The times., 1901-04-02
TEE MARKETS GBBAI by
Dealings in Enormous Volume t
re- Sharp Price Advances,

April =. 1901, Likely 10 Dc an Eporh
Marker oa tbe stock }-cHals.--
the steel Trust Sccaritscs Ecad
inc Lfst-RocIS IsInHd Euoyant.
NEW YORK. April l.-Tc1ays stock
market wss one Of the most re1arEahle
in many respects in a period OF activity
and buoyant speculation. Those persons
who like TO punctuate oras through the
employment Of dates viii hereafter marx
April J. 1901 with a white stone.
Very little in the way o. description
could ne applied to the days dealings,
save to say that they were in enormous
volume, were well distributed. and for
the most part resulted in further sub
stantiai advances in prices. As was to be
expected in q market Of the dimensions
of today. therc was no little irTcgularlty
of movement. but as was the case last
week, and as has been true of the dealings
of the past month, all of the more ma
terial movements were in the direction
of Il higher level.
Todays tremendous volume of business
and drift of prices were the more note
worthy inasmuch as there was an utter
absence not only Of novel developments
over Sunday, but even OF any confirma-
tion OF the various rumors which We're
current last week in connection with
some of the more extensive advances
which took place then. IT was. indeed,
on this last account that certain securi-
ties moved counter 10 the general mar
ket Cases IN point were Burlington and
Quincy and Northern Pacific both OF
which stocks suffered somewhat from the
failure Of the reports linking the two
properties to be confirmed.
.F III. Z
Of Union Pacific St Paul, Rock Island.
Pennsylvania, and New York Central
were notably strong and active, although
even the gOssips Of the board room were
unable To uneaTth any particular news
which could be cited in connection with
their tendencies
In the case of St. Paul. however, it may
be noted that a very considerably short
account has been created in the stock
by reason Of the extensive arbitrage
transactions, as the floor traders have
figured out for themselves a sure profit
in purchases of the rights against sales
of the stock. lnaSmuCh the stock to
be issued against the rights may not be
delivered for some six months yet. the
position of the drbitraEeurs may turn out
to be a somewhat uncomfortable one.
The granger group of stocks played a
very conspicuous part in todays market,
Rock Island IN particular scoring q re
bly, rapid and extensive advance.
Today's broad and active market was
not, by any means, confined, however.
to the 70 ilWay list The transactions in
the United States Steel Corporation
stocks were in simply enormous volume
and both issues advanced further. not
wit hst3nding the appearance of tremen-
6ous and concentrated liquidation a SIN
El, brokerage house executed what was
in ali probability. the largest selling order
ever gi-en in one particular stock.
Il goes without saying, perhaps that
There was nothing novel to he cited in
connection with the course of the United
States Steel stocks. Today was the last
DAY III which the shares of the older COM
panies could be deposited Tor exchange
into the new securities except upon terms
imposed by the managers of the syndi-
eate, but the Overwhelming success of /
the anna lgam3JOn already has been com
pletelE demonstrated. Ii may be said
that these sec-!iti-s furnished another I
illustration of Wall Street 5 inability ad-
equateiE to appreciate great achieve
meitts. Put In another wav. tho Cnuspli-
oation OF the Carnegie Steel Company
with the other Stge' manufacturing con
cons marks new era in this basic in
CHstTy.
The Industrial quarter furnished num-
Der Of Other marked advances. in which
Ia stifisfly, the stocks of the older steel
companies token into the amalgamation I
were CONSPICUOUS In addition the In /
tefnational Paper stocks were decidedly .
strong and American Smelling advanced Z
r. plal5- ElscWheTe I'm the industrial quar- (
Ter another advance was noted in the
ne~lX Introduced Virginia Carolina /
: teInleal stocks and Sugar Refining /
showed - rather better degree of stIupoTf
than IL h9s for = long time
-7the Tohacco stocks were dun and rath-
- redtflenarI- The local traction ero4lp
showed sharp advances. though on not
very taIge transactions.