New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-02
A RECORD DAY on CHANGE.
SALES YESTERDAY EXCEEDED ON ONLl
TWO PREVIOUS SATURDAYS.
At PRESEN

O only two nreyious Saturdays in the his
tory OF the Stock Exchange have the transac-
tions exceeded in volume those Of yesterday
tho record day having been January II. when
tho total sales were 751 80 shares. and the
ncxt largest days business, 69O,6IO shares haV-
ing been done on January IA; while the trading
in the two hours of business yesterday aggre-
gated 6I4.124 shares.
seldom, before has such a remarkable opening
occurred as was that of yesterday In federai
steel common. The day followed holiday. dur
ing which in such a market as this buying or
doris accumulate: but much more important than
that circumstance the fact that eX-Gov-
ernor Flower had in an interview announced
that the Executive Committee Of the Federal
Steel Company had decided to begin paying divi-
dends in July on the common stock on a per
cant basis A great crowd OF brokers surround
cd the Federal Steel post before 10 o'clock
and the formal beginning OF the trading was
the signal for vertabe struggle to BUY the
common stock which had wide opening
30 600 shares changing hands at anywhere from
7Olp TO 12n. This was the hrst record on ,he
ticker. the price then steadyng at AROUND IL
II subsequently declined to 10 ana rose as hSh
"a 1874 closing at 1875. net gain OF o's per
cent az compared with Thursdays closing quo
,ation More than 10000 shares OF Federal
Steel common were sold in the two hours
Manhattan made much larger net gain than
Federal Steel common, although on a smaller
volume Of transactions. about 10000 shares
The trading in this stock was not marked by
features ms sensational as the opening rush 10
huv Federal Steel although the opening In
Manhattan was also rwide" one, 5000 shares
beine sold I'm simultaneous transactions at prices
ranging between 11S and IL. AT the close OF
tho first half hour the price 119A. after hav-
ing gone as low 11iA. Thereafter IL rose
steadily until il got to about 10, ten minutes
or Al before the close. Then II made SUD
den spurt to 13l. and as quickly suDslded' CLOS
inc al 125 a net gain for the day OF points.
Various reasons were ascrbed for the advance
one being rumor. when could hot an. Mheie
he confirmed that the Metropolitan street KAN
way Company had bought or was In falr way
soon to acquire control OF the Manhattan hall-
WAY COMPANY and another being report tna'
the Metropolitan would supply the electricity TOT
tho operation OF the elevated railway system
The Influence chiefly responsible for the rise IL
was generally agreed. however, was the dec-
loratlon of Russell Sage that metropolitan inter-
osts had offered to buy his holdings OF Mammal
tan stock at a inquire Id per cent aoo'o '"e
ruling quotation
Russeil Sage was asked about the sensa-
tional rise in Manhattan stock yesterday put
he professed TO know no cause Tor IL. lie saiu
thai some evidently thought the stock was
~ more value than II has been selling FOR OF late
w he ,youId not have been offered an advance
~ sI5 IN the selling price In the market for his
holdings He said that he had nothing 10 DO
with the rise and supposed That IL was occa-
stoned by legitimate buying. He SAID ne knew
nothing Of any deals or combinations that wouid
affect the value OF the STOCK