The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-02
STOCKS AND BONDS.

! New York, May LINTON Pacific agar
/ furnished the sensation OF the stock
market today and the movement OF that
stock and Of stocks correlated with it II
the speculation dominated the market
practically all day. The stock showed q
good gain at the opening and was firmly
maintained all through the period OF
sharp reaction when the enormous profit
taking had borne down prices after the
/ opening. This reaction had become very
general when Union Pacific began 10 ad-
vance by such strides and on such sue
cession of buying orders as was sur
prise in even the current market The
advance was pretty steady BY fractions
UP TO about 123. but from that point the
advance became wild, jumping a point
between sales sometimes and falling back
IS abruptly, but without any relaxation
in the character OF the buying till the
price touched 10. From that point the
stock fell back by feverish fluctuations
TO 123, and then vibrated wildly as
though the traders were attempting TO
find q level representing some undis-
closed offer for the stock The violent re-
lapse in Union Pacific came about the
same time as the announcement Of the
dividend action on Atchison. There have
semi-annual dividend would be ? per
cent instead of ~ per cent, and there
were some disappointed traders who sold
the stock freely on the announcement.
causing a relapse of points. The mar
ket looked at this time as though il
would lose all the advantage derived
from the squirt in Union Pacific and a
large part Of the recoveries which had
reached from 1 TO 3 points from the early
low level were lost again. The general
movement OF prices was so erratic as to
throw the speculation into confusion and
operators refrained from taking action.
leading to practically the first period OF
anything approaching dizziness for the
week. In the course OF the afternoon,
however, Union Pacific renewed its ad-
vance in a much more orderly and well
sustained manner than in the morning,
and very notable buying of Northern Pa
cifc supplemented this movement. The
great speculative movement thereupOn
resumed full swing. the participants
showing undiminished industry in seek
ing out new points of strength and bring
ing about a general resumption Of
strength Union Pacific late advice car
ried it up 10 100. an extreme rise Of 8
points and New York Central touched
1897, a gain of 5ls. Northwest gained 81
on the day. These advances were appar-
emily sympathetic and gave color TO the
suppOsition that the Vanderbilts had Sc
cured control of Union acifc. This sup
position was commonly accepted this
morning, but the violent movements IN
Union Pacific gave rise to surmise OF q
renewed contest for the control OF the
property. There is an appearance OF I'M
certainty among the insiders as TO where
the actual control lies. but that a bold
contest in the open market for the con-
troll has been going on is an accepted
It'll
ment Of the Burlington deal, il makes
the speculative public quite ready 10
jump at any suggestion Of a consOlida-
ton Of whatever magnitude. The cOndi-
tons precipitated by tie Burlington deal,
especially when followed By the Pacific
operation, give a very logical basis for
the supposition that rival railroad sys-
tens are in measure unprotected IN
less they follow with similar cOnsOlida-
lions. The Pennsylvania dividend was
also disappointment TO the more ebul-
lent class Of Spectators as they had
predicted with great confidence that It
would he supplemented by an extra divi-
dend, but the effect on the stock was
very slight. as il came after the mar
kat had fairly turned upward again. The
additional engagements Of S1.25Q.010 in
gold for tomorrOws French steamers
came as a surprise and the earlier an
nouncement was a largs factor IN the
chilling Influences on the opening stock
market. following as it did yesterday az
ternOon's advance 20 6 per cent ia the
call money rate.
The rate ran up to per cent against
the demand from belated borrowers but
the speculative contingent were not dis
tUrhed.
The disbursements Of government inter
est and of corporation earnings Incident
70 the first Of the month are looked 70
70 keep the present needs Of the money
market supplied There were periods OF
strngth today among the coalsrs. espe-
cially tn Readings railroads IN the
Southern region. the Wabashes, -aeXicsn
Central, Baltimore and Ohio. Illinois
Central, Western Union. United States
Leather, Glucose, Peoples Gas, Hooking
valley. international Power. General
Electric and q number OF minor stocks.
bat none Of these movements was ex-
planned by anything else than the gen
eral speculative confidence. The DAYS
business, though falling half a million
shares below yesterdays level. was still
Of abnormal proportions The United
States Steel stock. though continuing
very active. moved very narrowly ex-
cept Tor the dip after the opening The
large bushes in bonds today vas largely
accounted for by the extra0rdin nary deal
ings and price fuctuation in Union Pa
cilc convertible stocks Otherwise the
market was moderately active and
strong Total sales, par value. 81 - GO.
United States throes declined = per cent
on The laer call