The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-04

NEW YORK, April 3LToday was a
record day in many particulars on the
New York stock exchange The extent
and variety of the price movement have
rarely, If ever, been eQualed in a bull
market, although. the crunbling of prices
in panic has occasionally caused as
wide variations. All ordinary standards
fail in the computation of such mar
ket. The forces in operation We're Ii
tanic in their power and effect. The I'M
deviating success of the speculative lead
ers in advancing prices made them bold
to degree which 1t is moderate to term
| recklessness. They bought with an un-
sparing hand through the stunning ava
lanche of offerings which WAS hurled
upon them in advance, and lavished their
resources apparently with an abiding
conviction that the astounding rise in
prices, now so long continued, was des-
tined to go indefinitely further. That
the speculative spirit was still rampant
among a large circle of the public was
obvious from the large and eager fol-
| lowing which was attracted by any show
of strength at any point in the list. Ii
cannot be said that news in the ordin-
airy sense had anything to do with the
extraordinary buoyancy of the market,
was also q marked characteristic of the
market that the dealings were heavily
predominant in a limited number of
stocks, and that the general speculation
was decisively influenced by the move
ment of these. Two stocks. stand out
eonspicuously in the list the price move
! out These are Delaware & Hudson
| and Rock Island The former stock was
| the conspicuous leader OF the early re-
| bound from the slight opening depres-
sion. Rumors were circulating that a
| lease had been signed by which the New
| York Central took control and guaran-
| teed dividends. The stock was run UP
an extreme 49, points to- 1882 Rock
| Island was under rathensevere pressure
at the opening, and was forced IL under
| last night. It was not until late in the
| day that it assumed the leadership of
| the market, when 1t was rushed up by
rapid stages on the purchases CT Ii )chs
| of shares to 49, at WHICH point it closed,
| at an extreme rise from the lowest of
| 1884 points. 1t as not-eften III the his
| tory of stock markets that such move
! r1ent is witnessed in asistock of a large
floating supply, a larger capital issue.
and the holdings of which are widely
| ments to these elsewhere. both amongst
| the grancers and the coalers. The buy
1 ing of the grangers- seemed to DC
| based on sound considerations, the large
earning power of that group Of railroads
| even in the fact of last years spring
wheat shortage being cited as giving
assurance against the ordinary viGissi-
| tudes of the crops, to- which they have
| been so sensitive in the past. The
movement resulted in an extreme adj
| Nance of 63s IN Burlington, in St Paul
in orth-Western, Az in the preferred;
23s in ST. Paul and. 31k in the preferred.
| The rise in IackaWanna was obviously in
| sympathy with that in Delaware & Hud-
| son, and extended to 61A. Peoples. Gas
1 became very buoyant at the last, and
rose an extreme 4as in sympathy with
| Rock island Missouri Pacific was up
| 434 and Illinois Central "a. There was
1 an enormous amount of prof1t-taking
| during the day, and only a few stocks es-
capped without serious inroads upon their
| best prices. the reaction extending to as
much as in Delaware &c Hudson, and
| large amounts in other volatile stocks.
! There, were some important stocks Which
| showed no wide movement all day, some
! of them closing at declines. This was
| notably true of the steel stocks which
were under pressure all day and were
much less actively traded in. The en-
gagement of an additional a,O0,GC0 IN
! gold for export was totally ignored. The
| demands of the enormous speculation
| made no impression on the money mar
| ket, and the additional purchases OF gov
eminent bonds by the secretary Of the
| treasury kept opinion optimistic over
the money outlook. 3.
Dealings in bonds were large, and the
! market Irregular Total sales, par value,
! g 6S5. COO. United States new As adj
vanced u and old As coupon declined Il
| on the last call.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith &
| Co.. members of the New York Stock
| Exchange. Pioneer Press building, who
| have direct wires to Chicago and New
| York. Closing prices are bid: