Evening star., 1901-05-01
Irregular Opening in Stocks Followed
by Bull Movement.
Big BULGE IN UNION PACIFIC
Peoples Gas Active Again-Buy- 4,
ing Of Southwestern Group.
GENERAL MARKET REPORTS


Special Dispatch 10 The Evening Star.
NEW YORK, May LIN the absence OF
London market 30 give direction to OPEN
ing transactions. the local stock market
was irregular and hesitating throughout
the morning hour. Realizing was In evi-
dence in numerous instances. but some
rather good buying was disclosed in a few
new issues. Just when the need OF a stimu-
liant was most pronounced a vigorous r.
mand for Union Pacific set I'm and over 10
per cent was added to opening prices Ia a
very brief period.
The buying was general and extraordl-
nariiy confident. A record price OF l29is
was made before any halt was recorded
the reaction being sharp and equal to about
one-half of the advance Later on the buy
Ing again forced itself 80 the front and n
gradual recovery Of the loss followed.
There was no light upon the real basis of
the movement. but the new level of prices
has convinced many skeptics that import
ant developments must exist.
Atchison directors, profiting hy the ad-
verse criticisms made at the time of the
initial dividend on the preferred shares
followed the conservative course and de.
clared only 1i2 per cent on the common
stock. This action was a distinct disan-
pointment to a large percentage OF the
speculative element and the price broke
nearly 3 per cent under realizing sales
There was good buying at the decline,
however. and the best prices of the morn
ing We're restored later in the day. In the
opinion of many good judges the dividend
action will be of more ultimate benefit To
the stock than the larger rate would have
been. Good buying of New York Central
was recorded throughout the day, the
price responding easily to the demand.
The Vanderbilt issues are generally growing
In f&or, and possess sufficient merit 10
make them attractive to conservative buy
erS.
The coal stocks were all strong under
what seemed to be inside buying. Reading
Erie and Ontario and Western were all
active and higher. Pennsylvania made a
substantial gain and there a tendency
TO take up eastern lines generally and make
them the leaders.
The Southwestern group was active. the
new buying going largely into Wabash the
preferred shares gaining nearly per cent
at one time.
Missouri Pacific was strong around 10
but there We're no new developments I'm
the matter Of the proposed consolidation
The buying Of the stocks In interest comes
Almost exclusively from Sources Intimately
Unidentified with Gould affairs
Peoples Gas attracted a considerable de-
mahd, and rumors were sent out from Chi
cago that an increased or extra dividend
was among the probabilities
There was good volume of mixed busI-
ness In the Steel issues both Of which held
erty Is exceeding expectations. 1t is said,
ana broad market Seems assured for
both classes Of the stock
The higher rates for money at the close
OF yesterdays business gave way to a nor
mai condition today. Bankers almost
unanimously predict a satisfactory rate
for the balance of the season
me trading during the final hour was
irregular, but In majority of Instances
prices were given excellent support