The times., 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 Accoun; 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 s. market were eNUaordin-
ariIy 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
iugs 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 eXeItcd through the fact
that the London market for American
stocks has 20 large extent. been unaf-
fectcd by Yesterdays severe break in the
local market. Higher prices for our
stocks were furnished this morning from
tnat 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 irregulauty
which characterized the market.
1t could scarcely be correctly said that
the notatiuu here Of "a 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
.tf *
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 VIII continue only so long as it does
not result IN producing unduly close con-
ditions here.
This shows to what extent the volume
of cIearances was swollen by yesterday
unprecedented transactions in the stock
market and is additional evidence of the
somewhat belated but still commendable
enterprise on the part Of the governors
of the stock exchange in establishing a
clearing house for the settlement OF the
ira ctions thereon. There were very
few statements of traffic submitted, or
other actual additions TO the routine Sit
Cons. .dered in detail, the market showed
q number OF Interesting ana extensive
with a great deal OF pUSiuVeneSS tnat the
so-calIed Burlington deal would be an
nouuCed today and IN consequence, AFTER
fiUCtUating weakly th-0LSHo the q5el-
iues sf:rD advances took pace In Bur
liugIou and Quincy ana IL NofiheIh / "a
cifg II was reported thar par hdd been
bid for the new bonds TO be issued IN eA-
change Tor burlington, q q. l'-l-. 'litS ~
which would account sufficiently Tor the
advance in that quarter
S.. Paul also rose very sharply, as dld
Eb.sa coz r0FnrT
gone several erTatic movements aIter the
onerfug he rise in The two last named
stocks was attended by altogether unsCo-
stantateu reports mixing thySe proper us
together. although il would appear ralher
difficult in view OF their present alliances,
10 uudt- stand how an arrangement De-
tween them could be effected. students
of either security experienced no oifncultys
however. in understanding the current
market level for the stocks
Other firm features Of the railway llst
We're Baltimore and Ohio, Canada South
ern. the Reading issues, Texas ana Pacllc,
and Wabash preferred. Southern Paclhc.
while again enormously dealt IN, moved
within comparatively narrow limits. me
reports current that dividend would De
declal ed on the stock We're not commonly
credited, but a distribution oi pTohts
would appear 10 De involved IN the recent
ACQUISITION by Union Pacific of Such
large percentage Of the stock and the sub
seQueut issue against II OF Its own coIiate-
raj trust convertible bonds
The strength OF Texas and Paclnc was
again owing LARGELY TO the notion that the
stock will be exchanged IL some ratio
for Missouri Pacific. The fluctuations IN
the last named were exceedingly VIDE.
and the stock broke very badly upon jhe
opening Of business. part OF the loss
being subsequently recovered EIeS una
biz owing 10 the same causes under Wnlcn
the decline in Missouri Pacific took place,
the Denver and Rio Graude issues were
likewise somewhat Teactionary.
In the industrial quarters the dealings
in United States Steel Corporation stocks
were in tremendous volume, ana smart
advances were noted in both issues TO
some extent. appa rently, the rise in these
stocks was based on the covering OF snort
contracts put out yesterday on The re-
ports regarding the damage wrought by
the foods near PlLJSburS,
Elsewhere in the industrial quarter pro-
nOUnced strength was displayed by the
Republic Steel issues and American
Smcltins, while the movements In Sugar
Refining. Notwithstanding the fairly ac-
tive dealings in that stock. were compare
lively limited. The features among the
su-Called spcclalt3es were Anna lgamated
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 proni-
neBt in t0day's dealings and while par
ticipating i'm the irregularity which char
acterized the general market. We're, for
the most part, ueClugQlE strong
With the course Of the day pressure Of
the same sort under which yesterday at
ternooas 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 obliter-
ated ia the downward movement.
Most of the pressure appeared to be
for short account, but owing TO the ner-
vons state of sentiment, a good deal Of
genuine liquidation was induced bv the
sharp declines appearing Texas and Pa
cihc. ST Paul Southern Pacific. and in
fact, all Of the cOnspicuously firm fea-
tures 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.
New York stock Market