The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-29
BETTER TONE In STOCKS
A GOOD NUMBER OF INDIVIDUAL
POINTS OF STRENGTH.
Monon Furnishes One of hese-UniO
Pacific and Lackawanna Lead
Bond and Money Markets.

NEW YORK, May 2S.-There was some
show OF strength and activity to-day in
Union Pacific and in Lackawanna, which
had little sympathetic effect on the rail-
road list. There was some independent
strength shown by a number Of minor rail-
roads. and finally there was a heterogen-
eous assortment Of minor industrial stocks
which advanced en- the influence of indi-
vidual 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 control
of the market. The movement in Lacka-
wanna. coming on top of its previous adj
vance of late, carried the price up to-day
as high as 244. 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 explana-
ton generally accepted was that negotia-
tons were on foot to secure large holdings
at private agreement, and the bidding UP
of the stock represents efforts to put the
price 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 & Hud-
son.. and that stock showed some sympathy
to-day with the Lackawanna movement.
TIL coalers otherwise were rated quiet.
The strength of Wabash, Missouri Pacific
and the Southwestern generally was re-
lated to the Lackawanna movement, as
the supposed efforts TO control of the latter
are in the interest of that group. There
was some large buying. both of Union Pa
cific and of Southern Pacific, accompanied
by rumors that further large holdings Of
Southern Pacific had been secured and
would be applied as collateral for the
Union Pacific convertible bond issue, in
addition to securities formerly held. The
strength of Atchison, which sold ex. divi-
dend, was attributable to the April show
ing Of net earnings. The tobacco stocks
fell somewhat into the background in the
latter part of the day, but they were active
and continued to advance in the morning.
with a persistence of recent rumors re-
garding the properties. The advance in
the Iowa Central and Minneapolis & St.
Louis stocks was attributed to working out
of a project by the Illinois Central to enter
the Chicago-St. Paul field. Chicago, In
dianapolis q Louisville and Des Moines q
Fort Dodge showed conspicuous strength.
and there was also strength in the Amer
lean Car and Foundry stocks, Chicago and
Union Traction, Brooklyn Transit. Interna-
tional Power, Standard Rope and Irvine,
~Amalgamated Copper, General Electric and
Consolidated Gas. The formal announce
ment that the banking houses representing
the contest for control of Northern Pacific
had given orders to relieve any Of the Lon
don shorts who are honestly unable to make
delivery by paying 1853 for their contracts
attracted attention. The wording of the
announcement was accepted as indicating
the continued eagerness to spare actual de-
liveries OF this stock. The governors of
the Stock Exchange to-day listed the
800, 00O,0 900 first lien convertible 4 per cent.
gold coupon bonds of the Union Pacific
Railroad Company. The statement accom-
panying the application says that the en-
tire issue of bonds authorized by the mort
gage, namely5-Sl00. 00, 000-has been dis
posed of, $40. OO0.0 600 having been subscribed
for by stockholders. The engagement of
81, 10000 gold for export was not known
until after the close.
Wabash debenture BIS and Stand I'd
Rope skies were strong and active. Tie
railroad bond market generally was dull
and irregular. Total sales, at par value,
were SO, 10000. United States refunding
twos advance Il and new tours y on the
last call.
Following are the days share sales and
the closing bid prices: