The daily morning journal and courier., 1901-04-26
EtMamctaI.
THE STOCK MARK EI.
Speculative Sentiment Shows n Decided
 Improvement.

speculative sentiment Shows n Decided Improvement.
 New York, April 25--speculative sen- timent showed decided improvement to-day over that which prevailed yes- terday, although the movement of splices continued very irregular and at times cratic. The heavy speculative liquidation which was accomplished yesterday and on previous days of the week, thus relieving the over conges- ton of the speculative holdings, doubt legs had a great deal to do with the bet ter tone of the market, The sustained strength of Union Pacific, even after yesterdays remarkable spurt, and a disposition to take more account of the many rumors of actual developments concerning the property, relieving the feeling of uneasness over yesterdays extraordinary transactions in the stock
 which in themselves led to some liqui- dation owing to the suspicion aroused that they were designed to cover heavy list. There were further developments of strength to-day as a supplement to the Union Pacific movement, and the strength of the market was more gen. erally dtffused than at any previous time this week. The manner in which the market received the formal an- nouncement of the terms of the Bur- llngton merger, which was given out at Boston to-day had an encouraging ef- feet on sentiment. There was little ef- feet on Burlington itself, which moved narrowly by comparison with other stocks, but was very firm all day. Con- sidering the long continued and large advance which the stock has had since this transaction first began to be dis cussed and it's widespread Influence in causing other advances in practically the whole market, the flrrnness of the stock at the highest level in it's history was surprising. One of the favorite maxims with Wall street traders is to sell on good news. Burlington quiet firmness on the confirmation of it's good news argues small holdings of a purely speculative character awaiting realization. The sentimental effect was very market, owing to the warnings which have been coming from influen- tial commission houses for some time past that over speculation threatened the stability of the position in the stock market For the first time this week the bears rafrained from their final attack on the market and there was not the flood of realizing orders which have been a feature of the last hour of, each previous day this week. The fact that the buying demand was considerably relaxed did not seem to encourage the bears to any aggressive efforts, although there was a distinct ebb of prices in the final hour on profit taking for the day. and final prices were considerably below the best except in few cases The most conspicuous move ments of the day were distinctly the outgroWth of the current conviction that the perfecting of the Burlington deal will be followed by similar ar engagements on the part of other rail- road systems as an offset. The grang- CTS Pacifics, southwesterns therefore played a prominent part in the trading. The marked strength of some of the eastern trunk linesRwas supposed to be associated with the movement of the western lines. Thus the stock market gossip attributes the large buying of