The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-03
AN ADVANCE IN ATCHISON
Heavy Buying for Control Causes
a Sensational Rise.

The Pennsylvania Railroad Thought
TO BE the Pnrchnser-IrreguIa and
Violent Changes Present i'm the
Market - Recovery nt the Close
NEW YORK. May Careful observers
Of the dealings in todays stock market
were unanimous in reporting that the
technical conditions Of the dealings were
Identical with those which have prevailed
for q number of days. Broadly speaking,
these may be enumerated as follows:
Throughout the morning there was eX-
ceedingly heavy selling by commission
houses. and 10y the professional bearish
contingent Against the liquidation Of
this character there was again conduct
ed although in a comparatively small
number Of stocks, constant and heavy
buving both of an investment class and
apparently for the account of the larger
financial interests in connection with the
execution of various plans in the railway
world now commonly believed to be on
foot in one direction or another.
Throughout the forenoon the dealings
were. indeed, characterized by great IT.
regularity. Specifically speaking the
main influences were the material declines
shown in the London market for American
stocks. and the appearance Of rather
closer money market conditions.
Today's statements settirg forth the
transactions between the associated banks
and the Sub-Treasury showed a loss to
the former since last Friday of over So
100000, although the exports Of gold figure
to some extent in this exhibit.
Business opened with nothing new or
definite added to the general situation,
nor was there any authoritative confirma-
ton OF recently circulated reports regard
ing railway combinations in various direc-
lions. Throughout the course Of the bust
ness session the street at large remained
in virtual ignorance as to the real status
of several important matters of the last
named kind.
1t was owing almost entirely to the
course OF a few stocks. that toward mid
day a steadier tone developed in the
general market. Throughout the morning
Atchison common had been particularly
strong. and with the course of the day
that stock enjoyed one of those almost
sensational advances which have charac-
terized each days market for some time
past Such an advance following upon the
general disappointment at the rate of
dividend declared in the stock yesterday
naturally excited a great deal of interest
as to its reasons, but nothing definite in
that respect could be asceTtained. Il was
however, the common and reasonable be
lief that the enormous purchases Of the
stock were conducted with-a view to OBJ
tanning control Of the property, and il
was the fairly common belief that the
ultimate buyer would turn out to be the
Pennsylvania Railroad.
Union Pacific after showing some ir-
regularity in the early part Of the day,
Ac
views regarding the status of this prop
erty were again unsubstantiated by au-
thoTitative statements. Wall Street,
however, was firmly convinced that the
control of the Union Pacific system is
now lodged in the hands Of the capitalists
acting in the interest Of the Chicago and
Northwestern Railroad. If this idea is
correct il is plain that the Atchison sys-
TEN affords the Pennsylvania Railroad
its only independent connection with the
taclhc slope This argument was natu-
rally advanced in support of the views al
ready set forth.
other noteworthy advances in the rail-
way list, aside from those reported. took
place il Baltimore and Ohio, Rock Isl
and and St. Paul. The early fluctuations
in the last named were exceedingly er-
ratio but upon the development Of
strength in Union Pacific it advanced
very rapidly. Reports were again current
that the St Paul property would have
participating interest in the Union Pa
cific Company. AS a rule, the movements
in the remainder OF the railway list were
somewhat reactiOnaTy, but for the most
part the generally declining tendency was
checked when the already cited note
worthy advances took place.
The Erie series We're under particularly
severe pressure and there was very Sc
we're decline in New York Central in the
forenoon, a part Of which was subse-
Cuently recovered. AS is usually the case, !
the so-cailed junior Vanderbilt stocks fol-
lowed the lead set by New York Central
Recessions were common also among the
so-calIed Gould stocks and other recently
active features of the market.