The daily morning journal and courier., 1901-05-07
". sas. rat T tMNMCrHl.
 THE STOCK III MARN FIT.
Violent specuiations-Thc Great Ad
 i va,ic. t..l lNorthern Phc.hc.

t vance tn N0rthern Pacific.
 New York, May o.--lTte interrupted spec, ulatlve advance was renewed this morning with great violence, the holders of stocks apparently having been entirely reassllrca by the check to the reaction which was achieved on Saturday. The urgent selling
 which was in evidence on Friday afternoon,
 not only on the part of forced sellers whose loans had been called or whose margins had been wiped out. but of those who feared cared
 that they would be, was entirely lacking this morning Those who still had their
 stocks held them with determination, wh,le
 thot who had come to grief seemed to pc
 returning in vast numbers to make good their losses, reinforced by an Increasing tide of new sceculators.
 Apparently the speculative public was
 convinced that Fridays sharp reaction was
 nothing more than Il manipulative dip, de signed to shake off weak holdings and to afford great railroad capitalists, opportunity
 to continue their bidding for control to bet ter advantages and at little expense. As a
 result there was heavy congestion or ur- gent buying orders to be expected at the opening 4.
 London prices before the opening here in-
 dicated that large buying orders in the
 American department had been expected there for London account before our open ing, and there were reports from London of growing excitement on the part of the English specuators themselves oyer the ,. brokers found themselves eagerly bidding against each other when the. chairmans
 hammer fell on the New York stock eN.
 change. The result was an upward spurt
 of prices which has scarcely been equalled at any opening during the present boom. This spurt proved in many cases to be the
 highest of the day, although there were
 constant recoyeri es and reactions In the
 general list all day. Opening sales were of 1000 to 2J,000 shares In separate stocks at
 advances of from 1 to 4h points and at
 prices in some instances varying ns mncn n
 grangers, Pacifcs, trunk lines and south
 westerns proved to be the most active
 stocks.
 There was dearth Of news to account
 for the strength of the market in general
 or of Northern Pacific ln particular. Con- solldation continued to be the magic word to influence the trading. There was even
 wild riimor that all the great railroad
 interests whose supposed contest TOT controi
 has caused tue recent violent movements in prices had reached a compromise and were about to consolidate all the principal raii- road systems of the whole country. rms
 narrowed down somewhat to more speclnc reports of progress In the southwestern merger and of further steps toward the ad- justment of relations in the Northwestern railroad deal. The last named rumor was the only thing to account for the sensa- tiona movement In Northern Pacific. which In It's range and suddenncss exceeded that of any of the individual stocks which have been singled out at different times recently us CpnTpFS or uJttuliOu. iNul tuelu uNliit
 made m extreme advance of 23 points with no very important reaction On the way. up
 Long strings of one thousand to six thou sand share blocks were recorded, but the successive price changes did not exceed Y of point after the opening, when the sec ond sale was made nt a jump of 212 points over the first sale The movement in Can adian Pacific was apparently sympatheIie
 Duluth, South Shore and Atlantic common and preferred stocks rose about points each, Minneapolis, St. Paul and Sault Ste. Marie 21a and the preferred 6 following Canadian Pacific.
 Aside from these there were few stocks which exceeded the opening price, among
 them ping Atchison. which rose an extreme 8M points, and number of less prominent stocks Pittsburg, Cleveland, Cincinnati and St. Louis rose Sh, Minneapolis and St.
 Louis and the coalefs generally from l 4
 to 5. None of these gains was fully man-
 taincd. In fact, profit-taking was In steady in Individual stocks. The United states Steel stocks especially suffered from liqul.. dation and closed practically unchanged from Saturdays closing. This had a couli- terncting Influence on the speculative en- thusiasm.
 The higher money rate also was. deter rent Influence, although it was lightly ex-
 pained by bull enthusiasts Ss that the brok too busy to haggle over It. The call money rate touched 10 per cent. in the afternoon, but fell back after the most urgent de. mand had been satisfied. The buying of Northern Pacific was very concentrated. Il
 single house being credited with the pur- chase of as much as 150.000 shares. It is house which has been prominent In all the recent notable movements of railroad
 stocks. The days business was well oyer
 100000 shares. but was half n million less than on any full days trading last | week.
 Bonds were comparatively quiet, outside of the price movement in the convertible
 bonds. The general tone was strong. The total sales par value aggregated $3,7700o0. United States new fours declined B. the threes l4 and the old fours ls per cent. on the last call.