The times. [volume] (Washington [D.C.]) 1897-1901, 1901-04-02
TIE MARKETS GREAT DAI
Dealings in Enormous Volume t
"a Sharp Price Advances.

April 4. 1901. Likely 10 Bc an Epoch
Marker on the stock Ezchuuisg-
The steel Trust Securities Lead
fine Hist-Rocl< IsInBd Buoynut.
NEW YORK, April 1.-Todays stock
market was one Of the most remarkable
in many respects In period Of activity
and buoyant speculation. Those persons
who like to punctuate oras through the
employment of dates will hereafter marx
April l. 1901 with a white stone.
Very little in the way OF description
could be applied 10 the days dealings,
save to say that they were in enormous
volume, were well distributed, and for
the most part resulted in further sub
stantiaI advances in prices. As was to be
expected in a market Of the dimensions
of today. there was no little irregularity
of movement, but as was the case last
week, and as has been true of the dealings
of the past month, all of the more ma
tcrial movements were in the direction
of a higher level.
Today's tremendous volume of business
and drift of prices were the more note
worthy -inasmuch as there was utter
absence not only of novel developments
over Sunday, but even OF any confirma-
ton of the various rumors which were
current last week in connection with
some of the more extensive advances
which took place then. 1t was. indeed,
on this last account that certain securi-
ties moved counter to the general mar
ket. Cases in point were Burlington and
Quincy and Northern Pacific. both of
which stocks suffered somewhat from the
failure Of the reports linking the two
properties to be confirmed.
on the other hand, stocks of the grade
OF Union Pacific, St. Paul Rock Island.
Pennsylvania, and New York Central
We're notably strong and active, although
even the gossips Of the board room were
unable to unearth any particular news
which could be cited in connection with
their tendencies.
In the case of st. Paul, however, it may
be noted that very considerably short
account has been created in the stock
by reason of the extensive arbitrage
transactions, as the floor traders have
figured out for themselves a sure profit
in purchases of the rights against sales
of the stock. Inasmucb as the stock TO
be issued against the rights may not be
delivered for some six months vet, the
position of the arbitrageurs may turn out
TO be a somewhat uncomfortable one.
The granger group of stocks played a
very conspicuous part in todays market,
Rock Island in particular scoring re-
markedly rapid and extensive advance.
Todays broad and active market was
not, by any means, confined. however
to the railway list. The transactions I'm
the United States Steel Corporation
stocks were in simply enormous volume,
and both issues advanced further. not
withstanding the appearance of tremen-
dous and concentrated liquidation. A sin
gle brokerage house executed what was,
in all probability, the largest selling order
ever given in one particular stock.
az II goes without saying, perhaps, that
there was nothing novel to be cited in
connection with the course Of the United
States Steel stocks. Today the last
day III which the shares of the older COM /
panies could be deposited for exchange /
into the new securities. except upon terms !
imposed by the managers of the syndi- |
cate, but the Overwhelming success of |
the anna lgamation already has been com ,
pletelN demonstrated. 1t may he said J
that these secuitu : furnished another !
Illustration of Wall Streets inability ad- I
equately to appreciate great achieve 4
meirts Put in another wav. the CanspH-
dation of the Carnegie Steel Company :
with the other steel manufacturing con }
Gems marks new era in this basic in I
dustry.
The Industrial quarter furnished a num- !
Der Of other marked advances. in which. !
naturally, the stocks of the older steel |
companies token into the amalganation !
were conspicuous. In addition. the In
terhationai Paper stocks were decidedly
slrSng and American Smelling advanced |
RAPIDLY Elsewhere I'm the industrial quar-
Ter another advance was noted in the
newly introduced Virginia Carolina I
hen-icai stocks and Sugar Refining
showed rather better degree of support
lh3n II has FOR long time
-fhe Tobacco stocks Were duh and ratb |
~ reactienary. The local traction eroup |
showed sharp advances. though on not
very large transa ctions.