The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-20
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Financial.
1A n STOCK MARRIOTT.

| II
Most Remarkable During the Prcsen,
Unprecedented tpecu'ati~o Era.
New York, April 19.-To days stock
market was the most remarkable which
has yet been seen during the present
unprecedented speculative era. Not only
in the aggregate sales of stocks which
reached 2,193.900 shares but in the wide
distribution and variety Of the trad
ing the amount and the number of the
gains recorded, the record prices
touched, the Wilderness of the general
outside interest manifested in the mar
ket and from almost any point Of view,
the market was entirely without pre-
cedent in the history Of Wall street.
The feverish tone which has been a
| feature of the market on some of the
heavy speculative days of late, and
which was due to state of nervous
apprehension on the part of the specu-
lators for the rise, seemed to be en-
tirely lacking in to-day's market. There
was steady and persistent uplift of
prices which was as irresistible as hy-
draulic pressure. The occasional profit
taking, which was largely by room
traders, was licked up with hardly
more than a momentary influence on
prices. Even the selling to take profits
In the last hour which was naturally
large after so considerable showing Of
profits on the days movement, stopped
at about point even in the most ac-
tive and buoyant of the stocks, and the
market surged upward again at the last,
closing in a buoyant and spectacular
outburst such as the oldest member
does not remember to have seen be-
fore. In the last five minutes of the
trading the tape recorded such trans
actions as 5000 shares of Pennsylvania
at 1850, while in Union Pacific there was
string of transactions of 5000 shares
at SO rs; 5000 shares at 100 5000 shares
at SO rs; 5000 shares at 100, and final
block of 10000 shares at 100, the top
price for the day and in the history of
the stock. These transactions were ex-
ceptional and there were blocks of L.
900 to 5000 shares of q number of the
most active stocks changed hands all
day. Only some factor of universal APP
pllcation could at all account for such
general strength. This was the marked
relaxation in the money market and the
prospect of very strong bank state
ment OF course this factor has only a
remote bearing ON the value of proper
ties whose shares were In such eager
demand to-day. But 1t furnishes the
sinews of war upon which the specu-
lators are dependent for carrying their
campaign With the replenishment of
available resources to-day, speculation
was revived in an unbridled manner.
There were few specific influences to be
detected in the trading. The compile
ton Of the Burlington deal Of course
had a notable influence on sentiment,
although Burlington Great Northern
and Northern Pacific held compare
lively inconspicuous place In the trad
ing. But the air was thick with rumors
of measures to be taken by rival rail-
road systems to offset the Burlington
deal. The movement in Union Pacific
and in the Atchisons was distinctly
traceable to the influence, aided by sup
rumors of coming dividend
increases The British export duty on
coal was a factor in the buoyant uplife
of the seaboard btuminous coal car
riers, as it aroused hopes of large
growth in our export trade in coal.
The so-called junior Vanderbilts evil
IDENTIFY moved in sympathy on the sup
position of closer combination and adj
ditional financial security with the par
ent New York Central system. The ex-
press stocks moved upwards in COM
pany, on the belief that closer associa-
ton was in view as the result of yes
terdays' election as directors of the
United States Express of officials of
other companies. Belief in merger Of
railroads was a potent
factor in that section of the market.
The buoyancy of Amalgamated Copper
was accounted for by rumors Of further
INSCRIPTIONS by that company. Hopes of
dividend increases was wide reaching |
factor. The smelling stocks were
strong ON this expectation. In a large |
number of stocks there was not even an
attempt to assign a motive for the !
arge buying, which was palpably based |
On the ali embracing expectation that |
he price of the stock would go up be-
cause others had done so. A very sharp
contrast to the general movement of |
he market was the heaviness of the
United States Steel stocks, the preferred
falling at one time nearly point be-
ow last night. This was partly ac-
counted for by the circulation by the
pears of a rumor that j. p. Morgan was
from heart trouble, but the
stocks did not recover with the author
tative information that Mr.. Morgan
vas in good health This rumor helped
o account also for the midday dip in
he market which was effectually over
ome. The strength of the market was
10 general that it is only worth while
o specify few of the more important
let gains. These were St Paul 6 7-3;
Baltimore and Ohio Ia; Union Pacific
/; Amalgamated Copper 49, Rock
sland 3 IL; Texas and Pacific SIS:
he junior Vanderbilts from to 10 1-2;
he latter Canada Southern; American
Express 5; Wells Fargo 5 1-2; Pacific
coast common and second preferred
IL and respectively. and large
lumber of other stocks from 2 to 3
oints.