The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-23
ADVANCES And REACTIONS
The Stock Market Movements Char
acterized by Fluctuations.
Dealings Continue in Heavy Volume
-Pittsburg Floods Hetard Steel
Trust Shares-St. PnuI's New High
LeyeI-Ncw York Traction Active.

NEW YORK, April 22.-In respect Of
activity. today's stock market was quite
up to last weeks heavy averages, but
price movements were much more irreg-
ular. This morning had been proclaimed
for some time in speculative circles as
likely to turn out to be the proverbial
high Monday. and in a speculation fol-
lowing such technical lines as those now
pursued it was Inevitable that this notion
should lead to tremendous selling.
Liquidation, apparently based altogeth
err on this not over-luminous theory, was
apparent, right at the opening, and in
very large volume. The market at the
time, however, was exceedingly irregular
and the general list showed number of
sharp advances, Notwithstanding the re-
dictionary tendency of the market at
large.
Throughout the day these uncertain, ir-
regular, and spasmodic movements con-
tinued. Interest in the market was eX-
ceedingly well diversified, every quarter
receiving a fair amount Of attention.
Business was resumed with the situation
at large showing few changes of impor-
tance either favorably or otherwise.
The condition of the associated banks
as disclosed in Saturdays statement of
averages, might have been put on one
side of the account, while the devastation
worked by the foods in western Pennsyl-
vania and elsewhere might have been
cited on the other The last named was
reflected in some pressure in the United
States Steel Corporation stocks, but did
not otherwise appear to enter materially
into speculative calculations.
No very decisive reports in regard to
the agricultural situation were received
and few statements of railway traffic We're
submitted The money market ruled
along the levels prevailing at the close
of business last week and sterling eN-
change was firm. The facts cited above
comprised the days routine situation.
None of the recently circulated and ac-
cepted rumors Of deals of one KIND or an
other was confirmed, and while JtnC.s
were today added TO the category they
We're scarcely of a character requiring Sc
rious attention.
Definitions of the general tone of the
market had to be changed almost halt
hourly. Stocks Of the same general group
moved simultaneously in contrary dlrec-
tons and the days fluctuations were in
deed unusually erratic. IN the railway
list among the strongest features were
Illinois Central and Chicago and Alton.
and as might be expected, rumors based
upon the identity of the controlling IN
terests in these properties linked thelr
market course together. Other notably
strong features were Missouri Pac1f1c,
Southern Pacific. St. Louis and San Fran
cisco and the anthracite coal issues.
ST Paul common attained a new high
level in the forenoon. but subsequently
underwent a particularly severe reaction.
A similar movement was noted in Nor
folk and Western. The heavy specula-
ton in Missouri Pacific was doubtless
based on the increase in the capitaliZa-
tion of the company announced after to-
days meeting OF the directors. The Atchi-
son shares, Baltimore and Ohio, the Erie
issues. and Northern Pacific were quite |
reactionary-
London furnished irregular changes in
prices for American stocks, but on bal |
ance was a buyer in this market. For
eign houses were heavy sellers of the |
Erie issues The resumption of tele-
graphic communication with Chicago |
brought with il heavy operations from
that quarter, which Were. however, about
evenly distributed on either side of the
account
The advance in Brooklyn Rapid Transit
was attended by very positive assertions
that a dividend on the stock was con-
templated BY the management inasmuch
as the financial requirements of the COM
pany have been provided for for series |
of years and current returns justify some |
distribution of profits.
No particular gossip attended the move
ments in Manhattan and Metropolitan |
Street Railway, apart from the adjourn |
Lisnt tomorrow of the State Legislature. |
The last named circumstance was also, |
on some nebulous theory. profered in con !
nection with the advance in Consolidated |
Gas.
The dealings among the specialties were |
decidedly active. tirm features were |
Colorado Fuel and Iron, Tennessee Coal |
and Iron. and Pacific Mail General Elec- |
tric was somewhat reactionary and Peo-
pies Gas, after advancing sharply, re- |
ceded with equal rapidly, and subse- |
auently fuctuated widely There was a |
fairly sensational break in Amalgamated |
Copper at the opening of business al |
though most of the loss was subsequently
recovered. II was noted that Anaconda |
did not participate in the wild fluctuations
OF Amalgamated Copper.
Among the industrials Sugar Refining |
cold at The highest prices in long time, |
while the remainder of these stocks |
moved in line with the rest of the market |
As already noted, the Steel stocks suffered |
particularly by reason of the floods near |
Pittsburg.