The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-25
BOLSIER[D BY LEADERS
THE FEATURE OF THE TRAD
ING In WALL STREET
THE SITUATION IS STRAINED
While Leaders Are Supporting the
Market With All Their Resources,
Many Observers Predict
Heavy Slump.

NEW YORK.~rApril 24-Among the
many broken rreeedents which have been
recorded in the present great Wall street
speculation must be included the scale
and character of the professional manip-
ulation for purely sentimental effect of
the speculative public at large. No such
fight against prevailing tendency in the
market was ever before witnessed on the
New York stock exchange as that of to-
day Some of the leading. operators In
the recent speculation are credited with
the assertion that there is no amount of
stock which they will not buy in order
to sustain the market for the protection
of their favorite stocks. Such statements
in Wall street are always accepted with
the allowances due to assertions palpably
made for effect Yet todays market gave
evidence of astonishing holiness and ag-
gressiveness in supporting prices by the
eXpedient of simply buying everything
bid up, in spite of the increasing weight
of the selling on the advance. The bur-
den of support seemed to grow too heavy
toward the latter part of the day, al
though the market had been fairly
brought to a standstill after the opening.
In the later part of the day. however the
bull pool seemed to concentrate atten-
ton more on the few stocks which had
been selected for the most aggressive
manipulation for sustaining effect on
prices generally and to impress the pub
conspicuous of these. but the specula-
ton also was very heavy in st. Paul
Northern Pacific and Southern Pacific and
Burlington, though not largely dealt In,
was very largely supported. The total
dealings in Union Pacific reached an ag-
gregate of 662,SO0 shares. AS the total
issue OF the companys capital amounts
70 less than $sG9.0tO shares Of common
STOCK. it is evident that todays sales
would have been sufficient to transfer the
control OF the company had they reprc-
scented actual transfer of stock in any
large proportion, Add the sales of Mon.
day and Tuesday with those of TODAY. and
we have total of $1,000 shares. which
is much more than the total common
stock issue. Yet no hint is heard from
any source that Union Pacific Is chang
Ing hands. In -2fact, there was no
fresh news at all to ACCOUNT for todavs
violent rise in the stock which reached
t an eAtreTnc S1sesIgclosing practically at
lne top rms GaSerls typical of the spec
ulative character aTof- recent enornous
dealings in the stock market aIthoY,eh
today $ businc SIS, was even more congest-
ru ID few SOCKS than at anv time
hltherte. In faat!I the general 1narkat
dld not at any 1tifne fully respond fo-the
manipulation Of the leaders Union pa
thtile' at the teeIqnine. OF TIE last hour Of
elIe udy' was aef5ssalone i'll its UPWARD
course. the selling he wing embraced prac
LlcalIy every other stock in the LIST Whe,
o LINEN IGN Pacific itself gave way the slump
OF prices becaTn9sgeneraI- tllr ougI,oI,t ~ a
list. In the Principal active. Stocks r.
aIno 1nted to frofnL II to points, ana from
l 70 points all through the general Isl
I1 ms ueC4Ine oReFed attractive Profits TO
the room traders and when Union Pacific
mace mao its final squirt tie covering by the
pears caused some fevertsh rallies but
lae closing was -erratic, 18th new nojnts
Oh weakness developing. The IctSon Of ' the
market market IS difficult to explain from alv
n ne OF the day. and seemed to be Who'll
X due to technical causes. .~Fl1ere ~ are are
f fnose VINO believe that very widespread
ttIS0ILHg exists that the SpeclI1ation ami
the advance in prices have bssn ot, ns,u
none and thai that there is danger Of tight
ION Ion on an overstrained market 11be
end ns5 to draw in speculative lines
S Of +t reo4ce compliments is the outcome
o ~ TINS FEELING. but it is evident that IL
t ~ co os by a powerful conlbinas
r Lon Oh speculative interests who hopa 81
vance. = n u So 10y ana 9d-
th Union Isa, Pacific convertible bands Wers
NEE tne leaders OF the bond market at an ex,
IRENE advance Of 25S The, market OF otb OK
of m' nri was 1airy active but the movement
value. S6S25,000. United States porIs v pg
ali unchanged on the last cali "ei &