The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-26

congestion of the speculative holdings,
doubtless had great deal to do with the
better tone of the market. The sustained
strength Of Union Pacific even after yes
terday's remarkable squirt, and a dis
position to take more account of the
many rumors of actual developments con-
corning the property. relieved the feel
ing of uneasiness over yesterdays extra
ordinary transactions in that stock,
which in themselves led to some liquida-
ton owing to the suspicion aroused that
they were designed to cover heavy profit
taking in other quarters of the list. There
were further developments of strength
today as a supplement to the Union
Pacific movement and the strength of the
market was more generally diffused than
at am time this week. The manner in
which the market received the formal
Announcement Of the terms of the Bur-
lington merger had an encouraging effect
on sentiment. There was little effect on
Burlington itself, which moved narrowly
by comparison with other stocks, but
was very firm all day, Considering the
long continued and large advance which
the stock has had since this transaction
first began to be discussed and it's wide
spread influence in causing other ad-
vances in practically the whole market,
the frmness of the stock at the highest
level in it's history was surprising. One
of the fayorite maxims with Wall Street
traders is to sell on good news Burling-
tons cuiet frmness on the confirmation
of it's good news argued small holdings
of a purely speculative character await
ing realization. The sentimental effect
was very marked, owing to the warnings
which have been coming from influential
commission houses for some time past
that over speculation threatened the
stability Of the position in the stock mar
ket Fer the first time this week the
bears refrained from their final attack on
The market and there was not the flood
of realization orders which have been a
feature of the last hour Of each previous
day this week. The fact that the buying
demand was considerably relaxed did not
seem to encourage the bears to any as-
gressive efforts, although there was a
distinct ebb of prices in the final hour on
profit taking for the day, and final prices
were considerably below the best except
in few cases. The most conspicuous
movements of the day were distinctly
the outgrowth of the current conviction
that the perfecting of the Burlington deal
will be followed by similar arrangements
on the part of other railroad systems as
an offset. The Changers, Pacifics and
Scuthwesterns therefore played a promi-
nent part in the trading. The marked
strength Of some of the Eastern trunk
lines was supposed to be associated with
of bn 1inpS
Thus the stock market gossip attributes
the large buying of Atchison to a design
on the part of the Pennsylvania to con-
troll Pacific outlet. Baltimore and Ohio
as subsidiary company, was even more
acutely affected than Pennsylvania. The
rise in Atchson extended to four and a
half, in the preferred to three, in Balti-
more and Ohio to five and three quarters
and in Pennsylvania to two and a quar-
ter The advance in Northern Pacific was
resumed after lengthy period of cc1n-
parative quiet, apparently on the theory
that it was entitled to rise with Union
Pacific. Union Pacific itself was at one
time two and three quarters over last
night and twice receded below last night
closing with a net gain of only frac-
ton. The strength of Southern Pacific
was due to the supposition that it will
share in any advantages which accrue tt
FUnion Pacific. The official denialS which
were given out of many of the rumors
of yesterday and today were without the
slightest effect on the market. The ease
of call money precluded any anxiety over
| the money market.
| The large buying of Union Pacific con.
l si-I a.. l-.a
generally was strong Total sales (pal
value) S7.1O5,O0o.
United States refunding rs declined 4
and the S's registered II per cent on tht
| last cell.
| The total sales of stocks today were
l,20S3,800 shares, including the following
| Atchison, ISL 100; Atchison, preferred
| 49, 700; Baltimore and Ohio, 81, 100; Chi
| cago Great Western, II 900; Chicago, Bur
| lington and Quincy, 2S,400; Chicago, Rocl
| Island and Pacific, $4,000; Erie, 65, 300
| Erie, first preferred, $500; Great North
ern, preferred, 80, 700 Illinonis Central
| 1900; Louisville and Nashville, 1920
| Manhattan and Elevated, 800; Metro
politan Street Railway, 9,000 Missouri
Kansas and Texas, 10, 400; Missouri, Kan
sas and Texas, preferred 1920; Ney
York Central, 14800; Northern Pacific
SO, 400 Northern Pacific, preferred, 6,100
New York. Ontario and Western, $500
Pennsylvania Railroad, $4,000; Philadel
phia and Reading first preferred, 1900
Philadelphia and Reading second pre-
ferred, $500; Chicago, Milwaukee an
st. Paul, 112, 300 Southern Pacific 324 600
Southern Railway, S,O0O Southern Rail
way, preferred, $1,000 Texas and Pacific
%, 400; Union Pacific, 367,6O0; Union Pa
cific, preferred, 49,50O; Wabash, pre-
ferred, 10000; Missouri Pacific, 54,10C
Wisconsin Central, II 100; Amalgamate
Copper, 81 100; American Smelling an
Refining, 40, 100; American Tobacco 1866
Anaconda Mining Company, $780, Brook
Ign Rapid Transit. $4,000; Colorado Fu'
and Iron. $500; Continental Tobacco 5
600; Peoples Gas Light and Coke Con
pany. 2S400; American Sugar Refinin