The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-03
AN ADVANCE IN ATCHISON
Heavy Buying for Control Causes
a Sensational Rise.
The Pennsylvania Railroad Thought
to he the Purchnscr-Irrcgul and
Violent Changes Present i'm the
Market - Recovery Mt the Close.

NEW YORK. May Careful observers
of the dealings in today's stock market
were unanimous in reporting that the
technical conditions of the dealings were
Identical with those which have prevailed
for a number of days. Broadly speaking,
these may be enumerated as follows:
Throughout the morning there was ex-
ceedingly heavy selling by commission
houses. and by the professional bearish
contingent Against the liquidation of
this character there was again conduct
ed. although in comparatively small
number of stocks, constant and heavy
buying. both OF an investment class and
apparently for the account of the larger
financial interests ia connection with the
execution of various plans in the railway
world. now commonly believed to be ON
foot in one direction or another.
Throughout the forenoon the dealings
were, indeed, characterized by great ir-
regularity Specifically speaking, the
main influences We're the material declines
shown in the London market for American
stocks, and the appearance of rather
closer money market conditions.
Today's statements settirg forth the
transactions between the associated banks
and the Sub-Treasury showed a loss to
the former since last Friday of over S.
10000 although the exports OF gold figure
to some extent in this exhibit.
Business opened with nothing new or
definite added to the general situation,
nor was there any authoritative confirma-
tion of recently circulated reports regard
ing railway combinations in various direc-
lions. Throughout the course of the bust
ness session the street at large remained
in virtual ignorance as to the real status
named kind.
Ii was owing almost entirely to the
course of a few stocks. that toward mid
day steadier tone developed in the
general market. Throughout the morning
Atchison common had been particularly
strong, and with the course of the day
that stock enjoyed one Of those almost
sensational advances which have charac-
terized each days market for some time
past. Such an advance following upon the
general disappointment at the rate Of
dividend declared in the stock yesterday
naturally excited great deal of interest
as to its reasons, but nothing definite in
that respect could be ascertained. 1T was,
however, the common and reasonable be-
lief that the enormous purchases of the
stock were conducted with-a view to OBJ
tanning control of the property, and il
was the fairly common belief that the
ultimate buyer would turn out to be the
Pennsylvania Railroad.
Union Pacific, after showing some ir-
regularity in the early part of the day,
also rose very rapidly. As noted, current
views regarding the status of this prop
erty were again unsubstantiated by au-
thoritative statements Wall Street,
however, firmly convinced that the
control of the Union Pacific system is
now lodged in the hands of the capitalists |
acting in the interest OF the Chicago and
Northwestern Railroad If this idea is
correct it is plain that the Atchison sys-
TEN affords the Pennsylvania Railroad
its only Independent connection with the
Pacific Slope. This argument was natu-
rally advanced in support of the views al
ready set forth.
Other noteworthy advances in the rail-
way list. aside from those reported, took
place in Baltimore and Ohio, Rock ISL |
and. and St. Paul. The early fluctuations |
in the last named were exceedingly err |
ratio, but upon the development of |
strength in Union Pacific it advanced |
very RAPIDLY. Reports were again current |
that the ST. Paul property would have |
participating interest in the Union Pa |
cific Company. As rule, the movements |
in the remainder of the railway list were |
somewhat reactiOnary, but for the most /
part the generally declining tendency was 4
checked when the already cited note |
worthy advances took place.
The Erie series were under particularly |
severe pressure and there was a very Sc |
we're decline in New York Central in the /
forenoon. part of which was subse-
Quently recovered. As is usually the case. |
the so-called Junior Vanderbilt stocks fol- |
lowed the lead set by New York Central. |
Recessions were common also among the |
so-called Gould stocks and other recently /
active features of the market.