The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-26
THE RAILWAY LIST ACTIVE
Interest of the Market Centred on
Transportation Issues.
Heavy Buying Orders Result i'm
Further Adynnces-A Reaction in
Union Pacific Follows Another
Rise irregularities Continue.

NEW YORK, April 25.-Tremendous
buying orders emanating from both chi
cago and London, poured into To-Day
stock market. or, more correctly speak
ing into certain stocks with the natural
result of further extensive advances IN
the securities in question. The course of
prices in the market at large was by no
means uniform, and while an extremely
beavy, volume of business was transacted,
interest was not so well diversified as 1t
has been Of late.
The chief news of the day was the an
nouncement of the formation of the So
called Burlington deal. which was along
the lines of rumors recently current and
generally accepted As was to have been
expected. there was little further reilec-
ton of the matter noted in Burlington
and Quincy stock.
Yesterdays extraordinary activity in
Union Pacific naturally caused interest to
centre upon that stock upon the opening
of business The initial fluctuations were
extremely wide and were followed by n
further sharp advance, which was, in
turn, succeeded by a reaction, which
brought the stock back to about its final
price of yesterday. Nothing that was
definite and authoritative came to light
to account for the current phenomena in
the dealings in this stock, but it was gen.
orally assumed that such movement
must represent something approaching
contest for the control of the property.
The pronounced rise in Southern Pa
cific was attended by generally discredit-
ed reports that the stock would be eX-
changed for Union Pacific on a basis of
two for one A more reasonable eXplana-
ton, however. might be found in the
practically assured fact that some time
In the near future dividend payments on
Southern Pacific may be expected to be
begun.
The sharp advance in the Atchison is
sues renewed the reports that one of the
great Eastern trunk lines would soon ap-
pear in the directorate OF the company,
but in this case, also, considerations OF
earning power and of the beginning OF
dividends on the common stock might be
cited as sufficient explanation of the
course of the issues. Other noteworthy
advances took place in Rock Island, and
St. Paul, but nothing new was added
10 the prevailing views as to the status
of these properties.
Among the lower priced railway issues,
Chicago and Alton shares were strong,
and there was an almost sensational ad-
vance noted in the Chicago Terminal
shares. Missouri Pacific and Texas and
Pacific. and other Gould stocks. while
firm. were less active than for number
of days. Evidences of reviving interest
in the anthra cite coal issues were appar-
ent, particularly in the Erie and Read
ing securities. Both Pennsylvania and
New York Central were also notably firm.
AS was the case yesterday. interest CEN
tired largely on the railway list, wherein
also the widest movements in prices &C.
CURED.
The dealings were again characterized
by no little irregularlty, sharp move
ments in both directions appearing re-
peatedly throughout the business ses-
sion.
The local traction issues took very lit
Tie part in the days dealings, and moved
within comparatively narrow limits.
Price changes among the so-called spec
ialties were decidedly irregular The cop
per stocks reflected moderate pressure, as
Consolidated Gas followed the execution
of what seemed to be the liquidation of a
speculative account in the stock.
on the other hand, Colorado Fuel and
Iron, Tennessee Coal and Iron, and Peo-
pies Gas We're decidedly firm The only
movement of any note in the industrial
quarter was in American Smelling. which
suffered a severe decline on the announce
ment that another Injunction had been
granted by the United States Court look
Ing to restraining the acquisition of the
Guggenheim properties. The United States
Steel stocks continued active. but again
huctuated within very narrow limits.
The money market was easy throughout
the day and sterling exchange was firm.
Additional engagements of gold in con-
nection with the local subscriptions to
the British war loan are looked for by
Saturdays steamship. This probability.
however, could not be cited as a factor
In the dealings In the market.
The remainder of the days routine news
was limited to the large number of traf-
nc returns submitted. No changes of any
Importance developed In the trading with
the course of the day The same general
characteristics already noted were re-
tained up to the close.