Daily Kennebec journal., 1901-05-01
MARKET REPORTS.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All the lead.
ing Stocks.

New York April 31.--There Is no prece-
dent from which 10 be sui led in the form
alton of judgment regarding the pres
ont stock market. Each day of trading
leaves some former record behind ana
not infreuuently all previous records go
by the beard as a result of days bIst-
ness. The aggregate sales of all stocks
today. went ahead of yesterdays hitherto
Unprecedented total. the sale of all stocks
rising to 300. lo) shares. The aggregate
sales of both the common and preferred
stock of United States Steel amounted
today, TO $4,000 shares. Another record
eclipsed. touay. was that for single
hours business. the sales for the first
hour amounting Ia over l.WhHW shares.
against the previous maximum of less
than 100000 shares. 1t is the usual rule
that a large portion Of days business
on the Exchange is done during the first
| hour. but had the activity of the marked
| for the TEST Of the day continued in nor
NAL proportion To the first hours busi-
| ness the total for the day would have
would mean commissions to Stock EN-
change members for the days business of
| $1,DoJ0. There were long strings of sue
cessivc transactions in some of the most
active stocks. today. in which none of the
sales reported We're OF less than 1000
shares and running from that up TO 10000
| shares II any ordinary considerations
could rule. in such market the fact
would have had great influence that the
stocks which We're most notably strong
! yesterday were sold in enormous volume
! to take profits. The sharn break at many
points in the closing dealings would have
been another factor making for hesita-
tion But these usual symptoms of a
coming reaction have been so often with
| out the slightest effect in the recent eX
traortinary market that they were total
~ ignored by the excited specula tors. as
many other incidents have been. such as
the engagements of gold for export and
the occasional hardening Of the money
market. The presence in great force Of a
widespread public interest in the market
must eXDlain this IGNORING OF usual tech
n'cai indications There is very little in
the way of specific news accompanying
the movement of prices. The announce
mcnt. this morning. of the absorption OF
the Leyland Steamship Line by J. =.
Morgan had a tendency to give re-
newed stimulus to the specu iion as in
dicating the continued activity of the
most influential individual in the recent
Great movements toward consoida ton.
The belief in wholesale consulida tions of
great railroad systems even at the enor-
control IN the open market is the potent
factor In the general speculation. An
analysis In detail of today's market
variety and in the later dealings it's ir-
regularity. Northern Pacific was under
pressure Of profit taking all dav and
Union Pacific and the Gran gers generally
showed its influence as the day progress
ed. The Afch'sonS were the new strong
feature on talk of an increase in the div
idend An advance In New York Central
hrouSnt speculative attention hack to the
Eastern railroads. but their gains did not
bold wen. The United States Steel stocks
were comparativelv well maintained. clos
ing with net gains Of 2h for the common
and for the nreferred at reactions of 1is
and q respectively from the best prices.
The heavy profit taking at the last made
the closing Irregular Business was no;
as large relatively in bonds and the price
movement was irregular. Total sales.
par value. Sc, 600 United States new
As advanced Is per cent. on the last call.