The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-24
REACTION AT THE CLOSING
A Sharp Decline Follows a Most
Eccentric Stock Market.
The Clearing House Records Broken
Firm Features of the Early Deal
ings Lose Advances - Pressure
for the Short Account Factor.


Firm Features of the Early Deal
ings Lose Advances - Pressure
for the short Accom-; Factor.
NEW YORK. April 23-As was to be
expected yesterday afternoons violent
and not directly explained reaction in
prices resulted in no little unsettlement of
speculative confidence today. Largely in
consequence thereof. tn price movements
in this morning market were eNuaordin-
arily erratic. Stock of the same general
classification and ownership moved in
contrary directions. Extreme and con
ficting fluctuations appeared also
throughout the general market. The deal
iuss continued in enormous volume and
were well distributed and the technical
circumstance was noted that on the de
clines active trading contracted mate
rally
AT the opening of business a favorable
influence WAS exertod through the fact
that the London market for American
stocks has. to a large extent. been unaf-
fectod by Yesterdays severe break in the
local market Higher prices for our
stocks were furnished this morning from
that quarter and with the course of the
morning foreign houses bought on balance
here upward to $1,000 shares of stock. This
circumstance did not. however. wholly
prevent the noted extreme irregularity
which characterized the market
1t could scarcely be correctly said that
the lotatiou here Of part of the British
loan was an influence of weight in the
market, nor WAS much attention accord
ed to the fact that the circumstance in
question was Immediately followed by the
IL .,.r~
generally recognized that the American
money market at large is now in the
strongest position of any of the inter
national markets and that the outflow of
gold Will continue only so long as it does
not result in producing unduly close con-
G;tions here.
This shows to what extent the volume
of clearances was swollen by yesterday
uupreo edented transactions in the stock
market and is additional evidence Of the
somewhat belated but sim commendable
enterprise on the part of the governors
of the stock exchange in establishing
clearing house for the settlement of the
transactions thereon. There were very
few statements of traffic submitted, or
other actual additions TO the routine sit
uation.
a number Of interesting ana extensive
movements in prices. II was reported
with a great deal Of pUsluVeneSs tndt the
so-called Burlington deal would be an
nounCed today and in consequence, after
fiuctuatiug weakly throughout the deal
ings. sharp advances took pace IN Bur
lnEton and Quincy and IL Northern "a
cific. IL was reported that par mad been
bid for the new bonds 10 be issued in ex-
change for Burlington, circumstance
which would account sufficiently for the
advance in that quarter.
pn~a1 .41=s 4
Union Pacific common, after II hat under
gone several erratic movements after the
opening. I he rise in the two last named
stocks was attended by altogether unsuo-
stant.ated reports linking those properties
together, although it would appear rather
difficult in view of their present alliances
TO understand how an arrangement be-
tween them could be effected. students
OF either security experienced no dimculty,
however, in understanding the current
market level for the stocks.
Other firm features of the railway list
We're Baltimore and Ohio. Canada South
ern, the Reading issues. Texas and. PACING,
and Wabash preferred. Southern Paclhc;
while again enormously dealt IN. moved
within comparatively narrow limits. The
reports current that a dividend would De
declal ed on the stock We're not commonly
credited, but distribution of prohts
would appear to De involved in the recent
ACQUISITION by Union Pacific OF such
large percentage of the stock and the sub
seQuent issue against IL of its own collate-
raj trust convertible bonds.
The strength of Texas and Pacific was
again owing largely TO the notion that the
stock Will be exchanged IN some rdUo
for Missouri Pacific. The fluctuations in
the last named were exceedingly VIDE.
and the stock broke very badly upon the
opening Of business, part OF the loss
being subsequently recovered. Presume
bly, owing to the same causes under which
the decline in Missouri Pacific took place,
the Denver and Rio Grande issues were
like wise somewhat reactionary.
In the industrial quarters the dealings
in United States Steel Corporation stocks
were in tremendous volume, and smart
advances were noted in both issues. To
some extent, apparently, the rise in these
stocks was based On the covering OF short
contracts put out yesterday on the re
ports regarding the damage wrought by
the FOODS near PiJtsburg.
Elsewhere in the industrial quarter pro-
nounced strength was displayed by the
Republic Steel issues and American
Smelling, while the movements in Sugar
Refining. Notwithstanding the fairly ac-
tive dealings in that stock, were compare
lively limited. The features among the
so-called speclalties were Amaigamated
Copper. Consolidated Gas, Peoples Gas.
Colorado Fuel and Iron. and Tennessee (
Coal and Iron. Both General Electric
and Western Union were comparatively
heavy. Nothing in the way of news or
gossip attended the movements in these
stocks
The local traction shares were promi-
nent in todays dealings, and while par
ticipating in the irregularity which char
acterized the general market were, for
the most part, decidedly strong
With the course of the day. pressure of
the same sort under which yesterday af-
ternoons severe decline took place ap-
peared and there was a general and pro-
nounced decline in prices. The bulk Of
the earlier advances was quite oblitcr-
ated in the downward movement
Most of the pressure appeared TO be
for short account. but owing to the ner-
tat Of -.ztatfV
genuine liquidation was induced by the
sharp declines appearing. Texas and Pa
ellie st Paul. Southern Pacific and. in
iact' an OF the conspicuously firm fea-
lures of the early dealings shared with
the remainder of the market extensive
reactions of the afternoon. Nothing what
ever IN the way Of news came to light in
connection with the reaction.