The Savannah morning news., 1901-04-26

profit-taklng in other parts of the list.
There were further Developments or
strength to-day as a supplement to the
Union Pacific movement, and the strength
Of the market was more generally diffused
than at any time this week.
The manner in which the market re-
ceived the formal announcement of the
terms of the Burlington merger, had an
encouraging effect on sentiment. There
was little effect on Burlington itself,
which moved narrowly by comparison
with other stocks, but was very firm all
day. Considering the long continued ana
large advance which the stock has had
since this transaction first began to be
discussed, and its widespread influence in
causing other advances in practically the
whole market, the firmness of the stock
at the highest level in Its history was
surprising. One of the favorite maxims
with Wall street traders Is 20 sell on good
news. Burlington's quiet firmness on
the confirmation of its good news argued
small holdings of a purely speculative
character awaiting realization. The SEN
timental effect was very marked, owing
to the warnings which have been coming
from influential commission houses for
some time past that Misrepresentation
threatened the stability of the position III
the stock market.
For the first time this week the bears
refrained from their final attack on the
market and there was no flood of realiz-
ing orders which have been a feature OF
the last hour of each previous day this
week. The fact that the buying demand
was considerably relaxed did not seem to
encourage the bears to any aggressive ef-
forts, although there was a distinct ebb
of prices in the final hour on profit-takiug
ana final prices were considerably below
the best except in few cases.
The most conspicuous movements were
the outgrowth of the current conviction
that the perfecting of the Burlington deal
will be followed by similar arrangements
on the part of other railroad systems as
an offset. The Changers, Pacifics and
Southwesterns therefore played a promi-
nent part in the trading. The marked
strength of some of the Eastern trunk
lines was supposed to be associated with
the movement of the Western lines. Thus
the stock market gossip attributes the
large buying OF Atchison to a design on
the part of the Pennsylvania to control
Pacific outlet. Baltimore and Ohio, as
subsidiary company, was even more
acutely affected than Pennsylvania. The
advance in Atchison extended to Az, In
the preferred to 8, in Baltimore and Ohio
TO 59t, and in Pennsylvania to "a. The
ADVANCE IN northern racine was IGshiicu
after a lengthy period of compa rative
quiet, apparently on the theory that II
was entitled to rise with Union Pacific.
Union Pacific itself was at one time 2%
over last night and twice receded below
that of last nights price closing with
net gain of only a fraction. The
strength of Southern Pacific was due to
the supposition that it will share in any
advantages which accrue to Union Pa
cific The official denials which were given
out of many of the rumors OF yesterday
and to-day were without the slightest eff
feet on the market, The ease of call
money precluded any anxiety over the
money market.
The large buying of Union Pacific con-
vertible bonds continued and the market
generally was strong. Total sales par
value. 81, 105, 900. United States refunding
Is declined Is. and the Is registered "a
per cent on the last call
Total sales of stocks to-day were 2,OS3,
800 shares, including: Atchison, 15l.lOO;
do preferred. 1890; Baltimore and Ohio.
81. 100; Chicago Great Western, 1900; Chi
cago, Burlington and Quincy, 2S,400; Chi
cago. Rock Island and Pacific, 60,6oO Erie,
c., 2cG: do first preferred, S,400; Louisville
ar Nashville, 1920: Manhattan, S.lOO;
METROPOLITAN, 5000: Missouri Pacific, 81, =
400; Missouri, Kansas and Texas, 10,4Oo;
do preferred, 11,200; New York Central,
Il. 800; Northern Pacific, $500; do pre-
ferred, 6,100; Pennsylvania, $500; Read
ing first preferred, 1906 st. Paul, 1890;
Southern Pacific, 32, 500; Southern Rail
way, 5000: do preferred, 5000; Texas and
Pacific, %, ECO; Union Pacific, S67,6Oo do
preferred 1880: Wabash preferred. 1890;
wisconsin Central, 17,lOO; Amalgamated
Copper, S7.1OO; Smelling. $3.50; Brooklyn
Rapid Transit. $500: American Tobacco,
1850; Continental Tobacco 5000; People $
Gas, 2s,4O0:. Sugar, 24,20O; Tennessee Coal,
$500: United States Steel, 122,1oo; do pre-
ferred, 64,400.