Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-01
BY THOUSANDS AED TENS.
THE STOCK MARKET TOPS ALL
PREVIOUS RECORDS AGAIN,
WITHOUT A TREMOR.
GREAT SALES OF U. S. STEEL.
FIRST HOURS BUSINESS ON THE
EXCHANGE AMOUNTED TO
OVER A MILLION.
By Associated Press.)


formation of a judgment regarding the
present stock market. Each day of
trading leaves some former record be-
hind, and not infrequently all previous
records go by the board as a result OF
a days business. The aggregate sales
of all stocks to-day sent yesterdays
hitherto unprecedented total rising to
1902, 100 shares. Last Wednesdays
record sales of a single stock, which
were 662,1 shares for Union Pacific,
compared with to-day's sales of Ass, 1e0
shares of United States Steel. The ag-
gregate sales of both the common and
preferred stock of United States Steel
amounted to-day to CAS-, e96 shares. An
other record which has eclipsed to-day
was that for single hours business,
sales for the first hour amounting to
over a million shares against the
previous maximum of less than 500, GOO
shares. 1t is the usual rule that
large portion of a days business on
the exchange is done during the first
hour, but had the activity OF the mar
ket for the rest of the day continued
in normal proportion to the first hours
business, the total for the day would
have reached probably 1900, 900 shares,
which would mean commissions to
stock exchange members for the days
business of million dollars. Such sta
tistics as those convey the truest idea
of the dimensions and scope of the
present market. Any attempt at de-
scription would solve itself largely in
to an accumulation of superlatiyes
There were long strings of successive
transactions in some of the most ac-
tive stocks to-day in which none of the
sales reported were of less than LOCO
shares and running from that up to
10000 shares. Ii any ordinary consid-
erations could rule in such market
the fact would have had great infiu
ence that the stocks which were most
notably strong yesterday were sold in
enormous volume to take profits. The
sharp break at any points in the clos
ing dealings would have been another
factor making for hesitation. But these
usual symptoms Of a coming reaction
have been so often without the slightest
effect in the recent extraordinary mar
ket that they were totally ignored by
the excited spectators as many other
incidents have been, such as the en-
gagements of gold for export and occa-
sional hardening of the money mar
ket
The presence of great force Of
wide spread public interest in the mar
ket must explain this ignoring of US
ual technical indications. The great ac-
cumulajtions of wealth which have come
to the hands of the American people
for several years past and which have
lain in deposit banks waiting for OPP
portunity for outlay, seemed to be
pouring into Wall street, attracted by
the sudden great fortunes which are be-
ing made from day to day in the great
price movements of different stocks.
The large inflow of money from the
interior of New York seems to be due
to this tendency and is keeping the
money market easy in spite of the de-
mand of other sources.
There is very little in the way of spe-
cic news accompanying the movement
of prices The announcement this
morning of the absorption of the Ley
land steamship line by J. P. Morgan
had tendency to give a renewed slim
illus to the speculation as indicating
the continued activity of the most in
fiuential individual in the recent great
movements toward consolidation. The
belief in wholesale consolidation of
great railroad systems, even at the en-
ormous expense involved in the buy
ing of control in the open market, is the
potent factor in the general specula-
ton. The enthusiastic believers in a
definite rise in prices argue that mar
ket turnover within a few days of as
many shares of corporation as the
whole outstanding capital necessarily
indicates a movement to buy control,
but it is certainly obvious that a turn
over OF that amount of stock where
the actual control does not pass, is
proof positive of an enormous amount
of purely speculative buying. 1t may
be due to buying and selling and then
rebuying many times over of Specula-
tive holdings, or it may be due to per-
slstenE short selling on every advance
and then buying to cover as the fur
Their advance imperils the position Of
the bears. That such purely speculative
transactions formed a large factor in
to-day'S market is probably net seri-
OuSly doubted. An analysis In detail
OF to-day'S market would be futile so
great is its varsity and extent, and, in
the later dealings its irregularity.
Northern Pacific was under pressure Of
profit taking all day, and Union Paci-
fic and the Changers generally showed
its influence as the day progressed. The
Atchisons were the new strong feature
on talk OF an increase in the dividend.
An advance in ew York Central brought
speculative attention back to the east
ern railroads, but their gains did not
hold well. The United States Steel
stocks were comparatively well main
tanned, closing with net gains of 21s
for the common and for the pre-
ferred at reactions of rs and * re-
spectively from the best prices. The
heavy profit taking at the last made
the close irregular.
Business was not as large relatively
In bonds, and the price movement was
irregular. fetal sales par value s6,245,-
600.
U. S. new As advanced u per cent
on the last call.
Atchison :. :. :. 75A MINI & ST. L. s41s
do. pref l031sI Mo. Pacific !. ..10s7s
B. & o. :. :. > .104 NJ. X. & t.. 1928.
do. pref :. :. s294 do pref :. :. :. 65ss