The times., 1901-04-21
NEW RECORDS ON CHANGE
A Sensational Half Holiday in the
Stock Market.

g'he Bull Movement Carries Every
thing Before It-A Total of TO-
100000 shares Sold i'm The Week
81. PauI,s Big Advance Maintained.
NEW YORK. April 2O-The stock mar
ket today fittingly closed a weel Of specu-
lation exceeding all previous records in
extent of trading, the transactions for
that period being reported at Considera-
bly more than 000 shares. The deal
ings today approximated the largest total
for half holiday, and some Of the move
ments In prices were as sensational as at
any time in the history Of the stock ex-
change.
\ feature Of the market, which appar-
emily has escaped general attention. has
been the fact that very confident eX-
tensive interest on the short side of
American railway shares, both on the
Continent and in London, has been com
PEELED to cover its contracts at a severe
loss All of the week attention has been
directed to the steady buying Of Ameri-
cans in London for Continental aC
count and the fact is that foreign specu-
lators. in common with a great many of
the local habitues of Wall Street. had en-
tirely miscalculated the force and scope
of the bull movement in our securities.
1t was suggested today for the irst time
that covering by London shorts in st.
Paul i'm this market was largely RESPONSE
bic for the advance in that stock West
ern operators of prominence admit that
they have underrated the extent of the
bull movement. but Enthusiastically ac-
cepted their losses and have since been
bullish, especially on the low and medium
priced railway shares.
The activity in the stock rr,arlra+ to3o,-
was all the more noteworthy on account
of the fact that the West was entirely
cut of from the New York Stock Ex-
change, so far as telegraphic communica-
tiOn was concerned, by a heavy storm
St. Paul records transactions about
twice as large as those in any other
stock, and in contrast TO the course of
Chicago, Burlington and Quincy and
Northern Pacific, which were less active
and reactionary, it closed at a net gain
of ga per cent and practically at the high
est figure Of the day. Union Pacific com
mon, which left off a point higher than
yesterday on trading about half as large
as that OF St. Paul. was assumed to be
moving in sympathy with the last men
toned stock. The probable outcome of
the so-calIed Burlington deal, in so far
as the company's direct interests are con
cerned. and the probable effect Of the
combination upon the other great North
western systems is the question of the
hour in railroad and financial circles In
the circumstances the street displays its
usual credulity and skepticism regarding
the most contradictory rumors and re-
ports.
The statement Of averages Of the asso-
ciated banks was even more favorable
than had been indicated by the prelimi-
nary statistics OF the movements Of
money. This was because of the extra
days average, the preliminary figures be
ing calculated only up TO the closing of
business on Thursday
The statement showed a gain in cash
OF 80 46l 800 which, together with an un-
expected decrease in loans Of SS,SSS, 700,
contributed to make an increase IN the
surplus reserve of S6,9S3, 800, bringing the
total OF that item up to Sl4,S22,l ,l08. or about
double the reserve held last Saturday.
The reserve a year ago was Sl4,SSiS50.
The market opened buoyant under the
in iuence of the strength reported in
American railway shares in London,
many stocks showing advances of a point
and upward as compared with yesterdays
closing figures. in the first few minutes
OF the business, further gains occurred in
St. Paul, Union Pacific. Chesapeake and
Ohio. Southern Railway issues and Rock
Island. and other stocks.
The local traction shares soon developed
strength, which was most pronounced In
Brooklyn Rapid Transit, which scored an
extreme gain of four points and closed
25z higheReon the reports Of a probable
per cent dividend Manhattan Railway
left of q Der cent higher. Chicago. Bur
Hngton, and Quincy, and Northern Pacific
were less active than usual, and the nrst
named closed at a net decline OF IA.
Amalgagnated Copper was also reaction
Gry and recorded an equal net uecnne on
transactions Of nearly 1900 shares
Missouri Pacific left of ltsc per cent
higher on fairly large dealings, Texas
and Pacific rose rs per cent net on active
trading, and less important gains were
scored by Reading issues, Peoples Gas,
Pennsylvania, Norfolk and Western, Colo
rado and Southern, Baltimore and Ohio,
and Illinois Central
American Sugar Refining was neglected.
and left off point lower, while Amer
lean Smelling closed at fractional net
gain. Colorado Fuel and Iron closed two
points higher on buying. said 10 be based
on the belief that the property will even
tuslly be merged into the United States
Steel Corporation
The shares Of the last mentioned com
pany were dealt in to only a moderate
extent, and the final changes in prices
were unimpOrtant In the usually mac
tive shares, American Cotton OIL recorded
a net Improvement Of two and One-quar-
ter points. Canadian Pacific gained
point, and Denver and RiO Grande pre-
ferred per cent.
The sharp advances esta ablished in many
stocks and the great breadth of the gen
eral market invited heavy realizing,
which, together with renewed profes-
siOnai selling for a decline, caused rcces-
sions ranging up 10 point in some Of
the recently conspicuous shares.
The dealings in bonds were up 70 the
recent average volume and the general
movement Of prices was upward.
Wabash debentures were among the
strong features at a gain of nearly a
point. In the curb market the trading
was light. Morton Trust Company rose
seven points TO 1907 and Standard Oil five
to e5.
National City Bank retained fifteen Of
an early advance Of forty points. The
Copper shares displayed firmness. White
Knob sold at 20 and Tennessee Cooper at
36ik Denver and Southwestern common
made fractional net gains.
The closing Of all the financial markets
was In the main strong, despite some ir-
regularity due to profit taking.