The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-12
GULL MARKET REACTS
,Aormous Dealings Succeeded by
Declines i'm Prices.
Money Market Conditions Served rs
Check to Buoyant SPECULATION
Advances Scored in the Opening
Hours - Favorable Developments.

NEW YORK. April 11.-At the opening
of business in today's stock market
there were some appearances that the tur-
bulent bull speculation of the last two
days would be renewed. Further ire
mendous advances We're scored in a num-
Der of directions and the dealings were
in simply enormous volume.
With the course of the morning, how
ever the activity subsidized and a num-
Der of very pronounced reactions took
place. The decline in animation, which
was coincident with the reaction in
prices, has been familiar sign of the
current stock market for an indefinite
period. and is sufficient evidence of the
speculative temper of the public. On the
face of it the main cause of the check
administered to the buoyant speculation
was to be found in money market condi-
tons, which continued active and rather
close. At the same time these conditions
have been definitely foreshadowed
through the known movements in the
money market for ten days past, and as
a rule Wall Street does not await the
actual issue of expected circumstances
to act on them.
The bulk of the days borrowing was eff
fected between and per cent. The
DAYS developments were generally favor
able, aside from the money market.
Comprised among them were Mr.. Nor
gan's arrival in England, the excellent
Government crop report, the lettering
prospects for an amicable settlement of
the threatened labor troubles on the Cen
trial Railroad of New Jersey and the
traffic returns submitted. The street at
large was again left without any author
itative statements bearing on the vari-
Gus deals in one direction or another,
the rumors regarding which have been
such potent influences in the specula-
ton.
In the early dealings there were fairly
sensational advances in Consolidated Gas
and Amalgamated Copper, and in the rail-
way list. Chicago and Northwestern shot
up a dozen points, or more, in as many
minutes. Less striking advances were
common throughout the railway list, but
by midday they were either shaded or al
together oblterated Firm features
throughout were Baltimore and Ohio. Del
aware and Hudson. Norfolk and Western,
Texas and Pacific, Union Pacific, and the
Wabash issues. The Atchison shares and
Rock Island We're also firm, with some
rather hazy reports current linking to-
gether the movements in those stocks.
The dealings. in fact, throughout the
day were attended by an unusual volume
of rum ors of one kind or another, while
the facts in the case were limited to the
tightening money market, and the traffic
returns reported.
The local traction issues were dull and
under moderate pressure during the
greater part Of the day, on expectations
that another unfavorable decision would
be handed down I'm suit brought to test
the legality of some of the provisions of
the franchise taxing law.
The industrial quarter generally was
firrner than the railway list, particularly
as regarded the Tobacco stocks, Pressed
Steel Car. and Sugar Refining the last
named rising with particular rapidity
The United States Steel stocks were
again very heavily dealt in, but with
comparatively small results as regarded
price movements. American Smelling was
heavy on the rumored reduction in the
selling prices. for some of its products,
although official denials were made of the
reports in question.