The times., 1901-05-01
SALES BEYOND PRECEDENT
The Stock Exchange Records Again
Broken Yesterday.
The Facilities for Recording Trans
actions Found Tnndequate-MOre
Than 100000 shares Dealt i'm in
the First Hour-More Advances.


NEW YORK. April 30-Business was
resumed this morning under virtually the
same conditions which prevailed yester-
day but subsequently, price movements
became decidedly irregular. Profit realiz-
ing sales assumed tremendous proportions
with the course of the morning, and, in
addition. what were palpably operations
for "A decline were conuucted with un-
usual vigor. The extent of the short in
terest in the current market is one of the
technical aspects Of the speculative case
which is, perhaps. not altogether appre-
ciated, but there is no doubt whatever as
to the fact.
Another interesting phase OF the specu-
lative situation may be found in the cur
rent and almost general report Of com
mission house brokers that their clients
are pursuing the same cautious and con-
servative policy they have adopted ever
since election day That is to say, in
stead of the general run Of spectators
having lost their heads by reason Of pre-
vailing market tendencies and indulging
in wild overtrading. they are, on the other
hand, quick to realize profits and to keep
their commitments within small limits.
In such a market as the present such
technical circumstances as these are well
worth bearing in mind, inasmuch as they,
In part at least, account for the stability
Of the market structure, even at its pres
ent lofty heights. 1t goes without saying,
however, that the mainstay of the mar
ket fabric is the constant absorption of
securities by institutions and large capi-
talists, and also the constant conversion
OF stocks of a semi-specUlative grade into
other securities of a definite investment
status
Yesterdays unprecedented transactions
had to give place today to a new record.
The facilities of the stock exchange were
overtaxed during the first hour Of bust
ness, when over 100000 shares Of stock
were traded in, or rather reported upon
the tape According to conservative esti-
mates the actual volume Of business
transacted was from 90 to so per cent
greater than could be recorded.
The magnitude of the business Offering
resulted in number Of changes in the
physical methods Of conducting business.
Specialists in stocks were almost unani-
nous IN refusing to accent stop loss or
ders, and the reports OF orders actually
executed Were unduly delayed. 1T has,
indeed, become very serious question
as TO the physical ability Of the stock
exchange members TO stand such strain
as is now imposed on them by reason of
the current superheated speculation.
The conspicuous features OF the rail-
way list today were the Atchisons. the
Fries. Louisville and Nashville, Missouri
Pacific, New York Central the Southern.
the Texas and Pacific, and Chicago and
Alton In the forenoon New York. Onta-
RIO and Western shot up very rapidly, !
but the stock subsequently declined with |
equal speed The particularly sharp ad- |
vance in the AtchisOn issues appeared TO l
be partly based on expectations that the |
common would soon be placed upon a /
4 per cent dividend basis, but ii was also 1
attended by reports that it was being ab- |
sorbed ia the interest of a powerful con-
Meeting Eastern trunk line.
Among the Southern iron producing
Tennessee Coal and Iron, while |
firm. was comparatively sluggish but a 1
field stocks