The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-03
NEW LEADER in STOCKS
ATCHISON ISSUES EXHIBIT GREAT
STRENGTH AND ACTIVITY.
Shares Affected by Burlington Merger
and Notably H~eavy-LOcai Trade
Helped by Weather Conditions.

AT New York yesterday money on call
was firm at 4Q6 per cent; last loan, 3 per
cent; ruling rate. 4l9a5 per cent.
Prime mercantile paper, 3$i@412 per cent.
Sterling exchange was firm, with actual
business in bankers bills at Sass for de-
mand and $-SI24 for sixty days; postcG
rates S4.S5kd4.S6 and $4.S9; commercial bills,
s4.S44a4.S411.
Silver certificates were 60c; bar silver,
59l5c; Mexican dollars. 4SI2c. Bar silver at
London closed at 27$sd an ounce.
The Atchison stocks took the leadership
of the market away from the Union Pacifos
yesterday in point of both strength ana
activity. During most of the day the
volume of transactions in the two common
stocks ran a close race. but the dealings
in Atchison common and preferred easily
o%utstripped those in the two Union Pacific
stocks. a heavy preponderance of the total
transactions in the whole market conferred
IN these stocks. There have been very con-
fident predictions that the first dividend OH
Atchison for a half year would be 2 per
cent, and it is likely that a large short
interest was accumulated in the stock 10y
those who had better information. in the
expectation that Wednesdays ~ per cent.
dividend would bring out heavy offerings.
40 "a 4abNt VI 1d0ts tht tAhio -
very moderate. The character OF yester-
days buying, however, could by no means
be safely attributed either to a demand
from shorts or TO purely speculative manlp-
uiation. The movement was supposed TO
be que to a new phase of the struggle
among the granger trunk lines to secure
for themselves compensatory advantages TO
offset the Burlington deal. Officials of the
st. Paul Railroad were quoted anonymously
yesterday morning as breathing forth
thredteningS of building Il new line to the
Pacific unless they were accorded a share
in the advantages of the supposed Union
Pacific absorption. This corroborates the
current supposition that the great granger
trunk lines feel themselves at a tactical dis
advantage If they have not an assured
Pacific coast outlet as well as an Eastern
trunk line connection, and that all of them
will sooner or later take measures TO Sc
cure these advantages. The movement OF
prices was cited as giving evidence that the
buying of Atchison was for the beneht or
st. Paul, and probably also or ROCK lslanu.
There was a disposition to attribute the
late strength of Baltimore * Ohio TO plans
Tor making that road the Eastern outlet,
and the late squirt in Norfolk ~ Western
and Chesapeake 81 Ohio were supposed 10
indicate alternative possibilities. The dec
laration of the first dividend on NorfolK "
Western of | per cent. was, however, the
more plausible explanation for the strength
of the last named stocks. The feVerlsn
and erratic fluctuations in Union racine
were amply explained by the new uncer-
tainties surrounding the present ownership
Cf its control. There were various rumors'
both to the effect that the Vanderbilt in
interests had perfected their control, and
mat the Hartman interest had secured
the maintenance of their control. Every
n oVement in the stock and every rumor re-
2arding the control were looked upon With
suspicion by the uneasy spectators as a
device TO further the contest. ana UNDER
living all was their dread that when once
the actual control is decided the high price
will not be maintained. The stocks IN
Guided i'm the Burlington deal, the Erie
stocks not excluded, were all notably heaVy:
The heavy proht-taking and weakness or
the United States Steel stocks had a large
sentimental influence on the whole market
New York Central was quite severely
handled and lost 3s on the day. Except
for the few special points OF strength the
market was, on the whole, reactlonary.
The money rate was distinctly hrmer, ruiz
ing at 3 per cent. early in the day, and III
Was said that a number of the banks were
calling loans. The subtreasury hgures,
which include the payment for the great
part of the gold exports, show a loss Dy
the money market thus far OF So.ioS,VVO. :,
Union Pacific convertible bonds continued
very active, and the bond market otherwise
was irregular. Total sales at par valIe
were sI.I55. 900. United States ~refundins
twos. coupon, declined Is. and the threes "A
uer cent. on the last call.
Following are the days sales ana the
closing bid prices: