The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-02
UNION PACIFIC A FEATURE
A Sensational Rise Made on EnOr-
nous Transactions.
Simultaneous stsength shown by
Chicago and Northumberland
son and Pennsylvania break I'm
der the Dividend Announcements.

NEW YORK, May although the
transactions in today's stock market did
not foot mp so large a total as was at
tanned yesterday, the trading was never
theless replete with interesting, and, in
deed almost sensational features.
Tho London market was closed because
Of the usual May Day holiday there, and
somewhat contrary to expectations, the
dealings for the London curb account
amounted to little or nothing. In the
absence Of any influence from London, the
local stock market opened with a some
what feverish and uncertain tone. Houses
with Chicago connections sold heavily
here, particularly of the United States
Steel issues.
The dealings at the opening OF business
were characterized by unusually irregular
tendency, and stocks of the same general
classification moved in contrary direc-
tions. with the course of the morning
somewhat steadier tendency developed.
but throughout the day no little nervous
ness was apparent. 1t was evident that
Yesterdays enormous transactions had in
duced stock brokers to urge the wisdom
of more than ordinary caution on the
part Of their clients.
Actual business on the floor of the stock
exchange was conducted along the same
lines as of yesterday. Brokers generally
refused to accept stop-loss orders, and
would indeed, accept none without quail
fcations The very extent of the specula-
ton results in no little Inconvenience not
only to the brokers themselves, but TO
their clients, a fact familiar to everyone
possessing a casual acquaintance with
Wall Street affairs at present.
The speculative community was treated
to two decided disappointment today in
the dividends declared on Atchison com
mon and Pennsylvania stock. 1t had gen.
orally been believed that the Atchison di-
rectors would increase the semi-annual
dividend on the common stock to per
cent. and indeed there have recently been
rumors that even higher rate would be
declared. Nothing more than the same
rate which was declared at the last
period. namely, IL per cent, however, was
announced. The stock broke sharply on
the announcement Of the dividend, but it
subsequently recovered with equal ra-
pidity The Pennsylvania directors like
wise declared the usual semi-annual rate
of 2lk per cent and made no extra distri-
button of profits. As was the case, how
ever with Atchison. the stock was only
temporarily depressed by the announce
ment.
The sensational feature of the market
by all odds was Union Pacific Through
out the irregularity of the cary dealings
the stock showed comparative strength,
and with the course of the morning it
shot up rapidly over 10 per cent on enor-
nous transactions The simultaneous
strength of Chicago and Northwestern
tended to confirm the current ideas that
the control of the Union Pacific property
has been acquired in the interests Of the
latter company. but nothing authoritative
could be ascertained in regard TO this
point.
The general character of the trading
and of the advance in Union Pacific was,
however, strongly suggestive of the ex-
istence of an exceedingly heavy short in
terest in the stock. it is hardly to be
supposed that stock buyers desiring to
obtain control of property would have
conducted their purchases ia such a man
ner. The fluctuations in the stock after
the elimination OF It's amazing advance
were extremely violent