The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-18
Ttna,lcia
IHIs STOCK M Il RK Ell.
Excessively Irregular Showing Ner-
vousness of Speculation.

vOUsness or SpecuIat'on.
New York April T.-To-day's stock
market was excessively irregular, show
ing the decidedly nervous state OF mind
which Spectators have come to be in
who are long Of stock, as well as the
watchful mood for weak points to de-
velop Of those who are short. The bat
tie between the two elements waged all
day with varying success, and the
market closed with the issue apparently
undecided, although a review of the net
changes for the day will show that the
bears had the best Of the contest, TAX
| ing the day through. The bulls con-
tested the situation with vigor and de-
termination and had fairly secured the
upper hand after the opening drive
against the market. Even after che
| last dip in prices, which carried quota
| lions to the lowest Of the day, the bulls
were still in full array, vigorously Sup
porting prices here and there and bold
! ly manipulating advances in number
of stocks. The only points of positive
| SlItllB III III Lie llEb h'SiS al t'iC NoutAi
western railroad division. An effort
was made to revive speculative excite
ment by bringing UP the rumors OF
southwestern merger. During the peril
cd of the first retreat of the bears the
movement in THIS department proved
an effective leadership in the market,
led by Kansas and Texas preferred.
New York Central andS some of the 9TH
er trunk lines also Showed signs of
strength. and Sugar, Peoples Gas and
the Smelling stocks made effective aux
iliaries in the demonstration by the
bulls.
Very little was left, however, of these
advances after the final reaction, but
the Atchisons were moved vigorously
upwards, the common rising 2ss over
last night in the final effort Of the
bulls to turn the market. Prices rail-
lied while the room shorts were uncov-
cred, but went off dgain on renewed
selling, making the closing unsettled
and irregular, with some stocks at the
lowest.
There was disposition to take spec
ulative profits, regardless of news de-
velopments. 1t was especially manifest
in the stocks which had been influenced
most by, the Burlington IDEAL rumors
and in Amalgamated Copper. There
was almost a complete recovery from
these opening losses, apparently on the
supposition that the Burlington direc-
tors after their meeting would an
nounce the completion Of the deal.
Their failure to do So was the princi-
pal element in the sharp break. The
bull leaders are manfestly perplexed
over what is to take the place of the
Burlington deal as an effective influ-
ence in fomenting speculation when the
matter is finally disposed of. To-day's |
development did not seem to cause
doubt of the practical contamination |
of the plan, and, in fact heavy profit
taking was to be looked for, even had |
the matter been announced.
It is too much tosk8y that the Bur-
lngton episode has lost it's influence to
attract speculative buying so long as
official announcement Of the matter Is
withheld, giving room for rumor and
surmise over the plan. The threatened
strike of iron and steel workers was a
continued influence towards depression
and United States Steel stocks were
heavy all day. ruling a fraction under
throughout.
The weather bureaus weekly crop ne
port, showing retarded developments by
reason of cool veal her may have had
some influence. But the movement Of
the market was principally due to tech
1ical causes. The more favorable mon
ay conditions were ignored. The gain
by the banks from the sub-treasury,
which has already reached $4,000,000
his week, and the arrested outflow of
cash to the interior give reasonably ]
good assurance of a favorable bank
statement on Saturday. The sterling
Exchange market was rather SOFT not
the increased supply here
If loanable funds, 50 that the outflow
If gold is pretty certainly deferred be-
Jond this week. The range of prices
Turing the day was extremely wide,
'eaching from 2 to 4 points in nearly
III Of the most active stocks.
The bond market continued active, !
,ut the price movement was irregular
The total sales par value aggregated
c, 305, GOO
United States old tours registered de-
lined u and United States old fours
oupon "A per cent. on the last call. 3