The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-05
LARGE TRADE IN STOCKS
OF UNION PACIFIC
SOUTHERN PACIFIC DEAL
WAS DOMINANT
PRICE RANGE WAS HIGHER
Many Stocks Were Marked Up, PART
Iy on Legitimate Demand and
Partly on Professional
Manip uIat1On.
PRICE RANGE WAS HIGHER

Close. Day.
Cal money money. N New 2 HorE......1a < soA
NEW YORK, Feb. 4-The stock mar
ket was under the influence of the pur
chase of control of the Southern Pacific
by a syndicate in the interests Of the
Union Pacific. Notwithstanding the
plain corroboration by the tape on Fri
spectators were not without doubts
and the official admissions after the
market had closed on Friday found the
street in a state of unpreparednesse for
while rumors of deals have been thick
for many weeks past, this particular.
one had not been formulated, not even
In the mind of the tipsters. The natural
consequences was large and excited de-
mand for stocks at the opening today
AS result of the accumulation of buy
ing orders in commission Offices since
In various stocks under the excited bid
ding of competing brokers. They bought
1850 shares of Union Pacific upon the
fall OF the hammer at simultaneous
on Friday night. The opening price IN
Southern Pacific was the highest, that
stock selling at both 4712 and AZ on the
transfer of 8,000 shares. The demand
price here was considerably below the
parity of that established in London this
morning. Opinion in Wall street does
not lean to the conclusion that the sale
of the road is for the benefit of the
stock which remains on the market as
1t constitutes minority stock of a road
presumably to be operated for the best
interests Of the Union Pacific. The pro-
fessional Spectators took an active part
In the market, with the advantage offered
OF the large outside demand for stocks
attracted by the Southern Pacific deal
In their manipulation to advance prices
one operator made q demOnStrative bid
for 10000 sharse of Union Pacific at go
1t was quickly supplied in a single block.
md TTy0{,,
ruled below that for the rest of the day
The completion of the Southern Pacific
transaction caused additional credence to
runoEs Of other similar transactions, It
is highly probable also that the lkeIt-
hood of further transactions is Increased
by the fruition of this plan. The large
demand for Atchison and for Rock Is. and
was attracted by this probability. The
movement in these two stocks was on
the whole, the most conspicuous of the
day. The advance in Atchison reached
595 and In Rock Island "a on very large
dealings The movement in Louisville
was apparently based on the fact that it
has had no considerable rise since its
dividend has been Increased. The buoy
ancy of the Chicago Great Western
stocks gave color to recent rumors that
It is to pass into the control Of some
larger road. The common Stock advanced
"a, the preferred 312 and the preferred
b. 3ss. The rise in the RAILROAD list
which was very general in sympathy
with these movements Invited heavy
realizing, and the bull Spectators turn
ed their attention to other quarters of
the list to sustain the market The most
conspicuous result of this operation was
shown in the local fractions, Brooklyn
Transit and MAMMA ttan, rising 37s each
and Metropolitan ~. There was a peri
cd of activity and strength in the steel
stocks from to 3%i. Rumors that threat
ened conflict in the steel trade had been
averted by agreement helped the move
ment. The whole mafl1eta'7Was inclined
to run off In the late dealings on realiz-
ing and the closing was rather easy
Although the speculation for the rise was
very Confident eounteFA considerations
were not entirely lost sight Of The fact
that a considerable rise IA stocks, pre-
dtcted on extensive considerations, has
already occurred, the possibility of pop
ular disapproval leading to hostile legis-
lation, the prices paid for the road alb
sorbed and the possibility of damage to
roads not included, although they receiv-
ed small credence, The inroads upon
the money market, shown by last week
enormous expansion as result of the
weight to expectation of future develop
ments in the money market. Sterling
exchange continued to advance notwith-
standing an easier money market In
London and the possibility Of gold ex-
ports this week is still considered.
The railroad bond market was strong
and slightly more active than on Fri
day. Total sales, par value, $3.50, 600.
United States bonds were all unchanged
on the last call.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to- Chicago and New
York Closing prices are bid: