The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-08


Northern Pacific. The extraordinary
demand for that stock continued and
it almost duplicated yesterdays rise, ad-
vancing an extreme 22A points. compared
With % yesterday. In the early dealings
this strength retained a part Of its SYM
pathetic influence on the general market,
but it steadily lost that influence. The
reason for the rise exerting depress-
ing influence on the rest of the market
was shrouded in as much mystery as the
whole movement has been As the day
drew towards the close rumors began to
gain currency that the enormous demand
for this stock of the last two days was
the result of a desperate effort to re
gain control on the part of insiders. The
SuppoSition is that the recent effort to
secure control of Union Pacific led to
retaliatory movement on the part of the
powerful capitalists who control Union
Pacific to embarrass the Northern Pacific
interest with an enfored contest to
maintain their control. The success OF
the plan must be admitted, if such
struggle is really the cause of the buy
ing in Northern Pacific. The brokers en-
ployed in the buying serve as some cor
federation for such supposition A house
credited with buying 100000 shares
yesterday, was a buyer of tens of thou
sands of shares today and was at the
same time lending out the stock for the
benefit of the shorts to an amount es-
timated at 100000 shares, thus striving
to allay the alarm of the short interest
and thus discouraging the hypothesis that
the buying movement was designed for a
squeeze against the shorts. Appearances
went rather to show that the short in
terest was among the insiders The
presumption which might flow from the
fact of such a struggle between great
groups of capitalists had chilling effect
on the whole speculation. For one thing
it would point to state of vindictiveness
between interests which have been sup
posed to be working in accord. Instead
of progress in a community of interests it
would point to growth of gigantic
rivalry with resultant power of COMPETE
ton exceeding anything in the railroad
wars of the past. 1t would indicate
also that the leading financial interest
which has been the conspicuous figure
in all the recent great financial plans
had been outgeneraled. There were fears
also that the collapse to follow the
volatile rise in Northern Pacific would
unfavorably affect the whole stock mar
ket. The rumors regarding Northern Pa
cific did not begin to take this form until
late in the day-reports that the pre-
ferred stock avs to have the option of
exchange with the common stock and so
doing away with its prior claims send
Northern Pacific preferred up over ten
points. Canadian Pacific continued its adj
vance on the theory that its prospective
control by the Northern Pacific gave the
latter stock it's strength. Union Pa
cific was run up to 1907 in an attempt
on the part of its friends to rally it to
figures commensurate with Northern Pa
ciic. These stocks constituted the real
ly notable features of strength in the
market after the opening bulge, which
was quite general and was due to the
thrush of buying orders from the now
widely extending speculative public.
These opening gains ranged from one to
two points pretty generally and from
three to four points in Sugar and Union
Pacific The quick inroads made upon
these prices by realizing and the i'm
pairmen of the buying orders discour-
aged the continuance Of the speculation
or tho rise.
The higher rate for money and the
demands by brokers for larger margins
also had repressiye influence on specua-
tion The late selling was enhanced by
the encouragement of timid holders who
are only willing to hold on rise The
break at the last was severe, reaching
So in Northern Pacific, 81 in st. Paul.
in Union Pacific, 81 in Rock Island 5
in Baltimore and Ohio and between and
points in the large majority Of the ac-
tive list The United States Steel stocks
wcrc again under pressure throughout
and the current gossip attributed this
liquidation to a shifting Of holdings from
the Steel stocks into railroads Prices
closed above the lowest as bears took
quick profits but the closing undcrtone
continued distinctly weak.
The bond market was quite active and
irregular. Total sales (par value) S.,
$50, 0G0.
United States IS declined Y and the
.3's u per cent on the last call.
The total sales of stocks today we're
2,076, 600 shares. including the following
Atchison 1i6, 500; Atchison preferred 3D.
SEQ; Baltimore and Ohio 1900 Cana
dian Pacific 81, 500; Chesapeake and Ohio
8,400; Chicago, Burlington and Quincy
p, 800; Chicago. Rock Island and Pacific
%. 500; Colorado Southern $500; Erie
35. 500: Louiyille and Nashville $500;
Manhattan Elevated 23.400; Metropoli-
tan Street Railway 5000; Mexican Cen
trail 14700; Missouri Pacific 81, 200; New
York Central 9,10o; Northern Pacific 2S1,-
400; Northern Pacific preferred 27.80O;
New York. Ontario and Western $4,000;
Pennsylvania Railroad 11,70e; Philadel-
phia and Reading 1900; Philadelphia
and Reading first preferred 22,100; Phila-
delphia and Reading second preferred
5000; st. Louis and San Francisco $500;
Chicago, Milwaukee, and ST. Paul TO-.
500: Southern Pacific 70,4oo; Southern
Railway 1900; Southern Railway pre-
ferred 5000; Texas and Pacific 81 800;
Union Pacific $40 100 Union Pacific pre-
ferred 15,1oo, Wabash preferred u 400;