The times., 1901-04-26
THE RAILWAY LIST ACTIVE
Interest of the Market Centred on
transportation Issues.
Heavy Buying Orders Result i'm
Further Advances-A Reaction in
Union Pacific Follows Another
Rise Irregularities Continue.

Rise - trrPEu1HrlttsS continue
NEW YORK, April 25.-Tremendous
buving orders emanating from both Chi
cago and London, poured into today s
stock market. or. more correctly speak
ing. into certain stocks, with the natural
result Of further oXtersive advances IN
the securities in question. The course Of
prices in the market at large was by no
means uniform, and while an extremely
heavy volume of business was transacted,
interest was not so Wen diversified as it
has been Of late.
The chief news of the day was the an
nouncement of the formation of the So
called Burlington deal. which was along
the lines of rumors recently current and
generally accepted. As was to have been
expected. there was little further reilec-
tion of the matter noted in Burlington
and Quincy stock.
Yesterdays extraordinary activity in
Union Pacific naturally caused interest to
centre upon that stock upon the opening
Of business. The initial fluctuations were
extremely wide and were followed Icy
further sharp advance, which was. in
turn, succeeded by a reaction, which
brought the stock back TO about its final
price Of yesterday. Nothing that was
definite and authoritative came to light
10 account for the current phenomena in
the dealings in this stock, but il was gen
orally assumed that such a movement
must represent something approaching a
contest for the control Of the property.
The pronounced rise in Southern Pa
cific was attended by generally discredit-
ed reports that the stock would be eN-
changed for Union Pacific on a basis Of
two for one. A more reasonable eXplana-
ton, however. might be found in the
practically assured fact that some time
in the near future dividend payments on
Southern Pacific may be expected to be
begun.
The sharp advance in the Atchison is
sues renewed the reports that one of the
great Eastern trunk lines would soon ap-
pear in the directorate Of the company,
but IN this case, also, considerations of
earning power and OF the beginning OF
dividends on the common stock might be
cited as sufficient explanation OF the
course Of the issues Other noteworthy
advances took place il Rock Island. and
81. Paul. but nothing new was added
to the prevailing views as to the status
OF these properties.
Among the lower priced railway issues,
Chicago and Alton shares were strong,
and there was an almost sensational ad-
vance noted IL the Chicago Terminal
Shares Missouri Pacific and Texas and
Pacific, and other Gould stocks. while
OF days. Evidences Of reViVing interest
in the anthracite coal issues were appar-
ent, particularly in the Erie and Read
Ing securities. Both Pennsylvania and
New York Central were also notably firm
As was the case yesterday interest cen
tired largely on the railway list wherein
also the widest movements in prices oc-
CURED.
The dealings were again characterized
by no little irregularIty, sharp move
meuts ia both directions appearing re-
= - Hs-FNHH havs nHr~lns
sion.
The local traction issues took very lit
tie part in the days dealings. and moved
within comparatively narrow limits
Price changes among the so-caIIed spec-
ialt1es were decidedly irregular. The cop
per stocks reflected moderate pressure. as
gld Western Union sharp decline in
Consolidated Gas followed the execution
OF what seemed 10 be the liquidation of a
speculative account in the stock
On the other hand, Colorado Fuel and
iron, tennessee Coal and Iron, and Peo-
PIES Gas We're decidedly firm The only
movement of any note In the Industrial
quarter vas In American Smelling which
suffered severe decline on the announce
ment that another injunction had been
granted by the United States Court look
Ing 10 restraining the acquisition Of the
Suggenhelm properties The United States
Steel stocks continued active but again
fuctuated within very narrow limits
The money market was easy throughout
the day and sterling exchange was firm
AdGluonal engagements Of gold in con-
HectlOn with the local subscriptions to
the British war loan are looked for by
Saturdays steamship This probability,
however, could not be cited as a factor
In the dealings In the market.
The remainder Of the days routine news
was limited to the large number of traf-
nc returns submitted. No changes Of any
Importance developed In the trading with
the course Of the day. The same general
characteristics already noted were re-
tained up TO the close