The age-herald., 1901-05-05
STOCKS RECOVER FROM FRIDAY SHOCK.  Prices Bound Upward and Ma nipuIatorS Make Profits WEEKS RECORD NEW ONE  Cause of Wonderful Business Is Con- fidence In the Attempts to Form Combinations-The Bond Mar
 ket Irregular.
WEEKS RECORD NEW ONE

New York May 4.-The stock market effectualiy demonstrated its astonishing recuperative power during the two hours trading today. The selling orders. which were thrown upon the market as a result of the nervous apprehension aroused by yesterdays violent break were confident ly absorbed, and only a momentary break was caused by the bank statement although 1t was more unfavorable than had been expected and the buying after wards was sufficient to carry prices wig orously upward throughout the list, ob- nterating the earlier declines and estab- fishing some striking net gains.
 Opening prices were considerably above the London parity, although from de- clines of 1 to ? points of New Yorl<'s close in many stocks. Atchison opened wide at an extreme decline of 2ts. and Union Pa cihc of 4 points. Neither stock touched the low level again, although thero were feverish relapses in prices after the first rally Atchison closed unchanged and Union Pacific up A.
 The large demand from the short inter- ests also disclosed, that bear operations played very large part in yesterdays selling. The improvement in the technical position of the market by the shaking out of weak holdings encouraged the bulls There was very obvious support also in the United States Steel stocks, which gained point each on the day. Loans made on Friday carry over until Monday so that there were no actual loan opera tions today. Money was easier in Lon don today, which aroused hopes that the foreign demand for gold might be re- faxed, although the continental exchange sill bear against London.
 The banks seemed to be ignored. all though, it gave no evidence of any sup port from the interior to offset the treas ury drain, such as has been confidently expected. Continental tobacco was strong and advanced 3% The stock market has again eclipsed all previous records this week with the maximum of single day. transactions lifted to 3.3021W shares on Tuesday, and the minimum for single day as high as 2,150. 900 shares on Wednes- day The total for the week was 15, 200 shares, compared with the previous high record over a trifle over 10, GOO shores dur ing the week before last.
 The most sanguine- minded of the pro- fessionals in the stock stand were amazed Ut the prodigious proportions which the market has attained. It is d fact, indeed, that the veterans who have been through many booms and panics of the past have persistently lnrated the future possibiD- ties of the market. They have largely either refrained from taking part of the trading, having sold out their holdings at a lower level or have persisteptiy soio short only to be driven to q cover at a loss by reckless and uninformed plungers have reaped the largest profits in the great rise in prices.
 The insiders perceiving after time that the accumulation of the stock was going on, attempted to get back their holdings, anl the fierce competitive buy ing which resulted lifted the price. of the stock by leaps and bounds. This has been the history of so many stocks re- cently that the slightest plausible sugges- tion of an effort to buy a railroad in the open market has brought rush Of specu- laturs into the stock affected to share the benefit of the advance. Considering the events of last year, the purchases for con selidntl,n in the anthracite field of the Southern Pacific the admitted attempt to purchase St. Paul, the success of the effort to absorb Burlington and the offi- cial denials which accompanied all these, the excited expectations of speculators of similar sections is not to be wondered at The success of one such operation, of course adds greatly to the probability of others for self-protection by other rail- roads is their old motto. Only time can prove how many of them have basis in truth and how much represents pure sur mise, There have been periods of heavy profit-taking and reaction such as boom usuelly culminates with. There have been pinches in the money market and calling of loans such as often times have overturned an airy fabric. Not only do prices upon which profits depend decline, but credits with which stocks are held shrink with the decline in the price of collateral at
 Except for the enormous dealings in Union Pacific convertible fours, in sym pathy with stocks, the bond market has not been extraordinarily active and prices have moved irregulariy. United States s's declined per cent, the 5's # and the new fs and refunding 2's 2hl per cent. The old As advanced h per cent over the closing call of last week. ss
 as New York Stock Market.