The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-04
Financial.
THE STOCK MARKET
A Record Day Yesterday In Many Par
tiCulars.

A Record Day Yesterday In Many Par
| ticuIars.
New York, April 3-To-day was c
record day in many particulars on the
New York stock exchange. The extent
and variety Of the price movement have
rarely If ever, been equalled in bull
market. although the crumbllng OF
prices in panic has occasionally
caused as wide variations. All ordinary
standards fail in the computation OF
such market. The forces in operation
were titanic in their power an effect
Inc undertaking success of the specu-
! ative leaders in advancing prices made
| them bold to degree which it is mod
crate to term recklessness. They
bought with an unsparing hand through
the stunning avalanche of offerings
which was hurled upon them during the
advances and lavished their resources
apparently with an abiding conviction
that the astounding rise in prices, now
SO long continued, was destined to go
indefinitely further. That the specula-
tive spirit was still rampant among a
large circle Of the public was obvious
from the large and eager following
which was attracted by any show of
strength at any point in the list 1t
cannot be said that news in the ordi-
nary sense had anything to do with the
extraordinary buoyancy Of the market
although rumorS were plentiful and all
embracing. 1t was also marked
characteristic of the market that the
dealings were heavily predominant in
limited number Of stocks, and that the
general speculation was decisively in
fluenced by the movement of these, Two
stocks stand out conspicuously even in
this list, the price movement in which
was astonishing throughout. These are
Delaware & Hudson and Rock Island.
The former stock was the conspicuous
leader of the early rebound from the
slight opening depression. Rumors
We're circulated that a lease had been
signed by which the New York Central
took control and guaranteed dividend
of per cent. for a year and per cent
annually afterward. The stock was
run up an extreme 10 1-2 points to 1856
1-2 Rock Island was under rather Sc
we're pressure at the opening, and was
forced IL under last night. 1t was
not until late in the day that 1t assumed
the leadership Of the market when it
was rushed up by rapid stages on the
purchase of blocks of thousands Of
shares to 151, at which point 1t closed
at an extreme rise from the lowest of
ait,f ie ~ ~ IN, a h g
tory of stock markets that such a
is witnessed in a stock of a
large floating supply, large capital is
sue and the holdings of which are wide
~ distributed There were kindred
to these elsewhere both in
The grangers and the coalers. The buy
ng of the grangers seemed to be passed |
argely on general considerations, the /
arge earning power of that group of |
'ailroade even In the face of last years |
spring wheat shortage being cited as
giving assurance against the ordinary |
yicissitudes of the crops, to which they |
rave been so sensitive in the past. |
The movement resulted in an extreme
ldvance of 3-S In Burlington, in ST. \
PAUL and Omaha, and in the preferred
i'd, and 2 7-8 in st. Paul and IL in
he pfd. The rise in Lackawanna was
bviously in sympathy with that in
Delaware g. Hudson and extended to
1-2 Peoples Gas became very buoy
mt at the last and rose an extreme
3-S in company with Rock Island.
Iissouri Pacific was up 3 IA andIlli- !
OILS Central 2 "a. There was an enor-
lous amount Of profit taking during
he day and only a few stocks escaped
,ithout serious inroads upon their best II
rices, the reaction extending to as
1uch as in Delaware & Hudson, and
,rge amounts in other volatile stocks.
here were some important stocks
.hich showed no wide movement all
ay, some of them closing at declines.
his was notably true Of the steel
locks, which were under pressure all I
ay and were much less actively traded 3
/. The enga cement of an additional
1000, 900 in gold for export was totally 4
,nored. The demands of the enormous
regulation made no impression upon
lie money market, and additional pur :
lases of government bonds by the sec
.tary of the treasury kept opinion OPP
mistic over the money outlook. |
Dealings in bonds were large and the
arket irregular. Total sales par val
! SO ,6S5, 900
II. S. new As advanced IA, and old As A
,upon declined ia per cent. on the last a