The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-02
Etmaucrag.
THE STOCK M 41ISKE EFT
Union Pacific Again Furnishes the
Sensation.

I New York, May 1. Union Pacific
| again furnished the sensation of the
stock market to-day and the movement
| of that stock and of stocks correlated
with 1T in the speculation dominated the
| market practically all day. The stock
| showed good gain at the opening anG
was firmly maintained all through the
period of sharp reaction when the enor-
| nous profit-tal1ing had borne dowr
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 a surprise even In
the current market. The advance was
pretty steady by fractions up to about
123, but from that point the advance
became wild, jumping a point between
sales some times and falling back as
abruptly, but without any relaxation in
! the character Of the buying till the price
touched 1923. From that point the stock
fell back by feverish fluctuations to 1923
and then vibrated wildly, as though the
traders We're attempting to find level
representing some undisclosed offer for
the stock. The violent relapse in Union
Pacific came abou the same time as the
announcement Of the dividend action on
Atchison. AS there have been very
demonstrative claims that this semi-an-
nual dividend would be 2 per cent. in
stead of IL 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 thought it would lose
all the advantage derived from the
squirt in Union Pacific, and large part
of the recoveries, which had reached
from 1 to 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 RETAINED from taking ac-
ton, leading to practically the first per-
iod of anything approaching dullness
for the week But in the course of the
afternoon Union Pacific renewed its ad-
vance in much more orderly and well
sustained manner than in the morning,
ad very notable buying of Northern Pa
cific supplemented this movement The
great speculative movement thereupon
resumed full swing, the participants
showing undiminished industry in seek
ing out new points of strength and
bringing about general resumption of
strength. Union Pacific's late advance
carried it up to 1870, an extreme rise of
10 points and New York Central touch
ed 169A, gain of 5A Northwest gain
ed 5A on the day These advances were
apparently sympathetic and gave color
to the supposition that the Wanderbilts
has secured control Of Union Pacific.
This superstition was commonly accept
ed this morning, but the violent move
ment in Union Pacific gave rise to sur
mise of renewed contest for the con-
troll of the property. There is an APP
pearance of uncertainty even among
the insiders as to where the actual con-
troll lies BIZ. that a bold contest In
the open market. for the control has
been going en- Isl now an accepted fact,
and following upon the accomplishment
of the Burlington deal 1t makes the
speculative public quite ready to jump
at any suggestion of consolidation Of
whatever magnitude. The conditions
precipitated by Burlington deal, espec
tally when followed by the Union Pa
cific operation give a very good basis
for the sunposition that the railroad
systems are in measure in(an unpro-
tected proposition unless they follow
with similar consultations. The Penn
sylvania dividend was also a disap-
pointment to some spectators, as they
had predicted with great confidence
that it would be supplemented by an
extra dividend The effect on the stock.
however, was very slight as 1t came af-
ter the market had fairly turned up
wards again. The additional engage
ment of S1,25O,0OO in gold for to-mor-
rows steamer came as surprise and
the earlier announcement was large
factor In the changing influence on the
opening stock market, following as 1t
did yesterday afternoons advance to 6
per cent. In the call money rate The
rate rose to per cent again under the /
demand from belated borrowers to-day
but the speculative contingent was not
dis turbed. The disbursements of gov
ernments interest and of corporation
earnings incident to the first OF the
month seemed to keep the present needs
Of the money markets clear. The coal
srs were strong, especially Reading, rail-
roads in the south were strong. Wat
bash, Mexican Central, Baltimore and
Ohio, Wisconsin Central, Western I'm
ION. U. S. Leather Peoples Gas, Hook
ng Valley, International Power, Gener-
al Electric and number Of minor |
stocks but none of these, movements
were explained by anything else than
he general speculative confidence. The |
lays business, the trading falling
lalf million shares, was very strong |
The United States Steel
,tocks. though continuing very active, !
mover very narrowly except for the dip
,fter the opening.
The large business in bonds was
argely accounted for by the extraor-
llnary dealings and price fluctuation In !
Union Pacific convertible tours in |
;vmpathy with the stock Otherwise
he market was moderately active and
strong. Total sales par value, $ll,-
1876, 000. D.
NEJV FORK STOCK MARKET