The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-29
STOCKs AND BONDS.

New York, May 2S.-Thefe was some
show of strength and activity today in
Union Pacific and in LackaWanna,
which had considerable sympathetic eff
feet in the railroad list There was
some independent strength shown by
a number of minor railroads, and final
w there was a heterogeneous assort-
ment of minor industrial stocks which
advanced on the influence of individual
causes not always disclosed. There was
besides some natural recovery from de-
clnes of yesterday under the see-saW
operations of the professional group of
traders, who continued largely in con-
troll of the market. The movement in
Lackawanna. coming on top of it's pro-
vious advance of late, carried the price
up today as high as 244. The fiuctua-
tions were rapid and wide and the vol
ume of dealings was comparatively
small, so small in fact as to preclude
the supposition of buying for control
in the open market. The explanation
generally agreed upon was that nego-
tiations We're ON foot to secure large
holdings a private agreement, and that
the bidding up of stock represents eff
forts to put the prices up to prohibit
tive 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
and Hudson and that stock showed
some sympathy today with the Lacka-
wanna movement The Coalers other
wise We're 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 relat-
ed to the LackaWanna movement 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 rumors that further
large holdings of Southern Pacific had
been secured and would be applied as
collateral for the Union Pacific con-
vertibe bond issue in addition to Sc
curities formerly held. The strength
of Atchson, which sold eX-diVidend,
was attributed to the April showing of
net earnings. The tobacco stocks fell
somewhat into the background in the
latter part of the day, but they were
active and continued to advance in the
morning with a persistence of recent
rumors regarding the properties. The
advance in the Iowa Central and Mime
apolis and st. Louis stocks was attrib-
uted to working out of project by the
Illinois Central to enter the Chicago-St.
Paul field. Chicago Indianapolis and
Louisville and DesMoines and Fort
Dodge showed CONSPICUOUS strength
There was also strength in the Ameri-
can Car and Foundry stocks, Chicago
Union Traction, Brooklyn Rapid Tran
sit, International Power, Standard
- l.sn1~ k,al
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 unable to make de-
livery by paying 1876 for their contracts
attracted attention. The wording of
the announcement was accepted as in
dicating the continued eagerness to Sc
cure actual deliveries of the stock.
The plans of the Illinois Central to
advance further in the Granger field
and purchase of a large interest in the
Ohio soft coal field reported to be for
account of the Gould interests, were
minor incidents that We're thought to
have possible significance on the ques-
tion of an agreement between the two
contending interests. The engagement
70 1,500,0 900 gold for export was not
known until after the close
Wabash debenture BIS and Standard
Rope and Irvine 6's were strong and
active The railroad bond market gen
orally was dull and irregular Total
sales (par value) $3,7S0,000.
United States refunding 2's advanced
IA per cent on the last call.
The total sales of stocks today were
612 100 shares, including the following:
Atchison 22,S00; Atchison preferred 6,1
500; Chicago, Indianapolis and Louis
Vile 1890; Delaware and Hudson g.
500: Delaware, LackaWanna and West
ern 14,600; Erie 27100; Minneapolis and
st. Louis 5000; Missouri Pacific 1900;
New York Ontario and Western 6,400;
Pennsylvania Railroad 3,900 Philadel-
phia and Reading 1900 Chicago, Mil
waukee and ST. Paul 5000; Southern
Pacific "a 800: Union Pacific $4,000; Wa
bash 10 400; Wabash preferred ZOO;
Amalgamated Copper 1900; American
Car and Foundry 1880; American Car
and Foundry 2S,S00; American Tobacco
as, 500: Continental Tobacco $500;
American Sugar 1890; United States
Steel Corporation 1920; United States
Steel Corporation preferred A2,lO0.
BONDS.
us Ref. 2'sreg 1861 N. Y. C. lists. ...10s
S. S Ref 2's cou 1867 N. j. c. gen. 5's..132A
Y. S. IS reg. -. No. Pac 3's..... IN