The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-05
FI1lanctal.
TIE STOCK MARKET.
Yesterday One of the Most Exciting Days
In Its History.

| in Its History.
New York. Jan. 4.--To-day was one Of
the most exciting days in the history OF
the New York stocl exchange. Iht
matter of recording the transactions or
the exchange is inexact at the best, anc
especially in such a market as to-day
are transactions likely to be lost IRON
the record. But there can be no doup'
in the mind of skilled observers thai
the aggregate sales for to-day exceeded
| ANYTHING ever done before on the ex-
change. The recent level of activity
has been beyond all precedent, SO tha'
the previous record is near at hand for
comparison. The recorded transactions
footed up 1887 800 shares compared with
the previous record of 1923, 919 shares
on November 49, 1900. There have been
wider price movements than any OF
those made to-day in individual stocks,
or in groups of stocks, but 1t Is doubt
full whether there has ever before been
so violent fluctuation in the average
price for all stocks traded in as from
the low price to the high price to-day.
The confusion during the early hours or
the market, while the ultimate course
of prices was still In controversy, was
beyond all description, and the excite
ment during the late period Of the day,
when the demand was at It's height and
prices were moving most rapidly up
ward. warrants the use OF the term
frenzy. Blocks of many thousand shares
of stock were handled about from hand
to hand among the brokers with no
more apparent consideration than boys
show in playing marbles. The occasions
are very rare when sentiment on the ex-
change has been so abruptly changed
from depression to excessive exhilara-
ton as was shown to-day. 1t would be
useless to attempt to analyze closely the
causes underlying such as to-days
market. There was return in full
force of all the fullish sentiment which
has stirred UP the stock market for
two months past and which was check
ed by yesterdays depression. There
was, of course, the actual buying re-
quirement from the bear element. which
over-extended itself yesterday on the
confident assumption that a reaction
was established and would run a
heightened course. The actual buying
from this element, however, could have
formed but a comparatively small pro-
portion Of the total transactions con
Quoted to-day. The sentimental effect
of the rebound on current opinion was
far more worthy of account. The day
"A 4
and they attacked the market with en-
thusiasm. The decidedly gloomy state
of mind on the London stock market
was of material aid to them and they
were able to force declines running from
1 to 2 points at the very outset. The
weakness of the market was not imme-
dlately overcome and there were not
able losses all through the first hour.
Yesterdays sharp reaction brought in
and stop-loss orders from
many outside sources. But the evil
dences of support were sufficient even
in the opening dealings to serve as a
warning to the bears, and they COM
menced to cover very early. The ro-
bound in Sugar on the story of settle
ment Of the trade war was In itself a
for the bears. The powerful
lever which moved the whole market,
however, was St Paul. The story cur
rent for some time that the road was to
be leased to the Northern Pacific and
The Great Northern on the guarantee
IF a dividend with a preliminary dis
.ributicn of the company's great sur
plus, received renewed credence, al
.hought there was no additional confir-
nation. 1t is sufficient for the purpose
If this review to state that the price
moved upwards as a result, 1874 points ,
rom the low level on sales of over 243.-
100 shares. Notwithstanding feverish
the price closed within
quarter of the top. Parallel with this |
Use was an upward movement in
Northern Pacific Of s points and in
Great Northern preferred points. |
attempting to specify other
Individual movements, it is sufficient to |
Jay that the gains in ali the stocks |
most actively traded in ranged from 2 |
o over points, and in New Jersey |
CENTRAL the rise reaches nearly points |
The market closed amid intense excite |
nent and furious activity with many |,
tocks at the top prices and rising |
,uoyantly.
Recoveries in the bond market were |
lot so general as in stocks, and the |
weakness of many railroad bonds per-
listed. Total sales par value, $4,000 900. !
United States new coupons declined |
per cent, the registered Y and refund |
ng rs a, old As coupon advanced u.