The age-herald., 1901-04-26
STOCKS IF ALL
 KINDS ACTIVE A Decided Improvement Shown in All Speculations UNION PACIFIC IRRESPONSIBLE The Remarkable Strength In This Stock Helps Ali the Others To Rise-Burllngton Shows
 Life Also.
UNION PACIFIC RESPONSIBLE

New York. April 25.-The speculative sentiment showed a decided improvement today over that which prevailed yester- day, although the movement of prices continued very irregular, and at times err rattle. The heavy speculative liquidation which was accomplished yesterday, and on previous days of the week, relieving the over-congestion of the speculative holdings, doubtless had a great deal to do with the better tone of the market. The sustained strength of Union Pacific even after yesterdays remarkable squirt and a disposition to take more account of the many rumors of actual developments concerning the property relieved, the feel ing of uneasiness of yesterdays extraor dinary transactions in that stock which in themselves led to some liquidation ow- ing to the suspicion aroused that they were designed to cover heavy profit-tak- ing in other quarters of the list. There were further developments of strength today as a supplement- to the Union Pa cific movement and the strength of the market was more generally diffused than at any previous time this week. The man ner in which the market received the for nal announcement of the terms of the Burlington merger, had an encouraging effect on sentiment. There was little ef- feet 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 Its wide spread Influence in causing other ad- vances in practically the whole market, tho firmness of the stock at the highest level in its history was surprising.
 One of the favorite maxims with Wall street traders is to sell on good news Burlington's quite firmness on conf1rma- tion of It's good news argued small hold ings of a purely speculative character awaiting realization. The sentimental ef- feet was very marked owing to the warn ings which have been coming from infiu- ential commission houses for some time past that ver-speculation threatened the stability of the position in the stock mar ket For the first time this week the bears refrained from their final attack on the market and there was not the flood of realizing orders which have been a feature for the last hour for each pre- vious day this week. The fact that the buying demand was considerably relaxed did not seem to encourage the bears 10 any aggressive effort, although there was
 
 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, or the Burlington deal will De 1olioweu py similar arrangements on the part of other railroad systems as an offset. Tne Grangers, Pacifics and Southwesterns therefore played a prominent part Tn the trading The marked strength of some or the Eastern trunk lines was supposed to be associated with the movement or the Western lines Thus the stock market gossip attributes the large buying of At chison to design on the part of Pennsyl- yania to control a Pacific outlet. Balti- more and Ohio as a subsidiary company was even more acutely affected than Pennsylvania The rise in Atchison ex- tended to AZ in the preferred to in Bal timore and Ohio to 5A and in Pennsyl- vania to 2A The advance in Northern Pacific was resumed after a lengthy pe- riod of comparative quiet. apparently on the theory that 1t was entitled to rise with Union Pacific. Union Pacific itsei1 was at one time 2% over last night ana twice receded below last night, cioslns with a net gain of only fraction. kne strength of Southern Pacific was due to the supposition that it will share in any advantages which accrue to Union Pa- cific. The soft denials which were given out of many of the rumors of yesterday and today were without the slightest ef- feet on the market. Special strength was shown by the Chicago Terminal transfer and Colorado Fuel stock at advances Of 3X to 51s without news to explain It. Smelting broke AZ on the announcement of another injunction against the stock issue proposed to take up the Guggenheim Interests. The stock rallied 2h. The ease of call money precluded any anxiety over tbe money market. The large buying of IInion Pacific convertible bonds contin- ned and the market generally was strong. Total sales par value H.1o5,00o; United States refunding 2s declined IS and the Is registered A per cent on the last call
 New York Stock Market.