The times., 1901-04-19
STOCK ADVANCES CONTINUE
The Market Develops an Amazing
Buying Power.

Burlington and Northern Pacific Suf-
fer Through Want of Information
ar TO the Deal - Striking Rises
Appear i'm the Railway Quarter.
NEW YORK. April 1S.-After stating
the fact that the general stock market
continued to advance today, very little
that was new could be told in connection
with the dealings. The most important
news of the morning was, Of course. that
respecting the improving conditions in
the threatened labor troubles at Pitts
burg.
The London market for American
stocks was. as a rule, quoted at prices
below those Of the final dealings in the
London market yesterday, and the deal
ings here for foreign account were over
shadowed by the magnitude of the local
trading. Scant attention appeared TO be
paid to the statements of railway traffic
submitted today, although most Of them
were very gratifying showings,
There was again an abundant supply
Of money on call at the average rates pre-
vaillng throughout the week. with an
increased disposition evident on the part
of the lenders TO put out their funds on
time. Slight change appeared in the deal
ings in foreign exchange. Under these
general circumstances. the market open
cd with a somewhat irregular tendency,
but soon developed general and aggres-
sive strength
The public was again without definite
information respecting the Burlington and
Quincy-Northern Pacific arrangement.
apart from that furnished in the some
what negative statements published in the
newspapers. At the same time il seems
to be fact that the transaction in ques-
tion has virtually been concluded and that
official announcement is withheld pend
ing only the settlement of a few details
OF small significance.
1t was again the case that the trading
in general varies but little from the con-
ditions which have become familiar to all
observers of the market in the last few
months. The so-caned professional )ele-
ment decried and contested the advance:
the general tenor OF the advice of commits
sion houses was toward extreme caution,
Notwithstanding which facts a buying
power almost amazing in extent was evil
dent at the close.
IN some cases the continued lquida-
tion OF small speculative pools was re-
fecteG in further declines. but, broadly
considered, the market could be described
only as another noteworthy chapter in the
movement. The usual number Of runlors
OF one sort or another bearing on par
ticular stocks, were again current, but
seemingly the advances appearing. while,
OF course, Influenced in part by manipu-
lation. were owing to d renewal Of the
genuine absorptive and investment de
mand which has been evident in the
market for so long a period.
There remain only to lie cited some Of
the more pronounced movements of the
day Ia the railway list the most striking
adN ances were in The AtchIson shares, ST.
IauI, Missouri, Kansas and Texas St
Louis and Southwestern preferred the
cific
Nothing new appeared in the discussion
ending these several movements. ii is
commonly expected that AtchisOn COM
mon viii be placed upon a per cent divi-
oend-paylng basis at the next dividend
declaration period and at all events the
current speculation in the stock is based
upon that notion. The advances in Mis-
souri,, Kansas and Texas and St. Louis
and Southwestern were likewise TO be ex-
p4&saeu only by the general acceptance OF
the idea OF the general amalgamation of
the roads in the Southwestern States.
As regarded st. Paul. few opinions
than that the quotations for the stock
are altogether too low, or, that is TO say,
out of relation to the prices obtaining
for the other Granger securities Con-
sideratiOns of present merits and pros
poets only could be cited in connection
with the aggressive strength of the
Southern Railway issues and Union Pa
ciiic.
Both Burlington and Union Pacific suf-
fered comparatively through the absence
of official statements regarding the ar
rangeDent between those two properties.
In other quarters Of the market ma
terial advances were shown throughout
the local traction group, where the con-
spicuous feature was Metropolitan Street
fnTraff nj
Fuel and Iron scored a further sharp ad-
vance on purchases apparently designed
to obtain control Of the property. while
Tennessee Coal and Iron and Peoples
Gas We're also extremely strong. The
copper stocks again fiuctuated exten-
sively and erratically.
The strongest features Of the industrial
quarter were American Smelling and
United States Steel Corporation stocks,
the latter naturally responding TO the en-
coura ging news from Pittsburg.