The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-17
ginancral.
THE STOCK MARKET
Speculation still Retains an Abundant
Vitality.

Vitality.
New York, April 1e.-The stock mar
ket gave evidence to-day that the spec
ulation still retains an abundant vital
ity. But nevertheless the tone was ex-
ceedingly feverish and at times very
nervous. An opportunity was given
during the morning to see the unwis-
dom of the speculative leaders III hav-
ing attempted to substitute a lot of low
grade Industrial stocks for the high
grade railroads as leaders of the mar
ket The violent relapses from yester-
days manipulated advances in some of
these stocks caused considerable disor-
der in the market during the early
trading. The decided weakness of the
United States Steel stocks on account
of the reported threat of the president
of the Amalganlated association to pre-
| cipitate strike had an unsettlng eff
! feet all through the Industrial list 1t
was proved once again that the Indus
trial stocks are influenced by such a
miscellaneous variety Of causes and
| conditions that it is hopeless to induce
, any uniform movement In all Of them
A number of the high priced industrials
continued to show strength, notably
Sugar and Amalgamated Copper. The
dealings in the latter stock were on an
enormous scale and the price movement
violent and cratic. After the opening
bulge realizing carried ten price 1-2 be-
low last night. Later in the day after
the publication of the proposition for
absorption of Butte and Boston and
Boston and Montana the stock was
rushed up is from the lowest to
1928 3-S. The last price was 1876 1-S, "A net
gain Of only 3-8 But the general mar
ket proved rather Indifferent to the
movement of the specialties and there
was general declining tendency Rock
Island especially falling 8 "a under
last night and a large number of prom
inent railroad stocks from to points.
With the revival Of rumors that the
Burlington plan Of merger would GER
tainly be published tomorrow that
stock, Northern Pacific and the Eries
became extraordinarily buoyant again
and there was a sympathetic recovery
in the general market. The Kansas
and Texas stocka were another center
of strength. In this movement Bur-
lington touched 1876, recovery from the
lowest of 10, and Northern Pacific,
selling ex-dividend of 1 per cent, rose
by violent advances to 105 IL, an ex-
treme advance Of IL. The Erie stocks
rose from 2 to points. The prices of
all of these stocks except Erie second
preferred made new high records to-
day. Notwithstanding the sympathetic
recoveries in the general market, it will
be seen that the days net changes are
as a rule of insignificant dimensions.
The gains by the banks from the sub
treasury, owing to the high level Of
pension payments and the buying Of
bonds by the secretary Of the treasury
afford unquestioned relief to the
money market The rise in Chicago ex-
change to ten cents premium also re-
fleets the turning point in the interior
currency movement in favor Of New
York. But the significant fact in the
days money situation was the quick
response of the sterling exchange mar
ket to the easier money conditions here.
giving ground for the conjecture that
any increase in the available supply of
funds in New York will go to London
for the purposes of the coming issue of
consols, 1t is important to remember
that this government loan, which Is es-
tinated at S250,oo0,O00 as a minimum,
is in excess of any loan placed since the
French indemnity to Germany The
London money market is al. present not
only heavily indebted to the Bank of
but the amount Of French and
American capital at interest at London
is of unprecedented volume. London's
solicitude over the foreign exchanges Is
thus easily applicable. The constant
growth of the trade balance indicates
the increase of this countrys capital
resources for investment. But it is OBJ
vious that the placing of the invest
ment is purely question of relative
rates. The extraordinary finan-
cial operations in progress in New York