The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-03
ATCHIS0N ASSUMED LEAD
Displaced Union Pacific in SpecuIa.
tive Activity Yesterday.
THE HIGH LEVEL CAN NOT BE HELD
When Actual Control of Stock Becomes
known--Rumors of Control Regarded
Suspciousiy by Spectators.

New York May 2.-rhe Atchlson stock
took the leadership Of TIE market away
from Union Pacific today, Roth In point
OF strength and activity during The most
OF the day the volume Of transactions In
the two common stocks ran close race
but the dealings in Atchlson common and
preferred easily outstrlpped those III the
two Union Pacific stocks. heavy pre-.
ronderance OF total transactions in the
whole market conferred in these stocks.
There have been very confident predictions
that the first dividend on Atchson for
half year would be per cent and tt Is
likely that large short interest was form.
ulated in the stock by those Who had
better Information IN the expectation that
Yesterdays ~ per cent dividend would
bring out heavy offerings. As matter of
fact, the offerings were very moderate.
The character of tho days buying. how
ever, could by no means be safely at.
iribMed either to n demand from shorts
or 90 purely speculative manipulation. 1he
movement was supposed to he due 10 u
new phase Of the struggle among The
granger trunk lines ia secure Tor them
selves compensatory advantages to onset
the Burlington deal. officials of the st.
raul railway were quoted TINS morning as
breathing threatenings of building a ncw
line TO the Pacific unless they were aC-
corded snare III the advantages of the
supposed Union Pacific absorption. This
cnrroborated the current superstition That
great granger trunk lines feel Themselves
at tactical disadvantage II they nave
not an assured Paclnc coast outlet, as well
rs an Eastern trunk line connection, ana
that all Of them Will sooner or later take
measures to secure these advantages. me
movement of prices today was cited as
giving evidence that the buying OF Atcht
son was for the benefit of ST. Paul aud
probably also of Rock Island There was
u disposition to attribute the late strength
Of Baltimore and Ohio TO plans for max
Ing that road the Eastern outlet and the
late squirt In Norfolk and Western aud
Chesapeake and Ohio were supposed Ia III
dcate alternative possibilities The dec
and Western Of | per cent was, however.
the more plausible explanation OF the
Strength of the last named stock. Tao
feyersh and giraffe fluctuations IN the
Union Pacific were explained ny the new
uncertainties regarding the ownership Of
the controlling interest in the road.
Every movement In the stock and every
rumor regarding the control were looked
upon With suspicion by the uneasy spccua-
tors as an advance 10 further contest ana
UNDERLYING all was their dread That wnen
once the actual control Is decided, the
higher price will not be maintained. The
extreme range Of the stocks was q points,
and the net loss IN A,SniSon s an
within fraction of the hest, ST. iau'
is 81 higher on the day, Chesapeake aun
ohio az and Norfolk and Western rs.
the Erie stocks not excluded, were NIL no
tahly heavy. The heavy pro0t taking aud
weakness of the United States steel siocks
had sentimental influence ON the whole
market New York Central was quite Sc
verely handled and lost u on the day
Except for the few special points of
strength the market was, ON The whole,
renctionary.
The money rate was distinctly 6rmer to-
dnN ruling at per cent early In the day,
and ii was said that a number Of banks
were calling loans. The suh-trcasury tg
ures which include the payment for Tie
greater part Of the gold exports, show a
loss by the money market thus far OF
81. 1853 600. The payments of the govern
ment interest on the blocks of the govern
ment bonds redeemed yesterday and today
do not figure Yet In the statement but Il
Is evident that there must have been n
very heavy movement Of cash from the
interior during the week to cover these
losses. The sterling exchange market had
q firm undertone, and There Is still n pos.
sibiliW Of gold engagements tomorrow for
Saturdays steamer.
The close WINS easy and almost weak,
except Tor the final squirt In Atchlson.
! Union Pacific convertible bonds continued
very active and the bond market other
wise was very irregular. Total sales, par
! value, 81 165, 600.