The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-04
THE MARKET MOST BRRATIC
The Changes in the General List
Sharp and Violent

Alter n Series of Declines. the Close
Brings n BuoyaBf and Sudden Rise
Union Pacific Under Pressure
NEW YORK. May 3.-More extensive
and erratic fluctuations in prices have sell
dom been witnessed than those which oc-
CURED in today's stock market. The gem
eral tone at the opening Of business was
one of weakness. London furnished a
much lower range of prices for American
stocks. the declines in some instances be
ing in excess of / per cent.
on the opening of business. also, for
eign houses appeared as heavy sellers of
stocks, although they subsequently re
versed their position, and the dealings on
balance amounted to very little. In ad-
dition to Londons attitude. it was com
monty expected that tomorrow's bank
statement would show a heavy reduction
in surplus reserves. and the money mar
ket was today distinctly frmer.
There was not only no confirmation of
reports recently current bearing on the
status of the Union Pacific and Atchison
properties, but instead fiat denials. Not
withstanding this and despite the weak
ness of the general market, Atchison COM
and the preferred as points. Subsequent
~ the advance in the common was OBJ
liberated.
Other pronounced advances in the face
of the general weakness of the market
in the forenoon were in Baltimore. and
Ohio, Denver and Rio Grande, the Erie
issues, Missouri Pacific. which rose 52s
points; Rock Island. which advanced So
points; St Paul. which rose ~ points. and
Texas and Pacific. which rose 81 points.
The advances in ali Of these stocks were
subsequently either wholly wiped out or
materially shaded.
Union Pacific, on the other hand was
under effective pressure from the opening
of business. and an extensive decline took
place in the stock. which showed a very
feeble rallying power. The exceptionally
rapid advance in Baltimore and Ohio was
again attributed to reports that a decision
favorable to the common stock would be
rendered in the pending litigation insti-
tuted to define the dividend rights of the
preferred. but apart from that instance
it was impossible to assign other than neg
alive reasons for the more extreme move
ments appearing in either direction.
Unofficial but at the same time what
appeared to be authoritative statements
We're, however made today that the con-
troll of the Union Pacific property remain
ed in the same hands in which il has
rested since its successful reorganization.
Interest centred so entirely in the railway
list that the movements in other quarters
OF the market attracted scant attention.
For the most part, however, they were in
line with those followed by the railway
list
The local traction issues continued duh,
but were heavy, and Brooklyn Rapid
Transit was specifically affected by a re
port that labor troubles were threatened
on some Of the c0mpany's lines, but, al
though these rumors were subsequently
denied, the stock showed small rallying
power.
As was the case in the railway list the
industrial quarter showed number Of
violent movements in both directions, par
ticularly in Sugar Refining and the To-
haccO stocks, while United States Steel
was under almost continual pressure. At
the same time the declines in these stocks
We're not very extensive
with those in the railway list and among
the industrials were noted. Western
Union at one time shot up rapidly. but
could not withstand the declining ten
and International Power, which scored a
further sharp rise at the opening, like
wise lost part Of its advance.
There was rumor current at one time
during the DAY that an attempt had been
made on the life of President Mckinley
and in the sensitive nature OF the specu-
lation il produced a great deal Of alarm
aud heavy selling OF stocks, but there
was no consequent recovery in the mar
ket on the contradiction of the report.
The trading continued in simply enormous
volume and was characterized through
out the-day by excessive feYerishness.
Some Of the declines were what might
be esignated as Of Dauicky proportions,
yet as a matter Of fact there was little
actual Generalization evident. Liquida-
ton was evident everywhere. and there
We're some aggressive operations by the
bears. There were no indications that |
what Is styled the larger financial in
terests adopted any measures to check |
the decline, and on the contrary, the !
movement of prices was probably vel
coined by them as likely TO restore the |
Tl,sfT--ct to a more normal basis.
The last hours dealings We're character
lied by a sudden change from the unset |
tlement which marked the dealings up TO !
that time TO a fairly Duoyant tone. There |
were no developments of any consequence |
to be cited in connection with the re-
versai in the course of prices. but 1t was |
evident that the sellers for a decline had |
OVerstayed their positions and their at 1
closed the fact that the liquidation OF |
the morning had for a time run it's course /
The exceedingly rapid recoVeries which |
followed the turn in the market only en-
phasiZed the statement that few days in /
the history OF the stock market have wit
messed such exceptionally violent and err (
ratio changes in tone. The dealings con-
tinued most active and the fluctuations |
most violent in the railway list, as had /
been the case earlier in the day.