New-York tribune., 1901-05-30
BONDS.
THE DAYS OPERATIONS IN STOCKS,

THE DAYS OPERATIONS IN SIOChS.
Stock Exchange trading increased in volume
IN Yesterdays transactions. with substantial
rrice changes Cnet advances) in the greater
number OF active issues. The professional Gle
rnent was still In control Of speculation. but
commission houses reported a better demand
owing no doubt, TO the idea that important
urogress had been made in adjusting the OH
ferences in high banking and railroad circles
that developed as a result Of the recent North-
ern Pacific contest. Dealings were moderately
heavy in certain stocks, in which market move
rnents apparently foreshadowed important de-
gelopments. as, for instance, in Lackawanna,
Wabash, Southern and Union Pacific. Pennsyl-
vania. Atchison and Southern Railway. The
high price Of Atchison common doubtless re-
fleets something IN addition 10 mere specula-
tion AS q 8 per cent stock AtchisOn common
is selling at an advanced level. and the general
impression IS that the upward movement in the
price has been due either TO buying for control
or buying based on the theory that control is
desired. Interest in Lackawanna stock was not
SO intense yesterday as recently noted, but
there was a good demand for the ISSUE accom-
panied by further reports regarding possible
developments affecting the company. In addi-
non 10 the theory that the Gould interests are
trying TO secure control OF the Lackawanna sys-
increase its capitalization and incidentally "cut
a melon" for its stockholders. This stock pre-
sents a fair instance OF market value running
ahead Of actual worth
Dealings in Union Pacific were heavy but
the Street appeared 10 be somewhat confused
over the company's new convertible bonds and
the information regarding the issue as put forth
in the application TO have the bonds listed.
The company has made Oregon Short Line and
Oregon Railroad and Navigation securities col
lateral under the convertible bonds and the
question Of the legality OF the action has been
raised. owing to the fact that the Oregon Short
Line and Oregon Navigation securities were re-
ceived in exchange for Union Pacific stock.
Union Pacific directors propose to acquire new
property from the proceeds Of the 100000
convertible bonds. and when this property is
IN hand 1t will doubtless be substituted as col
lateral for the securities named. The Short
line and Navigation securities were held as
assets OF the Union Pacific and as such could
legally be used as collateral under the CON
vertible loan The new bonds VIII undoubtedly
be used to finance the purchase Of Northern
Pacific stock. which may then take the place Of
the Oregon Short Line and Navigation securi-
tes as collateral, or else go into the Union Pa
cihc treasury.
Buying Of Southern Pacific was a conspicuous
feature OF the last hour. and it was suggested
that insiders had taken hold Of the stock TO
encourage the sale Of the new Union Pacific
bond issue The Southern Pacific stock held
by the Union Pacific is collateral against the
bonds, as well as the Oregon Short Line and
Navigation securities. $4OOO0Oo0 Of the $780,
100000 issue having been sold to provide for the
payment OF 10000 shares Of Southern Pacific
stock recently acquired by the Union Pacific
Warrant for an advance in Southern Pacific
was also found in the company's remarkably
heavy earnings for April This stock with
Atchison Erie, Pennsylvania Southern Railway
Union Pacific, United States Steel shares and
Wabash furnished the greater part Of the days
active dealings. Aggressive strength was shown
In the afternoon despite gold export engage
ulents OF about 100000. sale OF Northern
Pacific stock at decline OF 80 points from its
last preceding sale was incident of the dav
that was thought TO possess favorable signifi-
canoe as affecting the Northern Pacific situa-
ton. A revival Of speculative interest in the
Steel shares had a good effect on sentiment
While the railroad shares were advancing manv
OF the industr1als were thrown on the market
evidence OF this being especially marked in
American Tobacco