The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-30
EtmnuclMi.
THE STOCK AZ 4 RK ET.
Unprecedented ctivity--PreviousI High
Record Eclipsed.

Record Eclipsed.
New York April elf there were
any doubts entertained that the specu-
lative advance might be interrupted af-
ter the holiday interval they were dis
PEELED within five minutes after the
trading opened in the new temporary
quarters of the stock exchange. The
first transactions demonstrated the
leading position Of the United States
Steel stocks, Union Pacific and North
ern Pacific in the speculative situation
and that leadership was unaffected
during the whole Of the day. There was
great activity and some striking
strength shown by a number Of other
stocks, btu they paled into insignifl-
canoe In comparison with the furious
|activity and extraordinary price
changes In the leaders. Often during
the day there were strips Of several
feet of ticker tape which recorded sue
cessve transactions in one or the other
of these stocks, with INTO a single biocg
of less than thousand shares in the
series and running up to 5000 shares.
The extreme advance in Union Pacific
extended to 70 IL in the late afternoon
| anu III ANOTLLeTIl dCillC W Az Oh - Aih-
ed States Steel stocks did not show such
wide fluctuations, aa Is natural from the
much greater volume Of the company's
total capitalization. Nevertheless, the
common stock achieved an extreme ad-
vance of ga and the preferred "a
and held more firmly than almost any
other stocks In the list. There were
some very striking gains amongst the
grangera Pacif1cs and trunk lines. but
these seemed to be associated in the
minds of the buyers with the movement
| in Union Pacific. Rock Island was at
one time 8 ga over Friday. st. Paul
3-s, New York Central 5. Pennsylvania
| 8 1-S, Baltimore and Ohio 8, Illinois
Central 1-2, st. Louis and San Fran
cisco 1-2; preferred ga and a number
of other related stocks from 2 to 3
points. Colorado Fuel rose points and
Amalgamated Copper is. II these
stocks are set apart 1t will be found
that the dealings elsewhere and the
movement Of prices otherwise were not
sensational. There was no specific
news to account for the unprecedented
dealings which lifted the days record
to 1880, 900 shares, far In advance OF the
previous high record. AS the vital point
of the speculation Is the money supply,
the increase In surplus reserves shown
by Saturdays bank statement was
favorable factor The large gain in
cash was notd with especial satisfaction
as rejecting the continued inflow of
funds to New York. Much store Is
placed also in the government interest
disbursements to be made on May LIST
and large corporation dividend pay
ments are also counted upon for help to
the money situation. The reliance of
these factors was made evident by the
small momentary effect Of the engage
ment of s1,750,oo0 in gold for export and
the opinion of exchange experts that
probably $5,o00,000 might go, out during
the week. There was some doubt as TO
the destination of the gold, but that 1t
would go to the continent and not to |
London seemed evident. The additional
engagement Of 81, OOo, 900 for London was
unknown till after the close. The de-
cline Of the continental exchanges on |
London In spite Of the rather plethoric |
condition of the continental money |
markets and the relative stiffness Of the |
London money market Is beginning to |
arouse surmises in financial circles |
whether preparations are not making |
by the continental government banks to |
provide a floating Russian loan, in ad-
dition to the requirements of the British |
loan. The strength of the steel stocks
was accompanied by rumors Of coming
statements which will show extraord-
nary earnings by the United States
Steel Corporation The belief is wide
spread In speculative circles that ex-
tensive readjuStments in the relations
of the various granger and Pacific rail-
road systems are necessitated in COM
pensation for the Burlington deal. This
belief gives rise to almost infinitely va
ried rumors, almost all of which are re-
celved with a certain amount of credu-
lily. The action Of the whole market
shows clearly that the demand for
stocks from all classes Of buyers MAIN
tains it's voracious force and needs only
the leadership of an upward movement
In price to bring in such buying from
all quarters as to eclipse all previous
experience in the history of speculative
markets in New York. The final out
burst in Union Pacific and Northern
4
givings and there was free profit taking
all through the rest of the list. But
his Is exactly the history Of last weeks
similar movement in Union Pacific,
which caused widespread apprehension
lest the elimination of the boom had
arrived and which was nevertheless fol-
owed by a renewal in full force of the
speculative advance.
Dealings in Union Pacific convertible
ponds were In enormous volume and the
price shot up Z 5-S points in response to
he advance in the common stock. Deal
ngs otherwise were large and price {
changes irregular. Total bond sales par
,alue s6,000,000.
United States fives advanced IA and ]
he fours coupon and refunding twos
IS per cent. on the last CALL
-&-.5-. IL
STOCK MARKET FEATURES