The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-04
TILE MARKET MOST ERRATIC
The Changes in the General List
Sharp and Violent.
After a Series of Declines. the Close
Brings N Buoynnt md Sudden Rise
Union Pacific Under Pressure
tfchison Common Loses Gain.

After Series of Declines. the Gloss
Brings N Buoyapt md Sudden Ris,
Union Pacific Under PRESSURE
atchison Common Loses Gain
NEW YORK, May 3.-More extensiv,
and erratic fluctuations in prices have sci
dom been witnessed than those which oc
CURED in today's stock market. The gen
eral tone at the opening of business wa:
one of weakness. London furnished 9
much lower range of prices for American
stocks, the declines in some instances be
ing in excess of l per cent.
On the opening of business. also. for
eign houses appeared as heavy sellers o.
stocks, although they subsequently re
versed their position, and the dealings oil
balance amounted to very little. IN ad
dition to London's attitude. it was com
monty expected that tomorrow's banl
statement would show a heavy reduction
in surplus reserves. and the money mar
ket was today distinctly firmer.
There was not only no confirmation o
reports recently current bearing on TIL
status of the Union Pacific and Atchisor
properties, but instead. fiat denials Not
withstanding this. and despite the weak
ness of the general market. Atchison com
and the preferred 4as points Subsequent
ly the advance in the common was OBJ
liberated.
Other pronounced advances in the face
of the general weakness of the market
in the forenoon We're in Baltimore. and
Ohio. Denver and Rio Grande, the Erie
issues, Missouri Pacific. which rose 5ss
points: Rock Island. which advanced So
points: St Paul. which rose ~ points. and
Texas and Pacific. which rose 81 points.
The advances in all of these stocks were
subsequently either wholly wiped out or
materially shaded.
Union Pacific, on the other hand, was
under effective pressure from the opening
of business. and an extensive decline took
place in the stock. which showed a very
feeble rallying power. The exceptionally
rapid advance in Baltimore and Ohio was
again attributed to reports that decision
favorable to the common stock would be
rendered in the pending litigation insti-
tuted TO define the dividend rights of the
preferred. but apart from that instance
it was impossible to assign other than neg
ative reasons for the more extreme move
ments appearing in either direction.
Unofficial, but at the same time what
appeared to be authoritative, statements
were. however, made today that the con-
troll of the Union Pacific property remain
ed in the same hands in which 1t has
rested since its successful reorganization.
Interest centred so entirely in the railway
list that the movements in other quarters
of the market attracted scant attention.
For the most part, however. they were in
line with those followed by the railway
list.
The local traction issues continued dull,
but were heavy, and Brooklyn Rapid
Transit was specifically affected by a re-
port that labor troubles were threatened
on some of the cOmpanys lines, but, al
though these rumors were subsequently
denied. the stock showed small rallying
power.
As was the case in the railway list the
industrial quarter showed number of
violent movements in both directions, par
ticularly in Sugar Refining and the To-
baccO stocks, while United States Steel
was under almost continual pressure. At
the same time the declines in these stocks
were not very extensive.
In the specialties movements Identical
with those in the railway list and among
the industrials were noted. Western
Union at one time shot up rapidly. but
could not Withstand the declining ten
dency in the remainder of the market,
and International Power. which scored a
further sharp rise at the opening, like
wise lost part of its advance.
There was a rumor current 1t one lime
during the day that an attempt had been
made on the life of President Mckinley,
and in the sensitive nature of the specu-
lation il produced great deal of alarm
and heavy selling Of stocks, but there
was no consequent recovery in the mar
ket on the contradiction of the report.
The trading continued in simply enormous
volume, and was characterized through
out the~day by excessive feverishness.
Some of the declines were what might
be designated as of panicky proportions,
yet as a matter of fact there was little
actual decentralization evident. Liquida-
tion was evident everywhere, and there
were some aggressive operations by the
hears There were no indications that
what is styled the larger financial in
terests adopted any measures to check
the decline. and on the contrary, the
coined by them as likely to restore the
market to more normal basis.
The last hours dealings We're character
lied by sudden change from the unset
Element which marked the dealings up to
that time to fairly buoyant tone There
were no developments of any consequence
to be cited in connection with the re-
versal in the course of prices, but II was
evident that the sellers for decline had
oyerstayed their positions and their at
tempts to cover their short contracts dis
closed the fact that the liquidation OF
the morning had for time run its course
The exceedingly rapid recoveries which
followed the turn in the market only en-
phasized the statement that few days in
the history OF the stock market have wit
messed such exceptionally violent and err
ratio changes in tone. The dealings con-
tinted most active and the fluctuations
most violent in the railway list, as had
been the case earlier in the day.