The age-herald., 1901-05-01


 which judgment regarding the
 stock market movement can be
 sted.
 s record leaves some former re- ~s.-.s Jehind and not infrequently all previous records go by the board as a result of todays business. The aggregate sales of all stocks today went ahead of yesterdays hitherto unprecedented total. rising to 3.202,1 100 shares. Last Wednes- days record sales of single stock were 662,SoO shares for Union Pacific, compared with today's sales of 6sO 100 shares of United States Steel. The aggregate sales of both the common and preferred stock of United States Steel amounted. to 64S.- 900 shares Another record which was eclipsed today was that for single hours business, sales for the first hour, amount ing to over a million shares against the previous maximum of less than S00000 shares. It is the usual rule that large portion of a days business on the ex- change is done during the first hour, but had the activity of the market for the rest of the day continued in normal pro- portion to the first hours business, the
 
 probably four million shares, which would mean commissions to stock exchange members for. the days business of mill lion dollars. Such statistics as these con vey the truest idea of the dimensions and scope of the present market. Any at tempt at discribing would resolve itself largely into an accumulation of surper- latives. There were long strings of suc- cessive transactions in some of the most active stocks today in which none of the sales reported were of less than 1000 shares and running from that us to 10000 shares IF any ordinary considerations could rule in such market the fact would have had great influence that the stocks were most notably strong yesterday were sold in enormous volumes to take profits. The sharp break at many points in the closing dealings would have been anoth- CT factor making for hesitation. But these usual symptoms of a coming reac- tion have been so often without the slight est effect in the recent extraordinary market that they were totally ignored by the excited speculators, as many other incidents have been, such as the engage ments of gold for export and occasional hardening of the money market.
 The presence in great force of a wide spread public interest in the market must explain this ignoring of usual technical indications. The great accumulation of wealth. which have come to the hands of the American people for several years past, and which have lain in deposit banks waiting for opportunity for outlay seemed to be pouring into Wall street, { attracted by; the sudden great fortunes which are being made from day to day F in the great price movements of differ z ent stocks. The large inflow of money :. from the interior to New York seems to be due to this tendency and is keeping E the money market easy in spit of the de- mand from other sources.
 ' There is very little in the way of spe- s cifc news accompanying the movement of prices. The announcement this morn ing of the absorption of the Leyland steamship line by J. P. Morgan had Q tendency to give a renewed stimulous to the speculation as indicating the contin- ued activity of the most influential in- dividual stocks in the recent movement toward consolidation. Belief in wholesale consultations of great railroad systems, even at enormous expense involved In the buying of control in the open market, Is the potent factor in the general specula- tion. The enthusiastic believers in an in i definite rise in prices urge that market turn over within a few days of as many shares of corporation as the whole out t: standing capital necessarily indicates a movement to buy control but 1t is cer- E tainly obvious that a turn over of that k amount of stock with the actual control $ does not pass as proof positive of an enor- z nous amount of purely speculative buy ing It may be due to buying and selling, and then rebuying many times over Of speculative holdings, or 1t may be due to persistent short selling on every advance and then buying to cover as the further advance imperils the position of the bears
 Business was not as large relatively in x bonds, and the price movement was ir- regular. Total sales par value, SG,245.OOO. E. United States As advanced IS per cent s on the last call.