New-York tribune., 1901-05-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Further striking and in many cases sensa-
tional advances were made IN yesterdays mar
ket The total volume of business. while Signify
Under the enormous record Of Monday week
ago. amounted 10 figures that far exceeded the
ordinary days Of the current bull movement
London prices came in from one TO hNe points
above Saturdays closing, while in the local mar
ket first quotations were at sharp Improvement
as compared with last weeks final figures
London prices were apparently bid up by local
speculative interests for the purpose Of affecting
the New-York market and with but few eXcep-
aions stocks responded beyond the expectation
Of the most enthusiastic bull traders. In many
respects the market was the most remarkable
ever known in the history Of Wall street
Fluctuations were extremely wide. and In
number of shares record breaking advances were
made.
The most extraordinary movement or the Gay
took place in Northern Pacific stock. on trans
lactions amounting 10 over 100000 shares this
issue made maximum gain Of % points ana
net gain OF II points. There was no explanation
Cor this remarkable speculation, but the advance
Was aceornpanied by reports that new interests
were seeking the control Of the property. ms
explanation is now used in Wall Street for al
movements that cannot be explained py any
known development Buying by Keene brokers
was said 10 be heavy in Northern Pacific. and II
was also reported that a good part or the ouy-
ing was for the account Of the so-called Aorlh-
ern Pacifc-Great Northern railroad banking IN
terests The chances are that there was a big
short interest in the stock. and that a number OF
rxell-to-do spectators were severely squeezed
The advance OF % points in this stock followed
an advance 10 6 per cent in the money market
A later advance IN money 10 10 per cent was sue
oeeded by a reaction in the whole list, but de-
clines made were not important.
The upward movement in the money market
was doubtless due 10 the disposition Of local
banking interests TO curb the present furious
bull speculation in securities. Spectators how
ever, were not materially affected by the money
market change. for the simple reason that the
higher rate brought in large offerings Of money
from Western financial centres. The West is
well supplied with money, which it apparently Is
not afraid to use in Wall Street operations
This supply, however, will not be available In
definitely, and when the Western remittances
cease local spectators may have more or less
trouble in financing their stock operations.
Considerable liquidation in stocks followed the
advance IN money, but the demand was heavy
enough 10 absorb all offerings without a pro
nounced effect upon prices. Before the close the
Enquiry for stocks reflected an absolute indiner-
enoe among the crazy speculative element to the
course OF the loan market. Upward Of S2OOOO-
600 was lent on the Stock Exchange from o 10
8 per cent on call loans, while In the time
market the inquiry comparatively light.
Conspicuous features in the railway list in
addition 10 Northern Pacific, were the Atchison
shares. Canadian Pacific, Rock Island. the
anthracite coal shares and Union Pacific. Ca
madam Pacific advanced over ten points on buy
sng said 10 be for the account OF inside inter
ests The buying OF this stock attracted at
tention 10 Duluth. South Shore and Atlantic
securities which also made striking improve
ment. The preferred stock Of the Duluth,
South Shore and Atlantic is among the cheap
railway issues that have not yet enjoyed
the improvement 10 which their intrinsic worth
entities them. The upward course OF the mar
ket was not the result Of any development af-
fecting the speculative or business situation.
advances being based upon the factors that
have for so long time governed the specu-
lative market. The Street was bullish at the
opening and bullish at the close. And there was
no indication in the temper OF Wall Street senti-
rnent that the bull market had reached its limit.
but there were few conservative brokers who
were willing to advise their customers 10 buy
stocks. The people who are now buying stocks
are not basing their operations on advice
In the industrial quarter OF the market prices
were well maintained, but transactions were
generally light. United States Steel stocks were
exceptions or large volume of business. also
Amslgamated Copper. The general price level
at the end OF the day showed a long list of
substantial net advances. with the more impor-
tsnt gains in the stocks already named.
THE DAYS OPERATIONS IN BONDS.