The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-05
THE MARKET IN AFERMENH
Wild Fluctuations in Prices With
Tremendous Dealings.
Brokers' Offices Chokcd With Bust
ness and Tickers Far Behind
Transactious-VastR Realizing Sales
and Much Brilliant Manipulation.

Transactfous-Vast Realizing Sales
and Much Brilliant Manipulation.
NEW YORK. April Another remark
able outburst Of bullsh enthusiasm, &C
companied by brilliant manipulation, were
the factors in evidence at the opening of
a turbulent stock market this morning.
The dealings were on an enormous scale
for commission brokerage offices were
simply cholIed with business, and gains
in the first fifteen minutes, compared
with last night : closing figures, extend
ed all the way up to ana beyond 3 points.
The ticker was far behind actual trans
actions and reports of sales by brokers
to clients were delayed sometimes one
hour and even more. Advances and ac-
tivity very largely centred in the high
grade railroad stocks and in the first hour
many new high price records were es-
tablished.
Perhaps the most significant feature OF
the whole situation was the absence OF
noteworthy news developments sufficient
in Importance to account for the sensa-
tional price changes. As matter of fact,
there was a dearth Of news. London
prices were higher all along the line, par
ticularly for St Paul, Louisville and
Nashville New York Central, and the
Fries. Early cables said that the buying
was for New York account. In the face
OF the buovant closing of the market last
night the London market afforded new
fuel with which to score a sensational
opening here
In individual stocks. notably Rock ISL
and. Burlington and Quincy, Mis-
souri, Pacific, Pennsylvania, St Paul.
and Louisville and Nashville, there
were wide openings. ranging up to
per cent. Notable gains were also
scored by the Atchisons. Illinois Cen
trail. the Fries, and New York Central.
OF the railway group the fluctuations in
Rock Island were the widest. and above
las the highest record price, there was
flood OF realizing sales which effected a
3 per cent reaction. As bearing on the
stock there We're no facts. and the rImor
discussed was that Of an alliance with
the Atchison. Less was heard of the
Burlington and Quincy deal but the pro-
nounced belief prevails that its successful
contamination viii shortly be officially
announced.
Among the industrials and specialties
which played a prominent part in the
dealings We're Peoples Gas. AmaiEamated
Copper, Continental Tobacco and Colo
RADIO Fuel and Iron. The steel stocks and
Sugar We're relatively quiet and did not
participate in the early gains.
In the first hour prices generally yield
ed to the tremendous liquidation. but at
the recessions the offerings appeared to
be absorbed in the same remarkabl fash
ion that has characterized the market
for weeks and months. As the session
advanced the price movement became
somewhat confused. but the underlying
tone was distinctly strong and it afforded
n basis FOR several sharp advances in in
dividual stocks. They were most pro-
nounced in Amalgamated Copper. Colo
RADIO Fuel and Iron. Tennessee Coal and
Iron. the traction and tobacco shares
The strength of Copper was accompa-
MED by the distribution Of many tips CON
corning the strength Of the Copper situa-
ton and new bull pool in the stock. The
independent iron and steel stocks were
affected by reports regarding new con-
solicitations and their possible absorption
By the United States Steel Corporation.
in the Tobacco group a sharp contest
was in progress for market control Of
the price movement Insiders have been
credited with a strong desire to dislodge
a speculative long interest exceeding 100
05J shares, but the public buying offset
bearish manipulation to an extent that
resulted in carrying prices upward with
the normal course Of values.
An exception to the early upward swing
vas Delaware and Hudson. which, open
ing up IL points. declined ~ on n denial
Of the report that It had been leased by
New York Central Later sharp ad-
vance OF several points in New York Cen
tral was followed by an Improvement in
Delaware and Hudson
IN the early afternoon the excitement
abdted in some degree and the fiuctua-
lions were less wild: but the amazing re-
sistance displayed under the pressure Of
tremendously heavy selling caused a great
deal of comment
Comparatively little heed was paid to
the monetary situation. London finan- !
clers are expressing relief and satisfac- !
ton over the action Of Secretary Gage I
NJ buying Government bonds which in I
contributing ease to this money market is F!
also reflected in lesseniug the tension at
London and Continental centres. the small !
shipments Of gold from here having al
ready contributed to that end.
4 reaction. which was especially severe |
III Rock Island, was followed 10y a recov- !
cry almost equally sharp. Money on call |
loaned up to per cent in the last hour.
the highest point in long time.