The Savannah morning news., 1901-05-29
STOCKS AND BONDS.
The Market Pursues See-saw Ten
dency Mostly.

dency Mostly.
New York, May 2S-There was some
show of strength and activity to-day in
Union Pacific and in Lackawanna which
had considerable sympathetic effect in the
railroad list. There was some independ-
ent strength shown by number of minor
railroads and finally there was a hetero-
genous assortment Of minor industrial
stocks which advanced on the influence of
individual causes not always disclosed.
There was besides some natural recovery
from declines 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 its previous advance of late.
carried the price to-day as high as pa,
The fluctuations were rapid and wide and
the volume of dealings was comparatively
small, so small in fact as to preclude the
supposition of buying for control in the
open market The explanation genralIy
agreed upon was that negotiations were
nyfoot to secure large holdings at private
agreement and that the bidding up of the
stock represents efforts 10 put the prices
up to prohibitive figures on the part of
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 to-day With the Lackawanna
movement The coalers otherwise were
rather quiescent, being held in check by
the weak April statement of Readings
net earnings. The strength of the Wa
bashes. Missouri Pacific and the South
western genraly was related 20 the Lack
awanna movement as the supposed eff
forts to secure control of the latter are
in the interest of thAt group.
1 There was somealarge buying both of
Union Pacific and OF Southern Pacific ac-
companied by rumors that further larger
holdings of Southern Pacific had been Sc
cured and would be applied as collateral
for the Union Pacific convertible bond is
sue in addition to securities formerly held.
The strength of Atchison which sold ex-
dividend, was attributed to, the April
showing of net earnings. The tobacco
stocks fell somewhat into the background
in the late trading, but they were ac--
tive and continued to advance in the
morning with a persistence of recent ru-
mors regarding the properties. The adj
vance in abe Iowa Central and Minneapo-
lis and st. Louis stocks was attributed to
working out of project by the Illinois
Central to enter the chicago-5t. Paul field.
4 ANA ce9 81 WAL ~ NitS EaPANiieHH vi
and Foundry stocks, Chicago Union Trac-
ton, Brooklyn Transit, International
Power, Standard Rope and Irvine, Anal
camated Copper, General Electric and
Consolidated Gas.
The formal announcement that the
banking houses representing the contest
for control of Northern Pacific had given
orders to relieve any of the London
shorts who are honestly unable 40 make
delivery by paying 1853 for their contracts
attracted attention. The wording of the
announcement was accepted as indicating
the continued easerness to secure actual
deliveries of the stock.
The plans of the Illinois Central to ad-
vance further In the granger field and a
purchase of a large interest in the Ohio
soft coal field reported to be account of
the Gould interests were minor incidents
that were thought to have particular sig
niflcanee on the question OF an agreement
between the two contending interests. The
engagement of 81, 100000 gold for export
was not known until after the close.