The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-02
RISE in UNION PACIFIC
III DOMINATES THE STOCK MARKET
NEARLY ALL DAY.
Advances by Broad Leaps to 13O-
General Trend of the Mnrket-Bet-
ternent of Local Situation.

At New York yesterday money on call
was firm at S1s@s per cent: last loan. 8
per cent: ruling rate. 4.
Prime mercantile paper. 4d41z per cent.
Sterling exchange was steadier. with ac-
tual business in bankers bills at s4.SS for
demand and s4s4s4 for sixty days: posted
rates. s4.S54a4.s6 and $3.50; commercial
bills, s4.S4a4S41z.
Silver certificates were COO; bar silver.
59isc; Mexican dollars. 4SAc. Silver bars
closed at q 3-16d an ounce bid in London.
Union Pacific again furnished the sensa-
ton of the stock market yesterday, and
the movement OF that stock and of stocks
correlated with it in the speculation domi-
mated the market practically all day. The
stock showed a good gain at the opening
and was firmly supported all through the
period of sharp reaction. when the enor-
nous profit-taking had borne down prices
after the opening. This reaction had be-
come very general when Union Pacific be-
gan to advance by such strides and on such
a succession of buying orders as was a sur
prise in even the current market. The adj
vance was pretty steady by fractions up
to about 123, but from that point the adj
vance became wild, jumping a point be-
tween sales, sometimes, and falling back
as abruptly, but without any relaxation
in the character of the buying until the
price touched 129. From that point the
stock fell back by feverish fluctuations to
12S ana then vibrated wildly, as though
the traders were attempting to find a level
| representing some undisclosed offer for
the stock. The violent relapse in Union
Pacific came about the same time as the
announcement of the dividend action on
Atchison. AS there have been very demon
strative claims that this semi-annuai divi-
dend would be 2 per cent. instead of liz
per cent, there were some disappointed
traders, who sold the stock freely on the
announcement, causing a relapse of )
points. The market looked at this time as
though it would lose all the advantage de-
rived from the squirt in Union Pacific, and
a large part of the recoveries, which had
reached from l to 3 points from the early
low level. were lost again. The general
movement of prices was so erratic as to
throw the speculation into confusion, and
operators refrained from taking action,
leading to practically the first period of
anything approaching dullness for the
week.
In the course of the afternoon, however,
Union Pacific renewed its advance in a
much more orderly and well-sustained man
ner than in the morning. and very notable
buying of Northern Pacific Supplemental
this movement. The great speculative
movement thereupon resumed full swing.
the participants showing undiminished in
dustry in seeking out new points of strength
and bringing about a general resumption or
buying. Union Pacific's late advance car
ried 1T up to 100, an extreme rise of 3 points,
and New York Central touched 1894, a gain
of 5A. Northwestern gained ga on the lay.
These advances were apparently sympa-
thetic and gave color TO the supposition
that the vanderbilts had secured control
of Union Pacific. This superstition was
commonly accepted in the morning. but the
violent movements In Union PACING gave
rise to surmise of a renewed contest for
the control OF the property. The condi-
ions precipitated by the Burlington deal,
especially when followed by the Union Pa
cific operation, give a very logical basis
for the supposition that rival railroad sys-
TENS are in a measure In an unprotected
position unless they follow with similar
consultations. The Pennsylvania dividend
was also a disappointment 20 the more
predicted with great confidence that IL
would be supplemented by an extra divl-
cend. but the effect on the stock was very
slight. as it came after the market had
fairly turned upward again. The addl-
tional engagement of S1,25O,OOO in gold for
tc-day's French steamer came as a sur
rrise. and the earlier announcement was
a large factor i'm the chilling influences on
the opening stock market, following as III
cid Tuesday afternoons advance to 6 per
cent. in the call money rate. The rate ran
up to 6 per cent. again yesterday, under
the demand from belated borrowers, but the
| speculative contingent were not disturbed.
The disbursements of government interest
end 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 fall
ing half a million shares below Tuesdays
level. was still of abnormal proportion. The
United States Steel stocks. though contin-
uing very active, moved very narrowly
except for the dip after the opening.
The large business in bonds was largely
accounted for by the extraordinary dealings
| and price fluctuations in Union Pacific con-
| vertible fours, in sympathy with the stock.
otherwise the market was moderately &C
tive and strong. Total sales at par value
were $11. 995. 900. United States threes de-
clined II per cent. on the last call.
Following are the days share sales and
| the closing bid prices:
Closing
Name Sales. Bid.