The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-03
When you want the best for the least money. come to headquarters
N. F. CRAWFORD & co, Fayetteville, n. C.

eral when Union Pacific began to al.
vance by such strides and on such \
succession or buying orders as was a
rpr In even the current market.
The a was pretty steady by
fractions up 70 about 12s, but from
n point the advance became wild
umpin a point between sales and
sometimes falling back as brupt
without relaxation in the character of
h buying till the price touched 100
from that point the stock fell back
oy leVerish fluctuations to Is3 and
then vibrated wildly. as though the
traders were attempting to find ;
ievei 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
Atchison. AS there have been very
demonstrating claims that this semi
annual dividend would be . per cent
instead of IL per cent. there wera
some disappointed traders who soii
the STOCK freely on the announcement
causing a relapse of 3 points.
Ihe market looked at this time "a
tnoush II would lose all the adyan-
age derived from the spur in Union
Iacinc. n a large part OF the re-
coVerles which had reached from I IN
3 points from the early low level were
lost again. h general movement of
prices was SO cratic as to throw the
speculation into confusion and opera
tors refrained from taking action.
ieadlns to practically the first period
OF anything approaching d~ullness for
the week.
In the course of the afternoon. how.
ever. Union Pacific renewed its adj
vance in a much more orderly an
well-sustained manner than in the
morning. and very notable buying of
northern Pacific supplemented this
movement.
The great speculative movement
tnereupon resumed full swing. the par
lcipants showing undiminished in
oustry In seeking out new points of
eng and bringing about a general
resumption of strength. Union Paci6c's
late advance carried it up to 1870. an
extreme rise or 10 points. and New
YORK Central touched 1891, a gain of
oA. Northwestern gains So on the
day.
These advances were apparently SYM
pathetic and gave color to the sun
position that the Vanderbilts had Sc
cured control of Union Pacific. This
supposition a commonly accepted
this morning. but the violent move
ments in Union Pacific gave rise 20
or a renewed contest for the
controi or the property. There lis al
appearance OF uncertainty even among
the insiders as to where the actual con-
troll lies. but that a bold contest I'm
the open market for the control has
been going on and is now. is an accented
fact. and. following upon the ac-
c~omplishment Of the Burlington deal.
1t makes the speculative public quite
ready to jump at any suggestion of n
consolidation, Of whatever magnitude.
The conditions precipitated by the
Burlington deal. especially when fol-
lowed by the Union Pacific operation,
give a very logical basis for the SUD-
position that rival railroad systems
are in a measure in an unprotected
position unless they follow with sim
liar consolidation.
The Pennsylvania dividend was also
a disappointment to the more ebuliient
class OF spectators. as they had pre-
dicted with great confidence that Ii
would be supplemented by an extra
dividend. out the effect on the stock
was very slight. as it came after the
market had fairly turned upward
again.
The additional engagements of 8. go
600 in gold for tomorrow's French
steamer came as a surprise. and the
earlier announcement was a large fac
tor In h chilling influence on the
$50 2 IL liz.
as 1t did. yesterday afternoons adj
n to 6 per cent. in the call money
rate. The rate ran up to 6 per cent.
again under the demand from belated
borrowers today. but the speculative
were not disturbed. The
disbursements Of government interests
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
500. 900 shares below yesterdays level.
was still OF abnormal proportion.
The United States steel stocks.
though continuing very active. moved
very narrowly except for the dip after
the opening.
The large business in bonds today
was largely accounted for by the ex-
~traordinary dealings and price iuc-
in Union Pacific convertible
In sympathy with the stock. 9th
erwise. the market was moderately ac-
tive n strong. Total sales, par
value. were 81. ss5. oe0. United States
declined u per cent. on the last
call.