Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-05
WHEELING REGISTER, TUESDAY, 8 1901.

st. Paul consols 1S5
st. p. Chicago and Pacific lists (bid) -llS1s
| Southern Pacific Sg11s
Southern Railway 5s....-.....-....ll5%
! Stand. Rope and Irvine IS (ohered)...6
Texas and Pacific
| do. IDS 20
Union Pacific .IVo4
Wabash lists idS9s
West Shore As (bid)
| Wisconsin Central ts..........-... S9A
+! Virginia Centuries (bid) sS1a
Government bonds steady.
State bonds inactive.
Railroad bonds firm.
The stock market was under the in
fuence of the news of the purchase
of control of the Southern Pacific by a
syndicate in the interests of Union
Pacific. Notwithstanding the plain cor
roboration by the tape on Friday OF
rumors of the deal the spectators
were not without doubts and the ofhc-
ial admissions after the market had
! closed on Friday found the street
in a state Of unpreparedness, for, while
rumors of deals have been thick for
many weeks past, this particular one
had not been formulated, even in the
Imagination of the tipsters. The nat
ural consequence was a large and ex-
cited demand for stocks at the open
ing of to-day. As a result Of the ac-
emulation of buying orders in COM
mission offices since last Friday there
were wide openings in various stocks
under the exciting bidding of Compel
ing brokers. They bought 1880
shares of Union Pacific upon the fall
of the hammer at simultaneous prices
of S8% to 1914 compared with 87A on
Friday night. The opening price in
Southern Pacific was the highest that
stock selling at both AIN and AZ on
the transfer of 5000 shares. The de-
mand came from London, and the OPP
ening price here wa considerably be-
low lie parity OF that established in
London this morning. Opinion in
Wall street does not lead to the con-
clusion that the sale of the road is for
the benefit of the stock which remains
on the market, as it constitutes a mi
nority stock of a road presumably to
be operated for the best interests of
Union Pacific. The professional spec
ulators took an active part in the mar
ket with the advantage offered of the
large outside demand for stocks at
tracted by the Southern Pacific deal.
In their manipulation to advance
prices, n operator made a demon
strative bid for 10000 shares of Union
Pacific at 80. 1t was quickly sup
piled in a single block, and as a con-
sequence Union Pacific ruled below
that for the rest of the day. The com
pletion of the Southern Pacific trans
action caused additional credence to
rumors of other similar transactions.
1t is highly probable also that the
likelihood of further transactions is
increased by the fruition of this plan.
The large demand for Atchison and
for Rock Island 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 3s and in Rock
Island 2% on very large dealings. The
movement in louisville was apparent
" hoeoJ O, 4ha foo4 tho+ - LoatI,aJ
no considerable rise since its dividend
has been increased. The b~uoyancy of
the Chicago Great Western stocks gave
color to recent rumors that it IS to
pass to the control of some larger
road. The common stock advanced IL
the preferred 81 and the preferred B,
S3s. The rise in the railroad list,
which was very general in sympathy
/ with these movements, invited heavy
realizing and the bulls SPECTATORS
turned their attention to other quart
ers of the list to sustain the market.
The most conspicuous result of this
operation was shown in the local trac-
tions, Brooklyn Transit and Manhat-
tan rising 3B each and Metropolitan
2h. There was a period of activity
and strength in the steel stocks. which
lifted them from 1 to 3%. Rumors
that threatenen conflict in the steel
trade had been averted by agreement
helped the movement. The whole mar
ket was inclined to run off in the late
dealings or realizing and the closing
was rather easy. Although the spec
ulation for the rise was very confident,
counter considerations were not entire
ly lost sight of. The fact that a con-
siderable rise in stocks predicted on
extensive consultations has already
occurred, the possibility of popular
~disapproval leading to hostile legisla-
tion, the prices paid for the roads alb
Sorbed and the possibility of damage
to roads not included leading to rival
ries and reprisals, were all discussed,
although they received small ~credence.
The inroads upon the money market
shown by last weeks enormous loan