Evening star., 1901-05-06
Another Day Of Wild Speculation in
Wall Street.
BULLS CONTROLLED rHE SITUATION
St. Paul Was the Feature of the
Trading.
GENERAL MARKET REPORTS
Special Dispatch 10 The Erening star.

Special Dispatch TO The Evening Star.
NEW YORK. May 8-The trading In to-
days stock market was quite as remark
able in many ways as that recorded during
last weeks period OF record making. Lon
don sent over a higher range Of prices. In
which st. Paul figured prominently. with an
advance of per cent. Locally enthusiasm
had taken the place of last weeks caution.
and some substantial gains Were made In
the active list.
Atchison was in better demand and ad-
vanced easily, while all the southwestern
shares were confidently bought.
The real feature OF the day was tho
enormous trading in Northern Pacific. Tho
advance In this stock was the result Of "A
big and aggressive demand which seemed
to foreshadow developments of a most COM
prehensive character. In wer-informed
quarters it was thought that a rearrange-
ment of the northwestern business WAS in
progress and that this property would be
made the background for the undertaking.
AS dominant influence in that section it
was thought a readjustment of the com
panys own securities might become advis-
able. to the benefit OF the common stock.
and this feature became factor in the
trading.
An advance of IL points In Canadian Pa
cihc was referred to in confirmation of this
new scheme.
Coupled with the new demand for North
ern Pacific. the securities Of the Chicago
Terminal Company became active. and tu-
NOR had 1t that the later property was TO be
made party to the new transaction.
Erie issues were strong in sympathy also.
thus making a strong market around the
mysterious accumulation of Northern Pa
cifc. Whatever may have been the motive
for this buying. It is certain that the street
recovered from the fears which last week
caused such concern among margin op-
orators.
The short interest which had begun to
get under way on the theory that per
manent recession had set in took warning
from this new demand and covered out
standing contracts.
Without altering the facts that the mar
ket needed a reaction. that overtrading was
In evidence and that caution was an almost
forgotten virtue, todays events demon
strated that the so-called big men had the
situation we'll in hand and did not propose
abandoning any of their projects.
This condition was the more remarkable
in the face of an per cent money market
Early in the day money loaned at the fig
ure quoted and ruled there during the
tive borrowing period. 1t was claimed that
all the bad features of the situation had
been emphasized in Saturdays bank state
ment. and that the good ones would not
appear until next Saturday.
Rumors that large block Of government
bonds were to be bought toward the mid
die of the week encouraged the belief in
easy money rate within a day or two.
During the final hour money advanced to
10 per cent. and prices shaded of some I'm
all parts Of the list, but scarcely more than
was to have been expected after the pre-
vious action.
The market movement is far from uni
form, in spite of the new confidence and
indiscriminate buying is decidedly danger
GUS at this level. The machinery of the
street can be depended upon under ordi-
nary conditions, but accidents are at least
possible. The majority is committed to
higher prices, but an accident is the one
thing dreaded at this time