Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-07
EVERY INDICATION THAT THE
SPECULATIVE PUBLIC STILL
HAS CONFIDENCE.

m1natlon, while those who had come 10
grief seemed to be returning in vast
| hordes to make good their losses. rein
forced by an increasing tide OF new
SPECTATORS. Apparently the speculative
public was convinced thai Fridays
sharp reaction was rothing more than
a manipulative dip, designed to shake
off weak holdings, wnica are a menace
| to an advance and to afford great rail-
road capitalists opportunity to continue
their buying for control to better adj
vantage and at less expense There was
no sign of timidity lest the same ex-
| perience should again overcome the
weaker class of hol5ers and the Wall
street district gave ample evidence that
that class of spectators was again TAX
ing an active interest in the market.
The effect of the Saturday market SEEM
ed to have time over the intervening
| Sunday to gain great force and as
result there was a heavy congestion of
urgent buying orders to be executed at
the opening. London prices before the
opening here indicaI ii that large buy
ing orders in the American department
had been executed there for london ac-
count before our opening, and there
was reported from London growing ex-
cutement on the part -o1 the English
operators themselves over the Ameri-
can boom.
| Large numbers OF stock brokers
found themselves eagerly bidding
against each other when the chairman's
hammer fell on the New York stock
exchange. The result was, a volatile up
ward squirt of prices which has scarce
ly been equalled in any opening during
the present boom. This upward squirt
of prices proved in many cases to be
the highest of the day. although there
were constant recoveries and reactions
in the general list all day. Opening
sales were of 1000 to $4,000 shares in
separate stocks at extreme advances of
| from l to Az points and at prices in
some instances varying as much as 2
points on simultaneous sales. The
grangers, Pacifics, trunk lines and
southwesterns proved to be the most
active stocks. There was a continued
dearth of news to account for the
strength of the market in general. or
Northern Pacific in particular. Con-
solidation continued to be the magic
word to influence the trading. There
was even wild rumor that all the
great railroad interests whose supposed
contest for control have caused the re-
cent violent movements in prices had
come to a compromise and were abons
to consolidate all the principal railroad
| systems of the whole country. This
narrowed down somewhat to more spe-
cific reports of progress in the south
western merger and of further steps TO-
wards the adjustment of relations in
the northwestern railroad deal.
The last named ruRor was the only
thing to account for the sensational
movement in Northern Pacific, which
in its range and suddenness exceeded
that of any of the individual stocks
which been singled out at different
times recently as centers of attraction
Northern Pacific made an extreme ad-
vance of % points with no very import
ant reaction on the way up. Long
strings one thousand to six thousand
share blocks were recorded, but the
successive price changes did not ex-
coed q of a point after the opening.
when the second sale was made at a
jump of 21a points over the first sale,
which was points over Saturday. The
movement in Canadian Pacific was ap-
parently sympathetic and reached an
extreme of 1914. The Duluth, South
Shore and Atlantic common and pre-
ferred stocks rose about 5 points each
Minneapolis, st. Paul and Sault Ste.
.darie rose 21a and the preferred s, fol-
these, there We're few stocks which ex-
ceeded the opening prices. among them
| Atchison, which rose an extreme els
points. and number of less prominent
stocks. Pittsburg, C. c. & st. Louis
rose S1a: Minneapolis & st. Louis and
the Coalers generally from IL to s.
Nne of these gains was full maintained.
In fact, profit taking was in steady
progress all day, under cover of the
strength in individual stocks The
United Sta.es Steel stocks especially
suffered from liquidation, and closed
| practically unchanged from Saturday s
closing. This had counteracting in
f1uence on the speculative enthusiasm.
The higher money rate was also a de-
terrent influence, although it was tight
ly explained by bull enthusiasts that
the brokers paid the higher rate because
they were too busy to haggle over it.
The call money rate touched 10 per
cent. in the afternoon, but fell back
after the most urgent demand had been
! satisfied. The buying of Northern Pa