The times., 1901-04-25


Union Pacific the Feature of the
Day-New York Traction shares
ACKNOWLEDGEMENTS Widespread
NEW YORK, April 24-Todays stock
market followed the same lines that were
pursued by it's predecessors Of the week.
The dealings were again in tremendous
volume and the fluctuations were eXcep-
tionauy violent and erratic.
Ii was matter of note, also. that the
movements in prices We're most irregular
and uncertain among the standard rail-
way issues. Stocks of the grade Of st.
Paul, for example, traversed an upward
and downward range Of or points. with
absolutely nothing to be instanced in con-
nection Herewith except purely technical
causes.
The days situation. indeed, was quite
featureless. a number Of excellent traf-
fc returns were submitted, and the money
market continued easy. Further small en-
Eagements of gold for export were an
nounced, but they were virtually negl-
gible factor in the market At the open
ing Of business some encouragement was
derived from the fact that the London
market furnished substantial advances in
American stocks in comparison with yes
in some instances extended to one point
and more.
With the course of the morning, foreign
houses bought fully 5000 shares Of stock
in this market. Under these general con-
ditions the local market opened fairly an
imated and strong. With the course Of
the forenoon. there were a number of ex-
ceptionally extensive advances scored,
conspicuous features being Burlington and
Quincy, Northern Pacific, St Paul, Union
Pacific Louisville and Nashville, Missouri
Pacific and Texas and Pacific.
Prior to midday the whole market
showed a distinct disposition toward re-
covery from the serious declines of yes
terday and Monday Inasmuch as no Sc
rious catastrophe was announced at noon
ii would appear 10 be a reasonably safe
conclusion that the aggressive selling of
the market which set in about that time
represented operations for the short ac-
count At all events the character of the
dealings at that time underwent trans
formation and everything broke with ex-
ceeding rapidity.
Nothing whatever possessing any ele-
ments Of strength or gossip entered into
the days dealings on the market. The
various ideas now entertained respecting
railway alliances and developments in
one direction or another were unchanged,
but they apparently grew out Of, rather
than were the cause OF. the more notable
movements in the market.
Although the local traction issues
shared in the irregular tendencies of the
general market, their strength in the
forenoon was owing to the enactment by
the State Legislature of the BedeH bill
modifying the franchise tax law. Move
ments were indeed, exceptionally uni
form. the railway list, the local traction
stocks the industrials, and the special
ties advancing. declining, and rallying to-
gether Even in the instances OF the IN
dustriaIs and specialties ii was difficult
TO extract from the trading any particular
gossip which might be cited in connec-
ton with the course followed by these
stocks.
The conspicuous feature of the general
market was pre-eminently Union Pacihc
noteworthy advance scored, but II also
displayed better sustained degree OF
strength than was apparent elsewhere
There was also noted particularly sharp
advance In Union Pacific preferred. In
connection with the advance in Union Pa
cific rumors were current. which were,
however, generally accepted as trust
worthy that the dividend on the COM
mon stock was likely to be advanced to
s per cent annual basis
The transactions in Union Pacific were
in simply enormous volume. huge blocks
Of the stock changing hands at every quo
tation. information respecting the Buri-
ingtOn and Quincy matter was still want
ing.