The times., 1901-03-31
MARKET RECORDS BROKEN
Wall Street Bewiidered by the Con
tinued Tremendous Advance.

sharp Gains in Hi@h-Priced Invest
meut Issues Notable - Favorable
Business Conditions and Adroit
ManiruIntion Both Aid the Boom.
NEW YORK. March 30-Thc stock mar
ket this week has been of a character to
surprise the most experienced hahitue OF
Wall street not only on account OF the
breadth OF the speculation and the sue
cessi,c advancing movements in prices
in many cases to the highest point in
the market history. but because of the
unusual activity and violent advances in
a number of very highest priced invest
ment shares While there has been a
good deal 90 bear out the arguments ad-
ranced IN favor of improvements in the
securities Of certain properties, as for in
stance the understanding that the Bur
Tngton will be leased TO form link in
an important chain of trans-continental
railway lines, and the absorption OF lines
in Colorado by Missouri Pacific interests,
"a great many stocks have risen sharply
anon ntre conjecture, excited by adroit
manipulation. The point is wei made
that the substantial strength that has
been shown by the most important prop
critics is based upon actual solid favor
able conditions as well as encouraging
prospects. which have been more clearly
appreciated by the more powerful and eN-
perienctd financial and railroad interests
than by the rank and file in Wall Street
The case in money and the apparent in
difference toward the comparatively light
reserves Of the New York City banks can
be explained I'm two ways. one is the
enormous increase In material wealth Of
the United States and new values Gre
sted and the conviction that the unprc-
cedensCdly large sold holdings of the Gov
ernmeut cHa re 8Nsltleti OF whenever any
danger Vf Strft.k kCuVy ia far money mar
ket may appear. Bank cle0rings continue
10 iuCUC8Se over rec record CEurCS ot l1st
year and .Hts : yrtgc ot railway varninSS-
The SuccS market t1s3ay Was active Scu
in the iu2ll Ssr-'--E. Wlsa more OF A!e CN-
cCptioEal rrlcc movements IN special
stocks that EG-c been 81 -0lfurs every NlN
OF the wseS Here ant There rvsilE.itio.is
were apparent
In the railroad lis, trSt 0'Nce in rsSavd
to activity was secured by Rock Island
which on transactions pt over -S.ts3
shares closed SIS points higher aN1 titll
point Of the best figure. The movement
in the stock was partly attributed 70
few OF the larger professional traders, nat
rumGrS were circulated OF plobable IN
crease in the rate OF DIVIDEND ON the
stock to q 6 per cent basis The sNmpa-
thefic effect Of the sharp upward move
ment in Chica go. Burlington ami Quincy
doubtless had some bearing upon the I'd
The last named was considerably less ac-
rive than recently and after some irTeS-
uiarity left OF with gain of . per cent.
The Denver and Rio Grande shares
were neglected in spite OF the official an
nouucement that the company nad de-
cided to exercise lis option for the pur-
chase Of the Rio Grsnde Western. The
local traction stocks were more prominent
than of late and Metropolitan Street 4taiI-
way and Manhattan Railway closed at
net gains of il and = per cent. respect
tan was - points.
IN the high-pTiced inactive stocks, Chi
cago and Northwestern closed 2i4
points higher. Delaware and Hudson
opened at the high record figure,
and subsequently rose 10 15f$i- but reacted
and closed shade below yesterday
final figure. IaCkawanna opened at 22o
an advance Of per cent, reacted per
cent, and close at net gain OF nearly
per cent. On the sale Of a single hundred
shares Omaha common scored a net in-
proyeTncDt of a point.
A number Of special movements other
than those noted occurred. Texas Pa
Cific common was more active than for
a long time past and at a fractional re-
action from the best figure ended Ia
points higher. Lake Erie and Western
common. on expectations OF an Increase
in the dividend rate, made an extreme ad- I
vance Of 81 points on the day. and closed 7
with q net gain Of 81 per cent.
IN the industrisl list there was a con |
tinued activity in United States Steel (
Corporation stocks and they closed a !
shade higher. Advances in the trust GER
tificates Of various iron and steel issues /
occurred. extending TO 3 per cent in Ma
tonal Tube preferred. Tennessee Coal !
and Iron. and Sloss-S Sheffield stocks re-
corded gains, extending in the first named /
u 50 per cent On reports Of q Cpmblna- /
TCl Of Southern iron and steel compa- /
mes. Colorado Fuel and Iron advanced /
% points. Pullman Palace Car rose - /
ou sales Of 10J shares, and Morris and Is 4
Sex gained 81 per cent. international (
Power left Oft a shade higher. but Sugar !
Refining. the Tobacco. and United States /
Rubber issues were rcactionaTy.
The bond market was active with bust !
moss wei distributed Among the features I
were advances in Brooklyn Union Ele- /
vated ITsts. Missouri. Kansas and Tex I
rs nrStE ? s. and St. Louis Southwestern I
Iirst and second Is. Wabash dgheuLures I
reflected further realizing sales
Ia the curb market strength was dis
played on fairly large dealings IN Ameri- /
c1u Bridge issues. Distilling Of America (
common and preferred, and SeabOard Air
Line issues. Standard Oil rose per cent.
National city Bank stock advanced thir-
teen points to go and Bank Of Commerce
twelve points to 3Sl.
The statement Of averages Of the as
sOciatcd banks was entirely out Of line
with previous expectations. An increase
in loans Of over So 90 90 was shown in /
stead of the decrease that had been look
ed FOR and an increase OF S5,s23,9UJ IN de-
gsosits reduced the apparent loss in law
JimiuaTy Indications Of Il decrease Of
nearly three times that amount The net
result was decrease IN the surplus re-
serve Of s. i0l .9Z5 bringing that item 90
- S7a s61. as compared with surplus q
vear = 20 Of - 836.l5J The publication Of
sioGs. but the tone at the close was in
1 he main strong.