The times., 1901-04-16

Advancing Prices show the ENis-
,.,ce of n Large short Interest
The So-cnIIcd specinities ENhihi'
the Most Pronounced Hises'
NEW YORK. April Robustness was
resumed this morning with the dealii'SS
in enormous volume and the traalhS al
large revealing the same characteristics
which have been present for SO many
weeks Nothing had occurred since lhe
close of business en- Saturday calculated
to shape sentiment one way or another.
The money market continued active and
the situation at large was not added to
materially by even such routine matters
as traffic returns, few being submitted to-
day There was likewise wanting any
authoritative statement regarding the
status of the Burlington and Quincy
Northern Pacific deal, or any other OF the
various alliances with which wall street
gossip is now so busy. NotwithstahdlilS
superficial appearances of irreguIarl'E'
the market could be described only as pe-
ing exceedingly strong. The advances
scored were by no means uniform, anu
indeed. the course Of prices was pfoheh
in upon 10y frequent recessionS'
on the other hand. some new hlGh rec
ords of prices were scored and the deal
mooted culmination of the advance IN
rnrices was near at hand The trading
disclosed also the fact that an exceeding
ly large and apparently unwieldy short
interest had been created in the market
The professional element Of the street
were apparently basing their ventures
ts7son the theory of accidents; that Is TO
sav. they claim that as the. good stories
have all been told, future happenings VIII
favor the short side Of the account
Following this theory, operations for
a fan have been conducted in all quar-
ters of the market, with great deal OF
confidence and this fact was plainly re-
fected in the very active borrowing de-
mand for stocks, a circumstance which
OF course tends to alleviate current none
tary conditions.
The money market continued active at
the average rates prevailing at the close
Of business last week, but while fairy
high rates were quoted, borrowers had no
difficulty in obtaining accommodation.
Nearly all of the more pronounced
movements occurred among the sO-calied
speciaItieS Conspicuous features were
Colorado Fuel ana Iron, Tennessee Coal
and Iron. Consolidated Gas, People Gas
and lgamated Copper. The rise IN the
two first named stocks was again attend
ed by reports that plans were on Ioot
LOOKING to the lilsilltll " t4lc
ilcn producing properties not already IN
cldded in the United States Steel Cor
poratiOn.
The covering Of short contracts ap-
peared to be an inhu initial factor, how
ever. in the advance in both stocks. al
though in addition TO the rumCrs cited,
there was q good deal of discussion re
Earding the Increased profits of these
companies likely to follow the impToV-
ing market for pig iron
Consolidated Gas sharp rise was ow-
ing to the belief that there would soon be
announced readJustmcnt OF the COM
panY's capitalization, although in this re-
gard il might be noted that Brooklyn IN
ion Gas was comparatively as strong.
The buying Of Peoples Gas seemed TO be
largely based on the prospective adjourn
ment for two years Of the Illinois State
Legislature.
The local traction group was strong and
active, particularly regarded Metropol-
itan Street Railway and Brooklyn Rapid
Transit, but nothing in the way OF news
or gossip attended the movements in those
instances.
The tremendous proportions Of the mar
Eet admitted Of large dealings in every
quarter. The industrial stocks were all
exceedingly firm, with pronounced ad-
Sugar Refining, Pressed Steel Car. and
United States Leather common and pre-
ferred. The United States Steel Corpora
tion stocks moved within narrow limits
Price movements in the railway list
were somewhat irregular. although main
~ in the direction of a higher level Par
ucuiaT strong features were the Erie is
sues. Norfolk and Western Pennsylvania
Chesapeake and Ohio, and New York Cen
trail London furnished a higher range Of
prices for American stocks. and foreign
houses were buyers here on balance to
the extent Of about 2, ,009 shares. but these
operations were overshadowed by the
magnitude OF the trading for local ac-
count