Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-29
II0lAHlIb u n 2lI
MINOR INDUsTRIALs RISE.

(By Associated Press.a

~ xAuy Gcs-4I CI0 WIS
some show of strength and activity to-
day in Union Pacific and in Lackawan-
ma, which had considerable sympathetic
effect in the railroad list. There was
some independent strength shown by a
number of minor railroads and finally
there was a heterogeneous assortment of
minor industrial stocks which advanced
on the influence of individual causes not
always disclosed. There was besides
some natural recovery from declines of
yesterday under the see-saw operations
of the professional group of traders,
who continued largely in control of the
market The movement in Lackawan-
ma coming on top of its previous ad-
vance OF late, carried the price ND to-
Ga vas high as pa. The fluctuations
were rapid and wide and the volume of
dealings was comparatively small SO
small in fact as to preclude the suppo-
sltlon OF buying for control in the open
market. The explanation generally
agreed upon was that negotiations were
on foot to secure large holdings at pri-
vate agreement and that the bidding
up OF the stock represents efforts to
put the prices up to p~rohibitive figures
on the part of the insiders who oppose
a change of control. That policy was
successfully pursued some time since in
the case Of Delaware & Hudson and that
stock showed some sympathy to-day
with the Lackawanna movement. The
coalers otherwise were rather quiescent,
being held in check by the weak April
statement of Readings net earnings.
The strength of the Wabashes, Missouri
Pacific and the Southwesterns generally
was related to the Lackawanna move
ment, as the supposed efforts to secure
control of the latter are in the interest
OF that group. There was some large
buying both of Union Pacific and Of
Southern Pacific accompanied by ru-
mors that further large holdings Of
Southern Pacific had been secured and
would be applied as collateral for the
Union Pacific convertible bond issue in
addition to securities formerly held.
The strength of Atchison, which sold
e~x-dividend, was attributed to the
April showing of net earnings. The To-
bacco stocks fell somewhat nito the
background in the latter part of the
day, but they were active and continued
to advance in the morning with a per-
sistence Of recent rumors regarding the
properties. The advance in the Iowa
Central and Minneapolis & st. Louis
stocks was attributed to working out
of a project by the Illinois Central to
enter the Chicago, st. Paul field. Chi
cago, Indianapolis & Louisville and Des
Moines & Fort Dodge showed conspic-
uou strength. There was also strength
in the American Car & Foundry stocks,
Chicago Union Traction, Brooklyn
Transit, International Power, Standard
Rope & Irvine, Amalgamated Copper,
General Electric and Consolidated Gas.
The formal announcement that the
banking houses representing the con-
test for control of Northern Pacific had
| given orders to relieve any of the Lon
don shorts who are honestly unable to
make delivery by paying 153 for their
contracts, attracted attention. The
wording of the announcement was ac-
copied as indicating the continued Gag
erness to secure actual deliveries of the
stock. The plans of the Illinois Cen
trail to advance further in the granger
field and a purchase of a large inter-
est in the Ohio soft coal field reported
to be for account of the Gould in
t~erests. were minor incidents that were
thought to have possible significance
on the question of an agreement be-
tween the two contending interests. The
engagement of 81, SOC, 900 gold for ex-
port was not known until after the
close.
Wabash %debenture BIS and Standard
Rope 6s were strong and active. The
railroad bono market was generally dull
and irregular. Total sales par value,
$3,7S0,000.
U. S. r%efunding IS advanced u and
new As " per cent. IN the last call.