The times., 1901-04-23

Dealings Continue in Heavy Volume
-Pittsburg Floods Retard steel
Trust Shares-St. PauIs New High
LeveI-Ncw York Traction Active.
NEW YORK, April 22.-In respect Of
activity. today's stock market was quite
up TO last weeks heavy averages, but
price movements were much more irreg-
ular. This morning had been proclaimed
for some time in speculative circles as
likely TO turn out to be the proverbial
high Monday, and in a speculation fol-
lowing such technical lines as those now
pursued it was inevitable that this notion
should lead to tremendous selling.
Liquidation, apparently based aItogeth-
er on this not over-luminous theory, was
apparent. right at the opening, and in
very large volume. The market at the
time, however, was exceedingly irregular
and the general list showed number of
sharp advances. notwithstanding the re-
dictionary tendency of the market at
large.
Throughout the day these uncertain. ir-
regular, and spasmodic movements con
tinued. Interest in the market was eX-
ceedingly well diversified, every quarter
receiving a fair amount of attention.
Business was resumed with the situation
at large showing few changes Of impor-
tance either favorably or otherwise.
The condition of the associated banks,
as disclosed in Saturdays statement Of
averages might have been put on one
side of the account, while the devastation
worked by the foods in western Pennsyl-
vania and elsew here might have been
cited on the other The last named was
reflected in some pressure in the United
Crr-s1rsrfftr, str a
not otherwise appear to enter materially
into speculative calculations.
No very decisive reports in regard to
the agricultural situation were received
and few statements of railway traffic were
submitted The money market ruled
along the levels prevailing at the close
of business last week and sterling eX-
change was firm. The facts cited above
comprised the days routine situation
None of the recently circulated ana ac-
cepted runors Of deals of one kind or an
otiler was confirmed, and while Jtncrs
were today added TO the category theH
were scarcely of a character requiring Sc
rious attention.
market had to be changed almost nan
hourly Stocks Of the same genera! group
moved simultaneously in contrary 0lfec-
tions and the days fluctuations were IN
deed unusually erratic. Ia the railway
list among the strongest features were
Illinois Central and Chicago and Alton,
and as might be expected. rumOrS based
upon the identity OF the controlling IN
terestS in these properties linked lhelf
market course together. Other notably
strong features were Missouri Pacific
Southern Pacific. st Louis ana san Fran
cisco and the anthracite coal issues.
St Paul common attained a new high
level in the forenoon. but subsequently
underwent particularly severe reaction.
A similar movement was noted in Nor
folk and Western. The heavy specula-
tion in Missouri Pacific was doubtless
based on the increase in the capitallZa-
tion of the company announced after to-
days meeting OF the directors The Atchi-
son shares, Baltimore and Ohio, the Erie
issues. and Northern Pacific were quite
Teactionary-
London furnished Irregular changes in
prices for American stocks, but on bal
ance was a buyer in this market. For
eign houses were heavy sellers Of the
Erie issues. The resumption OF tele-
graphic communication with Chicago
brought with il heavy operations from
that quarter. which We're, however, about
evenly distributed on either side OF the
account
The advance in Brooklyn Rapid Transit
was attended by very positive assertions
that a dividend on the stock WAS con-
tcmplated by the management, inasmuch
as the financial requirements Of the COM
pany have been provided for for series
OF years and current returns justify some
distribution of profits.
No particular gossip attended the move
ments in Manhattan and Metropolitan
Street Railway, apart from the adjourn
ment tomorrow OF the State Legislature
The last named circumstance was also,
on some nebulous theory, proffered IN con-
nection with the advance in Consolidated
Gas.
The dealings among the specialties were
decidedly active hirm features were
Colorado Fuel and Iron, Tennessee Coal
ana Iron. and Pacific Mail. General Elec-
tric was somewhat reactiOnary, and PeO-
pies Gas, after advancing sharply, re-
ceded with equal rapidity, and subse-
auently fucUuated widely. There was
fairly sensational break in Amalgamated
Copper AT the opening OF business. al
though most Of the loss was subsequently
recovered. IL was noted that Anaconda
die not participate in the wild fluctuations
Of AmalgamaJed Copper.
Among the industrials Sugar Refining
sold at The highest prices in long time,
while the remainder Of these stocks
moved in line with the rest Of the market.
As already noted, the Steel stocks suffered
particularly by reason Of THE foods near
Pittsburg.