The age-herald., 1901-04-17
TONE K MARKET + Retains an Vitality 
 lGE FAILED   reat Mistake In
  titute Smaller igh Grade ,eks.

New York, April 16.-The stock market gave evidence today that the speculation still retains an abundant vitality, but nevertheless the tone was exceedingly feverish and at times very nervous. An opportunity was given during the morn ing to see the unwisdom of the specula- tive leaders in having attempted to sub stitute lot of low grade industrial stocks for the high grade railroads as leaders of the market. The violent relapses from yesterdays manipulated advances in some of these stocks caused considerable dis order in the market during the early trad ing z
 The decided weakness of the United States Steel stocks on account of the re- ported threat of the president of the Amalgamated Association to precipitate strike had an unsettling effect all through the industrial list. It was proved once again that the industrial stocks are influenced by such variety of causes and conditions that it is hopeless to in duce any uniform movement in all of them. A number of the high priced indus trials continued to show strength, not ably Sugar and Amalgamated Copper. The dealings in the latter stock were on an enormous scale, and the price movement violent and cratic.
 After the opening bulge realizing car ried the price half below fast night. Later in the day, after the publication of the proposition for absorption of Butte and Boston and Boston and Montana, the stock was run up As from the lowest. The last price was 125b, net gain of only As. The general market proved rather in different to the movement of the special Ges and there was a general declining tendency, Rock Island especially falling 3% under last nights close. and a large number of prominent railroads stocks from 1 to points. With the revival of rumors that the Burlington plan of mer- ger would certainly be published tomor- row, that stock, Northern Pacific and the Fries became extraordinarily buoyant again. and there was sympathetic recov- cry in the general market. The Kansas and Texas stocks were another center of strength. In this movement Burlington touched 195, a recovery from the lowest of 71a, and Northern Pacific selling ex- dividend of1 per cent, rose by violent ad- yances to an extreme rise of 71R. The Erie stocks rose from 2 to points. The prices of all of these stocks except Erie sec ond preferred made new high records to- day.
 Notwithstanding the sympathetic recov- cries in the general market 1t will be seen that the days net changes are as rule of insfgnifcant dimensions. The gains by the banks from the sub-treasury, owing to the high level of pension payments and the buying of bonds by the Secretary of the Treasury afford unquestioned refer tc the money market. The rise ir Chcagc exchange to 10 per premium also reflects the turning point in the interior currency movement in favor of New York.
 But the significant fact in the days money situation was the quick response of the sterling exchange market to the easier money conditions here, giving gronds for the conjecture that any in- crease In the available supply of funds ir New York, will go to London for the purpose of the coming issue of consols. 1t Is important to remember that thif government loan which is estimated at $250, 900, 900 as minimum Is in excess O. any loan placed since the French in demnity to Germany.
 The London money market Is at pres ent not only heavily indebted to the Bank of England but the amount of French and American capital at interest in London Is of unprecedented volume. London's so- licitude over the foreign exchanges is thus easily explainable. The constant growth of the trade balance indicates the increase of this country's capital re- sources for investment.
 The bond market became irregular to- day on realizing in speculative issues. Total sales par value $5,200,000.
 U. &. refunding 2s declined b and new As advanced 4 per cent on the last call.
 New York Stock Market.
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