The age-herald., 1901-05-07
Most Exciting Session During
 Present Boom r
NORTHERN PACIFIC LEAD
Prices Shot Up at the Opening With Traders Scrambing to Place Their Orders-Profit Tak-
 ing General All Day.

New York, May e.-The interrupted speculative advance was renewed today with great violence, the speculative hold CTS of stocks apparently having been en- tirely treasured by the check of the re- action which was achieved on Saturday The urgent selling which was evidenced Friday afternoon, not only on the part of forced sellers whose loan had been call ed. or whose margins had been wiped out, but of those who feared that they would be, was entirely lacking this morning. Those who still had their stocks held them with determination, while those who had come to grief seemed to be TO- turning in vast hordes to make good their losses, reinforced by an increasing idea of new speculators.
 Apparently the speculative public was convinced that Fridays sharp reaction was nothing more than a manipulative dip designed to shake off weak holdings which are a menace to an advance. and to afford great railroad capitalists all op- portunity to continue their buying for con trol to better advantage and at less ex- pense There was no sign of timidity lest the same experience should again over come the weaker class of holders and the Wall street district gave ample evidence that that class of speculators were again taking active interest in the market. The effect of the Saturday market seemed to have had time over the intervening Sunday to gain great force. and as a re- suit there was heavy congestion of ur- gent buying orders to be executed at the opening. London prices before the open ing indicating that large buying orders in the American department had been ex- ecuted for London account before our opening and there was reported from London growing present excitement on the part of English speculators them selves eagerly bidding against themselves wher the chairmans hammer fell on the New York Stock Exchange The result was a volatile upward shot of prices which has scarcely 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, all though there was constant recoveries and reactions in the general list all day. Opening sales were of moo to 2500 shares in separate stocks at extreme. advances from to AZ points and at prices in some instances varying as much as points on simultaneous sales. The grangers. Pacifics, trunk lines and Southwesterns proved to be the most active stocks.
 There was continued dearth of news
 
 in general or Northern Pacific in parucu- lar. Consolidation continued to be the magic word to influence the trading. There was even wild rnmor that all the great railroad interests whose supposed contests for control have caused the re- cent violent movements in prices, had come to compromise and were about to consolidate all the principal railroad sys- tems of the whole country. This mar rowed down somewhat to more specific reports of progress in the Southwestern merger and of further steps toward the l. adjustment of rates In the Northwestern deal The last named rumor 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 have been singled out at different times recently as centers of attention. North ern Pacific made an extreme advance of 23 points with no very important reaction on the way up. Long strings of one thousand to six thousand share blocks were recorded, but the successive price charged did not exceed % of point after the opening, when the second sale was made, a jump of PIE points over the first Sale, which was points over Saturday. The movement in Canadian Pacific was apparently sympathetic and reached an extreme of 1874, the Duluth, South Shore and Atlantic common and preferred stock IlSlHS dDOuL D points eaCn, M1nneapOl1S, St. Paul and Sault Ste Marie 2%, and the preferred 6, following Canadian Pacific Aside from these there were few stocks which exceeded the opening price, among them Atchison, which rose an extreme SIS points and a number of less promi- nent stocks. Pittsburg, Cincinnati, Chi cago and St. Louis rose S1a, Minneapolis and St. Louis and the coalers generally from 1A to 5. None of these gains were fully maintained In fact, profit taking was in steady progress all day. under cover of the strength in individual stocks. The United States Steel Stocks especially suffered from liquidation and closed prac- tically unchanged from Saturdays clos ing. The higher money rate also was a deterrent influence although slightly ex- plained by bull enthusiasm that the brok- CTS had paid the higher rate because they were too busy to haggle over 1t. 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 Pacific was very con- centrated, a single house being credited with the purchase of as much as 150 900 shares. It Is house which has been prominent in all the recent notable move ments of railroad stocks, The days busi- ness was we'll over 100000 shares, but was a half million less than any full days trading last week.
 Bonds were comparatively quiet, out side of the price movement in the con vertible bonds. The general tone was strong. Total sales par value S3,770,00O United States new As declined A, the ys x and the old As E per cent on the last call.
 Metal Market.
 New York, May s.ITrn au.et with oss 4a a.1