The times., 1901-05-07


I'm the New York stock Exchange
many Rises Shaded by Reaction.
NEW YORK. May 6.-lt was the atti-
tude OF London which gave the cue to
the dealings in today's stock market.
Somewhat Unexpectedly the early cables
showed the American quarter of that mar
lget quoted at advances which extended
no to points for American stocks, and
on the opening of business here, foreign
houses executed enormous buying orders
in all Of the internationally listed stocks
They were unanimous also in declaring
that a large proportion OF their orders
emanated from Continental points.
1t was difficult to obtain a common es-
innate Of the amount Of stocks pur
chased on balance, but apparently the
aggregate was well above 100000 shares.
Under this stimulus the local market
opened exceedingly strong, and with fair
ly sensational advances appearing in st.
Paul, Northern Pacific, Missouri Pacific,
Union Pacific, Baltimore and Ohio, New
York Central and Pennsylvania
With the course of the morning a single
brokerage house executed what appeared
To be an almost unlimited buying order
in Northern Pacific common under the in
fuence OF which the stock scored an ad-
vance over ~ points 1t was noteworthy
and indeed characteristic Of the prevail
ing speculation that such an advance as
that noted failed absolutely TO develop
any explanatory gossip.
1t has been generally known for some
time that a very large and even unwield-
y short account existed in Northern Pa
Cific and beyond doubt some part of the
tremendous rise in the stock was due to
the retreat of the bearish contingent. Ex-
cept, however, for such more or less
technical explanation that furnished
il was not possible to account definitely
for this amazing episode. Nor, for that
matter. could definite and trustworthy
reasons be furnished for the other mere
extreme movements in the days mar
ket.
Conspicuous features OF the railway list
were the Atchison shares, Canadian Pa
cific, Rock Island, the Reading and the
Erie issues. together with the other an
thracite stocks and Union Pacific Penn
sylvania was comparatively sluggish.
hence the street was slow TO accept the
reports current that the control Of the
Atchison property was being sought in
the interest OF Pennsylvania. Yet there
was otherwise nothing that could be cited
In connection with the tremendous rise
in the Atchison shares.
Despite the absence of any confirmation
of the reports and the presence of fiat de-
nials of them, the speculative community
still clings to the conviction that further
comprehensive alliances are being ar
ranged between the great railway systems
Of the Northwest In & general way the
strength displayed by all of the anthracite
coal stocks seemed to be a reflection of
the belief that those companies have
ahead OF them protrected era Of un-
precedeRted prosperity. Among the so
called specialties in the railway list rapid
advances were noted in Pere Marquette
and in Hooking Valley, Norfolk and
Western, and Chesapeake and Ohio.
Interest has not been so well diversified
IN the market in a number OF weeks. The
local traction stocks were more active
than for long time and were all firm.
Among the specialties substantial ad-
vances were scored In Amalgamated Cop
per, Anaconda Mining, Peoples Gas, and
Western Union. The last named stock
closed at par for the first time in some
years.
A fairly large business was done in the
industrial quarter, where the conspicuous
features in respect of strength and activ-
ity were Continental Tobacco, American
Tobacco the United States Steel stocks
and Sugar Refining. The dealings in these
stocks, however, az In the railway list.
failed TO develop anything in the way OF
news or gossip which would explain their
tendencies. There was, indeed, concen-
trated selling of the United States Steel
issues OF equal magnitude 10 the buying |
that appeared in Northern Pacific, not |
decidedly firm
The chief feature Of She day Of general |
importance wac the tightening tendency |
Of the market for call loans, where most /
Of the borrowing was effected above /
per cent Such conditions were, indeed |
foreshadowed in Saturdays bank state |
hgent. with its heavy reduction in surplus |
reserves but the furry in money seemed |
TO cut very little figure in the days spec |
uiatiye calculations.
Sterling exchange was dull and only |
fairly steady, and no further consider
able shipments Of gold are locked for so |
long as the local money market remains at |
its present level Quite large number OF |
traffic returns for various periods were |
submitted today and We're, for the most |
part. excellent showings Speculative in
terest showed a better diverslhcation
than has been the case for a number of |
days. and the total volume Of business
attained another exceedingly large ag
gregate-