The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-16
A DAY OF HEAVY DEALINGS
The Upward Trend of the Stock
Market Continues.
Prices Show the ENis-
tence of n Large short Interest
The so-cnIIcd spccinIties Exhibit
the Most Pronounced Rises.

NEW YORK, April Robustness was
resumed this morning with the dealings
in enormous volume and the trading at
large revealing tNe same characteristics
which have been present for so many
weeks Nothing had occurred since the
close of business On Saturday calculated
to shape sentiment one way or another.
The money market continued active and
the situation at large was not added TO
materially by even such routine matters
as traffic returns. few being submitted to-
day There was likewise wanting any
authoritative statement regarding the
status of the Burlington and Quincy
Northern Pacific deal. or any other of the
various alliances with which wall Street
gossip is now so busy. NEUTRALITY-SUSPICIOUS.
superficial appearances of irresuiarltS'
the market could be described only as be
ing exceedingly strong. The advances
scored were by no means uniform, and,
indeed. the course Of prices was broken
in upon by frequent recessions.
on the other hand. some new high rec
ortls of prices were scored and the deal
ings showed no evidence that the much
mooted elimination of the advance in
prices was near at hand. The trading
disclosed also the fac that an exceeding
ly large and apparently unwieldy snort
interest had been created in the market
The professional element of the street
were apparently basing their ventures
,u,son the theory of accidents; that is to
say. they claim that as the. good stories
have all been told future happenings will
favor the short side of the account.
Following this theory, operations for
a fail have been conducted in all quar-
tiers of the market, with great deal OF
confidence, and this fact was plainly re-
.,fiected in the very active borrowing de-
mand for stocks, a circumstance which,
OF course, tends to alleviate current none
tary conditions.
The money market continued active at
the average rates prevailing at the close
OF business last week, but while fairly
high rates were quoted. borrowers had no
difficulty in obtaining accommodation.
Nearly all of the more pronounced
movements occurred among the so-caled
specialties. Conspicuous features were
Colorado Fuel and Iron, Tennessee Coal
and Iron, Consolidated Gas, People Gas,
and malgamated Copper. The rise in the
two lirst named stocks was again attend
ed 10y reports that plans were on FOOT
looking to the amaleanIation of the larger
iIcn producing properties not already in
Guided in the United States Steel Cor
poration.
The covering of short contracts APP
peared to be an iniiu initial factor, how
ever. in the advance in both stocks. al
though in addition to the rumors cited,
there was a good deal of discussion re
Rarding the increased profits of these
companies likely to follow the improv
ing market for pig iron
Consolidated Gas sharp rise was ow
ing to the belief that there would soon be
announced a readjustment of the COM
panys capitalization, although in this re-
gard it nigh: be noted that Brooklyn I'm
ion Gas was comparatively strong.
The buying of Peoples Gas seemed to be
largely based on the prospective adjourn
neat for two years of the Illinois State
Legislature.
The local traction group was strong and
itan Street Railway and Brooklyn Rapid
Transit, but nothing in the way of news
or gossip attended the movements in those
instances.
The tremendous proportions of the mar
ket admitted Of large dealings in every
+ quarter The Industrial stocks were all
exceedingly firm, with pronounced adj
rancesl showing in American Tobacco.
Sugar Refining, Pressed Steel Car and
United States Leather common and pre-
ferred. The United States Steel Corpora
ton stocks moved within narrow limits
Price movements in the railway list
were somewhat Irregular. although main
~ IN the direction of higher level. Par
ucular strong features were the Erie is
sues, Norfolk and Western. Pennsylvania
Chesapeake and Ohio and New York Cen
trail. London furnished higher range of
prices for American stocks and foreign
houses were buyers here on balance to
the extent of about Is .OO3 shares but these
operations We're overshadowed by the
magnitude of the trading for local ac-
count