The times., 1901-04-18
IRREGULARITY. In STOCKS
Liquidation by Speculative Pools
in Many Securities.
Operations on the short Side Also
NoticeabIe-The Gould Issues md
Vanderbtlts Firm No Announce
ment of the Burlington Deal.


NEW YORK. April 1.-THE dealings in
today's stock market continued in inn
Inense volume and the movements in
prices were more than usually irregular,
At the opening of business an exceedingly
feverish tone was evident and number
of violent declines took place in several
quarters of the market. Anxiety lest
there should be a serious issue to the
threatened labor troubles at Pittsburg
not unnaturally resulted in heavy selling
OF the United States Steel Corporation
stocks as one of the company's plants is
the storm centre of the present dispute.
There was no particular explanation of
the simultaneous breaks which took place
among a number of railway stocks, or Of
the decline in Amalgamated Copper. AL
though announcement of the conclusion
of the Northern Pacific Burlington and
Quincy arrangement was expected with
the course of the day, both of these stocks
also dropped rapidly.
The first turn in prices of any conse-
quence took place upon the appearance of
decided strength in all of the Gould
stocks. Missouri Pacific and Texas Pa
cific being conspicuous in the movement
There was subsequently noted rapid ad-
Vanderbilt stocks, notably in c. c. c. &
St Louis. and, as is usually the case, the
strength of these securities spread to
some extent to the remainder of the mar
ket.
The general recovery which set in con-
tinued until the adjournment OF the di-
rectOrs' meeting of the Burlington and
Quincy and Northern Pacific companies
was announced, without any formal state
ments being made as to the status of the
rumored deal. AS was to be expected
the disappointment felt at the absence
of any official statement led to a general
and extensive reaction. The days deal
ings at large, notwithstanding the con-
f1icting results shown, did not vary great
ly from those which have been conducted
for a week past.
Liquidation by speculative pools was
apparent in many quarters, and active
operations for fall were evident
throughout the market. On the other
hand, the declines seemed to invite new
buying, and Notwithstanding the very
feverish character Of the trading. ii could
by no means be described as demoralized
To some extent the unsettled tone ap-
parent at the opening Of business was
also owing to the material declines which
appeared in the London market for
American stocks, and the quotations
from that quarter were followed up by
quite heavy selling here for foreign ac-
count, particularly in the Erie Issues.
The noted liquidation of speculative
pools was most apparent in Manhattan
Hallway and the Chicago Terminal is
sues, the last naRed suffering a further
extremely sharp decline.
Comparatively firm features of the mar
loet throughout the varying movements
in prices, In addition TO the stocks already
cited, were the Atohison issues. Missouri,
Kansas and Texas; Pennsylvania, ST.
Louis and San Francisco; St. Louis apd
Southwestern, and Wabash preferred. ST.
Paul was also in better demand, although
that stock also, as might be expected,
shared in the various uncertain move
ments of the market et large. Apart from
Manhattan, the transactions in the local
traction stocks were unimpertant.
Among the spec.alties, a very sharp rise
stock St conspicuous. There We're - again Isi1- tre-
mendops dealings In Amaigamated Cop
per, which were attended with wide, but
conservative fluctuations The Industrial
quarter was firm. Sugar Refining was
firm and American Tobacco Continental
Tobacco, and American Smelling were
decidedly strong. The money market was
perceptibly easier, notwithstanding which
circumstance sterling exchange was
barely steady