Wednesday, May 18, 2011

Mobile & Ohio Railroad Stock Memoranda of Sale from February 1, 1901

Several days ago I published a stack of these documents, all detailing the sale of the Mobile & Ohio Railroad over a period of more than 2 years.  Until today I didn't notice the sale price differential on the final date of these memoranda on February 1, 1901.  If you look closely you will see that I&S Wormser booked a trade of 100 shares for $69 each, while W. S. Lawson book a trade of 100 shares for $70.50 each. 


100 M&O $6900


100  Mobile & Ohio @ 70 1/2  $7050


Unfortunately, the documents don't tell us the time of day of these trades.  We do know that there was volatility in the price, but we don't know whether the difference in price was due to changes in price over the day or due to different pricing activity by I & S Wormser and W. S. Lawson.  However, we do know that the Southern Railway made its offer for the M&O on January 31, 1901, and that these trades occured the next day.  There was likely quite a bit of action in this security, causing large price changes throughout the trading day on February 1, 1901.

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