The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-17
BUYING PREVENTS ABREAK
The Stock Market Receivers Under
Heavy Purchasing.

Irregular Tendencies nj the Opening
Strike Rumors Lead tn Selling OF
limited states steel - burlington
and Rock Island shares Active.
NEW YORK. April 16.-Frice move
ments in today's stock market were I'M
commonly irregular and uncertain On
several occasions during the day It
looked as If Il violent break was imminent,
but at each appearance of weakness eN-
ceedingly heavy new buying orders ap-
reared. under which rapid recoveries
were scored.
The new developments in the situation
were somewhat conflicting. The threat
ened labor troubles at one of the plants
Of the United States Steel Corporation,
announced this morning, created a dis
agreeable impression, and led to heavy
selling Of the United States Steel stocks
but according to the best information the
Importance of the matter was unduiy
magnifed and in all probability an
amicable settlement will be effected be-
fore the week is over.
As against this, the large purchase of
Government bonds by the Secretary OF
the Treasury, announced at the close OF
business yesterday, was distinctly en-
couraging development. There were few
statements of railway traffic submitted,
and the money market ruled at about the
levels recently prevailing. The fact was
observed. however. that at the prevalent
rates for money on call there was an
abundant supply of funds offered.
London furnished lower range of
prices for American stocks, but dealt
very moderately in this market, and on
balance was purchaser of about $500
fairly
firm, with no appreciate change from
yesterdays quotations appearing.
Al the opening of business the market
showed a number of violent and con-
fiicting movements. As already noted,
the stocks were under pressure, while
Colorado Fuel and Iron and Tennessee
Coal and Iron shot up very rapidly. The
movement in the two last named was
based on the report recently current of
the general amalgamation of the large
iron-producing companies now outside of
the United States Steel Corporation
The fluctuations in Colorado Fuel and
Iron, after the opening, were fairly SEN
sationaL During the first hour and, in
deed, throughout the forenoon, the rail-
way list appeared TO be under pronounced
pressure for both accounts. Heavy oper-
atoms, evidently for the short account,
were noted in that quarter, but so far
as could be ascertained, the individuals
conducting them were proceeding. as was
the case yesterday, purely on the new
popular theory of accidents basis.
The market retained its exceedingly ir-
regular appearance until toward midday.
when Northern Pacific and Burlington
and Quincy developed aggressive strength,
with the result of changing the whole
character of the dealings.
The sharp advances which took place in
AInalgamated Copper ard Anaconda Min
ing were also decided influences in the
changed appearance of the market. The
advance in the two last named was suf-
ficiently accounted for by the issuance of
circular by a prominent Boston bank
Ing house, inviting the shareholders in
the Boston and Montana and Butte and
Boston companies to deposit their stock
with the view Of effecting a consolidation
with the Anna gamated Copper Company.
Although the street was again without
an ofnclai statement in regard TO the
status OF the Burlington and Quincy
Northern Pacific alliance, the conviction
was strong that the matter had been ac-
tualiy carried out Rock Island contin-
ued conspicuous feature of the market,
and while the fluctuations in the stock
We're exceedingly erratic it was plainly in
strong demand. The fact that II was
quoted above St. Paul common did not
escape comment and except on purely
technical lines would be hard to account
for II is plain. however that Rock ISL
and is being absorbed by some new in
terests, whose purchases have. seeming
ly, been conducted concomitantiy with
the existence of a very large short ac-
count in the stock
The Chicago Terminal issues which
were the conspicuous features OF yester-
days dealings in respect Of strength, were
today decidedly reactionary, but nothing
that was definite attended their course.
Strong features Of the railway list were
Missouri, Kansas and Texas common and
preferred, Canada Southern, and the Erie
issues. The strength Of the last named
was doubtless in part owing to the belief
that the so-called Burlington deal had
been brought to a successful conclusion.
The movements among local traction
issues were somewhat irregular. Metro
politan Street Railway was again decided
ly strong, and Brooklyn Rapid Transit
was firm. while Manhattan Railway
underwent decidedly erratic movements.
The heavy speculation recently prevailing
in stocks of the class Of Consolidated Gas
and General Electric subsidized materially
Apart from the United States Steel
stocks interest in the Industrial quarter
centred around Sugar Refining. which
sold at the highest prices recorded in q
long time. The strength of the stock was
apparently owing TO the covering of short
contracts. although the abandonment of
construction work on a glucose sugar
plant In New Jersey was also referred to
as effective in the course of the stock
Other strong features of the industrial
quarter were international Paper issues,
American Linseed Oil, and American
Tobacco.