The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-04-26
GUARDED THEIR STOCKS
Bio Spectators Bought Offerings on
the Market-Some Prices
Boldly Bid Up.

New York, April 25.--Among the
many broken precedents which have
been recorded in the present Wall
street speculation must be included
the scale and character Of the profess
sional manipulation for .'urely senti-
mental effect on the speculative pub
lie at large. No a(,ch fight against
prevailing tendency In the market
was ever before witnessed on the
New York Stock Exchange as that of
Wednesday. Some Of the leading op-
orators 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 mar
ket for the protection Of their favor
lite stocks. Such statements in Wall
street are always accepted with the
allowance due to assertions palpably
made for effect. Yet Wednesdays 8
market gave evidence of astonishing
boldness and aggressiveness in sup
porting prices by the expedient Of
simply buying everything that was
offered. Prices were also boldly bid
up In spite Of the increasing weight
of the selling on the advance. The
burden Of support seemed to grow
too heavy toward the latter part of
the day, although the market had
been fairly brought to standstill
after the opening. In the latter part
Of the day, however, the bull pool
seemed to concentrate attention more
on the few stocks which had been Sc.
lected for the most aggressive manip-
ulation for sustaining effect on prices
generally and to impress the public
mind. Union Pacific was the most
conspicuous of these, but the specu-
latiOn was also very heavy in st.
Paul, Northern Pacific and Southern
Pacific, and Burlington, though not
largely dealt in, was very jealousy
supported. The total dealings in
Union Pacific reached an aggregate of
662, 800 shares. AS the total issue of
the company's capital amounts to less
than 100000 shares of common stock
| 1t was evident that Wednesday s
sales would have been sufficient to
transfer the control of the company
had they represented actual transfer
Of stock in any large proportion.
| Add the sales of Monday and Tues
day with those of Wednesday, and we
have a total Of 871, 900 shares, which
Is much more than the total common
stock issue. Yet no hint Is heard
from any source that Union Pacific
Is changing hands. In fact, there
was no fresh news at all to account fol
Wednesdays violent rise In the stock
which reached an extreme SH, clos
ing practically at the top. This case
Is typical Of the intensely specula
tive character of the recent enormous
dealings In the stock market, although
Wednesdays business was even more
congested in few stocks than at any
time hitherto. In fact, the genera
market did not at any time fully re
spOnd to the manipulation of the
leaders. Union Pacific at the begin
mig Of the last hour of the day was
left alone on its upward course, tho
selling having embraced PRACTICAL,
every other stock In the list. Wher
Union Pacific itself gave way the
slump of prices became genera
throughout the list. This decline of
fered attractive profits to the room
traders, and when Union Pacific made
its final spurt the covering by the
bears caused some feverish rallies
but the closing was erratic, with new
points Of weakness developing.
i Union Pacific convertible bonds
were the leaders Of the bond marke
at the extreme advance of IN. Th,
market otherwise was fairly active
but the movement of prices was ir
regular. Total sales, par value, So,
325, 900. ~
United States bonds were all un
changed on the last call. r.s