The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-04-25
DAY IN WALL STREET.
Wide Fluctuations Follow Session
of Great Activity.

New York, April 24.-Among the many
broken presidents which have been re-
corded in the present great Wall street
speculation must be included the scale and
character of the professional manipula-
ton for purely sentimental effect on the
speculative public at large. No such fight
against a prevailing tendency in the mar
ket was ever before witnessed on the New
York Stock Exchange as that of to-day.
some of the leading operators 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 market for the protection of
their favorite stocks. Such statements in
we'll street are always accepted with the
allowance due to assertions palbably made
for effect Yet to-day's market gave evil
dence of astonishing holiness and agrees
siveness in supporting prices by the ex-
pedlent 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 bought to a stand
still 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 selected for the
most aggressive manipulation for sustain
ing effect on prices generally and to inn
press the public wind. Union Pacific was
the most conspicuous of these, but the
speculation was also very heavy in st.
Paul, Northern Pacific and Southern Pc
cific, and Burlington, though not largely
dealt in, was very zealously supported.
The total dealings in Union Pacific
reached an aggregate of 662, 500 shares. AS
the total issue of the company's capital
amounts to less than $50, 900 shares of
common stock, it is evident that to-day's
sales would have been sufficient to trans
fer the control of the company had they
represented actual transfer of stock in
any large proportion. Add the sales of
Monday end Tuesday with those of to-day
and we have a total of 81 900 shares,
which is much more than the total COM
mon 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 for to-day's
violent rise ia the stock. which reached
an extreme of SIS, closing practically at
the top. This is typical Of the intensely
speculative character of recent enormous
dealings in the stock market, although to-
days business was even more congested
in few stocks than at ANY time hither-
to- In fact the general market did not
at any time fully respond to the manipu-
lation of the leaders. Union Pacific at
the beginning of the last hour of the day
was left alone on its upward course, the
selling having embraced practically ev
cry other stock in the list When Union
Pacific itself gave way the slump of
prices became general throughout the list.
In the principal active stocks it amount
cd IN from 2 n nOit1fc and from 70 .
points all through the general list. This
decline offered attractive profits to the
room traders, and when Union Pacific
made it's final squirt the covering by the
bears caused some feverish rallies, but
the closing was erratic with new points
of weakness developing. The action of the
market is difficult to explain from any
news of the day and seemed to be wholly
due to technical causes. There are those
who believe that very widespread feel
ing exists that the speculation and the
advance in prices have been oyerdone,
and that there is danger of a tight money
market which would force liquidation on
an overestimated market. The disposi-
tion to draw in speculative lines and re-
duce commitments is the outcome of this
feeling, but it is evident that it is con-
tested by very powerful combination of
speculative interests who hope to renew
the speculative activity and advance.
Union Pacific convertible bonds were
the leaders of the bond market at an ex-
treme advance of Us. The market other
wise was fairly active, but the move
ment of prices was irregular. Total sales,
par value $685., 600 United States bonds
were all unchanged on the last call.
The total sales of stocks to-day were
2, 026 400 shares, including Atchison 65300;
do preferred, 1890; Baltimore and Ohit,
9 600; Chesapeake and Ohio, 600; Chicago,
Burlington and Quincy, 24,900; Chicago
and Northwestern, G9O0; Rock Island, 49,
800; Erie, 1880; Illinois Central 71O0;
Louisville and Nashville, 1900; Manhat-
tan. 20, 800; Metropolitan Street Railway
20, 600; Missouri Pacific, 22,S00; Missouri,
Kansas and Texas, 1880; do preferred,
10, 200: New York Central $500; Northern
Pacific. 7O,5O0, do preferred, $500; Ontario
and Western, 500; Pennsylvania, S32Oc;
Reading first preferred. 600; do second
preferred. 6, 100; st. Louis and San Fran
cisco, 500: ST. Louis and Southwestern.
s. 600: ST. Paul, 1872. 800; Southern Pacific
l15600 Southern Railway, II 400; do pre-
ferred, $500: Texas and Pacific, 1880;
Union Pacific 662. $50; do preferred. 9s7O0;
Wabash preferred. 1900; Wisconsin Cen
trial, 30 1907 Amaigamated Copper 524OO;
American Smelling. 20,300; American To-
bacco. 23.1O0; Anaconda, $500; Brooklyn
Rapid Transit 1850; Continental To-