Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-02
IT DOMINATED THE MARKET.
GENERAL MOVEMENTS WE'RE so
ERRATIC As TO THROW sPECU-
LATION INTO CONFUSION.
fRy Associated Pressl


again furnished the sensation OF the
stock market to-day, and the move
ment of that stock and of stocks CO.
related with 1t in the speculative DOM
mated the market practically all day.
The stock showed gain at the open
ing and was firmly 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 gen.
eral when Union Pacific began to adj
vance by sharp strides, and on such
a succession of buying orders as was 4
surprise in even the current market.
The advance was pretty steady by frac-
tons up to about 1913. but from that
point the advance became wild, jump
ing a point between sales sometimes,
and falling back as abruptly, but with
out any relaxation in the character OF
the buying until the price touched l29.
From that point the stock fell back by
feverish fluctuations to 1913, and then
vibrated wildly, as though the traders
were attempting to find level repre-
senting some undisclosed offer for the
stock. The violent relapse in Union
Pacific came about the same time as
the announcement of the dividend &C
ton on Atchison. AS there have been
very demonstratiye claims that this
semi-annual dividend would be per
cent. instead of IL per cent, there
were some disappointed traders who
sold the stock freely on the announce
ment, causing relapse of points. Inc
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 recoverieS which had
reached from 1 to points from the
early low level were lost again. The
general movement of prices was so er-
ratio as to throw the speculation into
confusion, and the operators refralne1
from taking action. leading to prac-
tically the first period of anything ap-
preaching dullness for the week. In
the course of the afternoon Union Pa
cific renewed its advance in much
more orderly and we'll sustained man
ner than in the morning, and very no
table buying of Northern Pacific sup
plemented this movement The great
speculative movement thereupon resum-
ed full swing, the participants showing
undiminished industry in seeking out
new points of strength and bringing
about general resumption OF strength.
Union Pacifcs late advance carried it
up to 100, an extreme rise OF Is points,
and New York Central touched fS3A,
a gain of 5A Northwest gains 5A On
the day. These advances were appaf-
entity sympathetic, and gave color %
the supposition that the Vanderblts
had secured control Of Union facl!lc
This supposition was commonly &C
cepted this morning, but the viosnt
movements in Union Pacific gave rise
to surmise of renewed contest for the
control of the property. There Is an
appearance of uncertainty even among
the insiders as to where the actual con-
troll lies, but that bold contest in. the
open market for the control has been
going on is now accepted as fact, and
following upon the accomplishment o.
the Burlington deal, il makes the spec
ulative public quite ready to Jump at
any suggestion of consolidation Of
whatever magnitude.
The conditions precipitated by the
Burlington deal especially when fol-
lowed by the Union Pacific operation
give a very logical basis for the sup
position that rival railroad systems are
in measure in an unprotected position
| unless they follow with similar consoll-
dations. The Pennsylvania dividend
was also a 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 engagements of 81 $50 900 in
gold for to-morrow's French steamer
came as a surprise and the earlier an
| nouncement was a large factor in the
chilling influence on the opening stock
market, following as it did yesterday
afternoons advance to 6 per cent in the
call money rate. The rate ran up to
per cent again under the demand from
belated borrowers to-day, but the spec
ulative contingent were not disturbed.
The disbursements of government inter-
est and of corporation earnings Incl
dent to the first of the month are looked
to to keep the present needs of the
money market supplies. There were
periods of strength to-day among the
coalers, especially the Readings, rail-
roads in the southern region. the Wa
bashes, Mexican Central, Baltimore &
Ohio, Illinois Central Western Union,
Glucose, Peoples Gas, Hooking Valley,
International Power, General Electric
and number OF minor stocks, but none
of these movements was explained by
anything else than the general specula-
tive confidence. The days business.
though falling half million shares be-
low yesterdays level, was still of alb
normal proportions. The United States
Steel stocks, though continuing very ac-
tive, moved very narrowly except for
the dip after the opening.
The large business in bonds to-day
was largely accounted for by the ex-
traordinary dealings and price fuctua-
ton in Union Pacific convertible As in
sympathy with the stock Otherwise
the market was moderately active and
strong. Total sales par value 1885,
000
United States IS declined Il per cent
on the last call.
Atchison =. . -. rs Met St Ry.173
do pref - ..1o3A4 Mex Central =. ssas
B. & o. :. =. -. loss Mex. National . I27.
do. pref =. - s3 MINI. & ST. L.. ssh
c. Ter & Trans. z31k Mo. Pacific .10e&.
do q