The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-03

enings of building new line to thu
| Pacific unless they were accorded {
| share in the advantages of the sup
! posed Union Pacific absorption. Thi
corroborates the current suppositiol
that the great granger trunk lines fee
! themselves at a tactical disadvantage
| If they have not an assured Pacific
| coast outlet as we'll as an eastern trunl
| line connection, and that all of then
will! sooner or later take measures t.
sucere these advantages.
! The movement of prices to-day wa!
cited as giving evidence that the buy
ing of Atchison was for the benefit Of
st. Paul, and probably also Of Rock
Island. There was a disposition to at
tribute the late strength Of Baltimore
and Ohio to plans for5making that roac
the eastern outlet, and the latest squirt
in Norfolk and Western and Chesa-
peake and Ohio were supposed to indi-
cate alternative possibilities. The dec
laration Of the first dividend on Nor
folk and Western of l per cent was
however, the more plausible explana-
ton Of the strength of the last named
stock.
The feverish and erratic fluctuations
in Union Pacific were amply explained
by the new uncertainties surrounding
the present ownership of its control.
There were various rumors both to the
effect that the Vanderbilt interests had
perfected their control and that the
Hartman interest had secured the
maintenance of their control. Every
movement in the stock and every ru-
NOR regarding the control were looked
upon with suspicion by the uneasy
spectators as a device to further the
contest, and underlying all was their
dread that when once the actual con-
troll is decided the high price will not
be maintained. The extreme range of
the stock was, 6 points and the net loss
is. Atchison advanced an extreme IFS
and closed within fraction of the best.
st. Paul Is ~ higher on the day, Ches-
apeake and Ohio 3M and Norfolk and
Western H. The stocks included in
the Burlington deal, the Erie stocks not
excluded We're all notably heavy. The
heavy profit-talsing and weakness of
the United States Steel stocks had a
large sentimental influence on the
whole market. New York Central was
quite severely handled and lost 3B on
the day.
Except for the few special points of
strength the market was, on the whole,
reactionary The money rate was dis
tinctly flrrner to-day, ruling at 6 per
cent early in the day, and it was said
that a number of the banks were call
ing loans. The sub-treasury figures,
which include the payment for the
great part of the gold exports, show
loss by the money market thus far of
IS, ,0OO The payments Of the gov
eminent interest and of the blocks Of
government bonds redeemed yesterday
and to-day do not figure yet in the
statement, but it Is evident, neverthe-
less, that there must have been very
heavy movement of cash from the in
terror during the week to overcome
these losses, The sterling exchange
market had a firm undertone, and there
is still a possibility Of gold engage
ments tomorrow for Saturdays steam
er. The closing of the market was easy
and almost weak, except for the final
squirt in Atchison.
Union Pacific convertible bonds con-
tinued very active, and the bond mar
ket otherwise was Irregular. Total sales
par value $7165,0 900.
United States refunding twos coupon
declined y and the threes a per cent.
on the last call