The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-02

maintained all through the period of sharp
| reaction when the enormous profit taking
had borne down prices after the opening.
This reaction had become very general
when Union Pacific began to advance by
such strides and on such succession
of buying orders as was O surprise even
in the current market The advance was
pretty steady by fractions up to about
| 1913 hut from that point the advance be-
came wild, jumping point between sales
| and sometimes falling back as abruptly,
but without any relaxation in the charac-
| ter of the buying till the price touched
129. From that point the stock fell back
by feverish fluctuations to 123 and then
vibrated wildly, as though the traders
were attempting to find level represent
ing some undisclosed offer for the stock.
The violent relapse in Union Pacific came
about the same time as the announce
ment of the dividend action on Atchison.
AS there have been very demonstrative
claims that this semi annual dividend
would be two per cent instead of " per
cent, there were some disappointed trad
ers who sold the stock freelySon the an
nouncement, causing relapse OF three
points. The market looked at this time
as though it would lose all the advantage
derived from the squirt in Union Pacific
and large part of the recoyeries which
had reached from one to three points
from the early level were lost again. The
general movement of prices was so erratlc
as to throw the speculation into confu-
sion and operators refrained from taking
any action leading to practically the
first period of anything approaching dull
49, .1Pf n
afternoon, however, Union Pacific renewed
its advance in a much more orderly ana
we'll sustained manner than in the morn
ing, and very notable buying of Northern
Pacific supplemented this movement. The
great speculative movement thereupon re-
sumed full swing; the participants show
ing undiminished industry in seeking out
new points of strength and bringing about
a general resumption of strength. Union
Pacific's late advance carried it up to
1904 an extreme risefof 1875 points. and
New York Central touched 1891, gain
of 51A Northwest gains ga on the day.
These advances were apparently sympa-
thetic and gave color to the supposition
that the Vanderbilts had secured con-.
troll of Union Pacific. This supposition
was commonly accepted this morning but
=
gave rise to surmise of a renewed contest
for the control of the property. There
is an appearance of uncertainty even
! among the insiders as to where the act
ual control lies, but that a bold contest
In the open market for the control has
been going on is now an accepteds fact,
and. following upon the accomplishment
of the Burlington deal, it makes the spec
ulative public quite ready to jump at any
suggestion CT consolidation of whatever
magnitude. The conditions precipitated
by the Burlington deal. especially when
followed by the Union Pacific operation,
give a very logical basis for the suppo-
sition that rival railroad system are in
measure in an unprotected position unless
they follow with similar consultations.
The Pennsylvania dividend was also
disappointment to the more ebullient
class of spectators, as they had predicted
with great confidence that it would be
supplemented by an extra dividend, but
the effect on the stock was very slight,
as it came after the market had fairly
turned upward again. The additional en-
gagements Of $1,250,000 in gold for to-
morrow's French steamer came as sur
prise, and their earlier announcement was
a large factor in the chilling influence
on the opening stock market, following
as 1t did yesterday afternoons advance
to 6 per cent in the call money rate The
rate ran up to six per cent again under
the demand from belated borrowers to-
day, but the speculative contingent were
moi disturbed The disbursements OF GOV
eminent interest and of corporation earn
ings incident to the first of the month
are looked to to keep the present needs
Of the money market supplied. The day 5
business, though falling half million
shares below yesterdays level, was stiil
of abnormal proportions. 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 extraordinary
dealings and price fluctuations IN Union
Pacific Convertible As in sympathy With
the stock. Otherwise the market was
moderately active and strong fofai
sales (par value) $11 ,995, 600
United States 3's declined u per cent
on the last call.
The total sales of stocks today were
2.75t coo shares, including the following:
Atchiscn, IT'S, 400; Atchison preferred, H.
1907 Baltimore and Ohio, $4,000; Chesa-
peake and Ohio, 10000 Chicago, Burling
ton and Quincy, $4,000; Chicago and
Northwestern, $500; Chicago, Rock Is
land and Pacific, 1880; Colorado South
ern, 13,100 Erie, 100000; Erie first pre-
felred, 91OO;> Great Northern preferred,
8 100: Illinois Central, 25,5O0; Louisville
and Nashville, 22,S00; Manhattan Eleva-
ted 10 100: Metropolitan Street Railway,
Z, 500 Mexican Central. $4,000; Missouri
Pacific, SO, 100; Missouri, ansas and Texas,
$1,000 New York Central $4,000; Norfolk
and Western, Z 100; Northern Pacific, 6l,-
400 Northern Pacific preferred, 100;
New York Ontario and Western, 400;
Pennsylvania Railroad, 35,400; Philadel-
phia and Reading $4,000; Philadelphia
and Reading first preferred 68,500; Phil
adelphia and Reading second preferred.
$4,000; St. Louis and San Francisco, g.
700: st. Louis and Southwestern preferred,
$500; Chicago, Milwaukee and st. Paul,
44,500; Southern Pacific, 173 600; South
ern Railway, 81 400; Southern Railway
nrafapred l6 400. Taxas and paoific II