Omaha daily bee., 1901-01-05
FORTUNES LOST IN FRENZY
st. Paul starts wild Bu!iish Move
ment Almost Unprecedented on
wall street.

NEW YORK, Jan. 4.-Today. was one of
me most exciting days in the history OF the
New York stock exchange. The matter OF
Is ineXact at the best and especially In
such market as today's are transactions
likely to be lost from the record. But there
can be no doubt that the aggregate sales
Tor today exceeded anything ever done be-
actions footed loot np Ss7 800 shares, % Compared
with the previous record of 1,623,9l9 shares
on November IL, 1900. There have been
made today in individual stocks, or IN
groups of stocks, but II is doubtful whether
tuation in the average price. for all stocks
traded IN as from the low price to the high
price today.
The confusion during the early hours of
the market. while prices were still in con,
troversy. was beyond all description ana
the excitement during the late hours OF the
day, when the demand was at its height
and prices were moving most rapidly up
ward warrants the use of the term frenzy.
Blocks of many thousand shares of stocks
were banded about from hand to hand
among the brokers with no more apparent
consluerauon. beyond the ,eXcitement OF
bies
Considering the extreme variations in
prices and the highly concentrated charac-
ter of some of the dealings, 1t is no eXag-
geration to say that vast fortunes were
made and lost on the the floor of the exehange nag
been so abruptly changed from a mood Of
as was shown today although events have
occurred to precipitate sudden pancs I'm the
midst of speculative excess.
1t would be useless to attempt to analy2e
closely the causes underlying such a mar.
ket There was a recrudescense in full
force of all the bullish sentiment which has
stirred up the stock market for two months
past The effect was tho more acute ny
reason of the rebound from yesterdays de-
preston. There was, of course, the actual
buying requirement from the bear element.
which over-extended itself yesterday on
/ ttN,,
once established and liquidation started 1t
was bound to run a heightened course but
the ACTUAL buying from this element could
| have formed hut "A comparatively small pro-
| portion of total transactions conducted to-
day. The sentimental effect of the rebound
on current opinion was far more worthy CT
account. The day opened with the bears in
| confident mood and they attacked the mar
ket with enthusiasm. The decidedly gloomy
| was of material aid to them and they were
| able to force declines running from l to
of the market was not Immediately over;
| come and there were notable losses all
Yesterdays sharp reaction brought in
prott-taking and stop-loss orders from
many outside sources, but the evidences of
support were sufficient even in the opening
dealings to serve as a warning to the bears
and thev began to cover very early; IN;
rebound in. Sugar on the story of falling Of
But the powerful lever which moved the
whole market was st; Paul. The, story
be leased to the Northern Pacific and
| Great Northern on the guaranty of a divi
| dend, with a preliminary distribution oi
| the companys great surplus, received re
| newed credence. although there was nC
ability for confirmation, The variations
| that were wrought in this tale in the cur
| rent rumors We're almost infinite, and VII
| probably never be Strengthened out unit
| an official authorized statement is giver
| out. 1t is sufficient for the purpose of thi.
review to state that the price moved up
ward as result 15& points from the low
level on sales of over 2i30O shares.
| Notwithstanding feversh vibrations tn,
price closed within 4 of the top Parable
| with this rise was an upward movemen
| in Northern Pacific of points and in Grea
| Northern preferred of 7 points.
| Without attempting to specify other in
| dividual movements ii is sufficient to sa.
that the gains in all the stocks most ac
lively traded in ranged from to over
points and in New Jersey Central the ris
reached nearly points. The market close
amid intense excitement and furious acuv
ity with many stocks at the top prices ant
rising buoyantly.
Recoverics in the bond market were no
so general as In stocks and the weakness
of many railroad bonds persisted. Tota
new is, coupon, declined per cent: Unite
States new As, registered, q. and refundln
% a; old As, coupon, advanced "A per cent
The following are the closing prices ol
the New York Stock exchange: