The daily morning journal and courier., 1901-04-24
EimamctaI.
THE STOCK MARK EFT.
Presented Even More Variety Yesterday
 Than Monday.

| New York, April 2S.-To-days stock
 market presented even more variety
 than that of yesterday, although the
 high record of transactions established yesterday was not disturbed by to- day s business. Dealings were on a smaller scale than yesterday. In fact, 1t was
 not until the urgent selling movement
 of the last hour had gained full head 1 way that the market presented any,
 thing like the animation which char
 acterized 1t yesterday. But speculative
 sentiment ran over pretty much the
 whole gamut of emotions, from that of buoyant elation during the morning to
 something like collapse in the after
 noon.
 Although the market npaasife closed, at net 1 declines throughout, extending in some
 cases to three or four points, or even | more, there was al time during the
 morning when the level of prices was
 materially higher than yesterday and l the market had the Appearance of a
 full resumption of the bull speculation. The high priced railroad stocks contin-
 ued to be the principal subject in the l speculation. especially St. Paul, Unionl
 Pacific and Southern Pacific. Atchison | preferred had a strong upward move
 ment and there were points of strength | among the Southwesterns. Burlington | and Northern Pacific were strong and | held better than the average of stocks 1 in the late break. Among the special | ties Amalgamated Copper recovered quite vigorously from yesterdays de- pression, and United States Steel stocks made a show of strength for the first time in several dayss
 These were the principal centers of the early strength in the market, but their influence was radiated pretty gen. erally through the list It would be difficult to assign cause for the early
 strength or the late weakness, as it
 seemed to depend little on news of the
 day. Powerful support and violent
 manipulation were resorted to in the
 early dealings, and the success of these
 measures in turning prices upward
 caused a heavy covering movement |
 was formed yesterday There were in-
 timations during the morning that the
 official statement regarding the Bur-
 lington deal would be given out later in the day, and rumor was current that it would be found to provide an exchange of bonds to the value of 1S0 per cent. and a cash payment of S20 per share, together with cash payment of $2 per share for the next dividend! The report that the price of steel rails was to be advanced to S2s per ton was the cause of the advance in United States Steel although professional rnanipula- tion was much In evidence, as It was in all parts of the market.
 The announcement over night of an enga cement of S1,000,000 in gold for ex- pcxt seemed to have little effect on sen- timent, and reports were set af1oat that large blocks of government bonds were held ready to offer for redemption which would provide gold for any ex- port demand without affecting the l money market. The source of this | available supply of government bonds was not disclosed. Sterling exchange | also yielded slightly under the offer luS5 dSdlllSt liiC SOi. pliipLllClt' IOp- l ably it's recovery later in the day was | large influence in the renewed uneasi- | ness mauifestet over the money outlook. | The sub-treasury IS again taking mon- ey from the market, and New York ex- | change in the interior has fallen back 1 to discount, indicating cessation of | the supply of funds from that source. l The adjournment of the Burlington di- | rectors without offering an official an- 1 nouncement was a disappointment The success of the bulls in getting prices up was offset by the very heavy offerings to release attracted by the advance. This was especially so in the United | States Steel stocks. owing to the suspi- cion prevalent in Wall street that heavy liquidation is going on in these stocks on the part of former large interests in the individual companies absorbed by the combination and who are retiring. Bear selling also became very bold and 1 extensive when the futility of the bull efforts to sustain the market began to be seen.
 The closing was weak at the lowest, I and showed such violent declines from the top level as 5M in Sugar, 4M In St. Paul, Al in Brooklyn Transit, f insCon- Gas, Az in Rock Island and from to over points in a long list of important stocks.