,
conspicuous features being Amalgamated
Copper. Anaconda Mining. Colorado Fuel
and Iron. and Peoples Gas. Tennessee
Coal and Iron was reactionary and
Western Union was barely steady.