The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-01
NEW RECORDS IN STOCKS.
Aggregate Sales Yesterday Amounted
10 1907, 100 Shares.
100000 SHARES SOLD FIRST HOUR
Sales OF United States Steel, Common
and Preferred. Amounted to
$4,000 Shares.
Tux, yPr71 ~ - me 5sFs e no SrSsS-

I NeN York 8pfIl 51.-~f6ere h no prccr'
/ dent by which to he guided Ia the forma,
ton Of Judgment of the nsssent stock
market. The aggregate sales OF all stocks
today went ahend of yesterdays hitherto
unprecedented total, rising TO S,aU2, 100
| shares. Last Wednesdays record sales Of
. single stock which we're 46a.SO0 shares
| Tor tnion Pacific compared With today $
| sales Of $4,000 shares Of the unltcd States
! Steel. "he aggrcgatc sales OF bnth thu
common and preferred stock OF United
States Steel Amounted TO 64S,0D shares
! and another record which WAS oclipsed to-
1 day WAS that for single hours business
sales for the frst hour amounting to over
y million shares against the previous max
mum OF less than 10000 shares II IS
the usual rule that large PORTION Of a
/ days business on the exchange is done
during the first hours, but had the activity
I OF the market FOR the rest OF the day
continued as it did for the first hour, the
total for the day would have reached
probably 4,oooo0o shares, which would
mean commissions to stock exchange mem-
bers for the days business of a milton
dollars. Such statistics as these convey
the trnest idea OF the dimensions ana
scope Of the present market. Any attempt
at liquidation would resolve itself largely
Into an action of superlatives. There were
long strings of successive transactions IN
some Of the most active stocks today, but
none Of the sales reported were less than
1000 shares and running from that Mn TO
10000 shares. If any ordinary considera.
ton could have ruled IN such a market
the fact would have had great influence
IN the stocks which were most notably
strong yesterday were sold in enormous
volume 10 take profits.
The sharp break at many points In the
closing dealings would have been another
FACTOR making for hesitation. But those
usual symptoms OF Il coming renctlou
have been SO often with the slightest re.
Liability In the recent extraordinary mar,
ket that they were totally ignored by the
excited spectators. as many other met
dents have been, such as the engagements
OF gold for export aud occasional harden
Ing Of the money market. The presence
in great force OF n widespread public in
terest In the market must explain this
ignoring of usual technical Indications.
The great denominations OF wealth when
have come to the hands Of the American
people for several years past and when
have lain In deposit banks awaiting for OPP
portunity for outlay seemed to be pouring
Into Wall street attracted by the sudden
great fortunes which are being maze from
day to day In the great price movements
of different stocks. The large inflow OF
TO this tendency aud Is keeping the money
market easy in spite OF the demand from
other sources.
cinc news accompanying the movement Of
prices. The announcement TINS morning
Of the absorption of the Leypnd steam
ship line by j. Pierpont Morgan had u
tendency TO give n renewed stimulus TO
the speculation as indicating the continued
activity OF the most influential indiyidnal
IN the recent great movements towhrd con
solidatipn. The belief In wholesale con-
solidations of great railroad systems even
Mt enormous expense involved In the buy
Ing OF control In the open market Is a
potent factor In the general speculation.
rhe enthusiastic believers in indet'
mite rise In prices argue that market
shares Of n corporation az the whole QUIT
standing capital necessarily Indicates q.
movement to buy control, but II Is ger. Ger,
amount of stock where the actual control
does not pass is proof positive Of mn enors'
ing, II may be due 10 buying and selling
and then rebuying many times oyer OF
speculative holdings or II may be due to
persistent short selling on amy advance AMI
vance Impcris the position of tho bears,
That such purely speculative transactions
formed q large factor In today's market *
probably not seriously doubted. An analy-
Sis In detail OF today's market would be
futile go, great Is It's extent ana variety
pfotit.taklng ali day aud Union Pacific
and the grangers generally showed their
influence as the day progressed. The
Atchison was the new strong feature on
tnli of an increased dividend An advance
In New York Central brought speeula-
their gains did not hold well. The United
States steel stocks we're comparatively
wen maintained closing with net gains
of 2Is for the common and for the pre-
ferred at reactions Of TX and x rcspec
tively from the hest prices. The heavy
pro6ttaking at the close made prices In
regular
Business was not as largely relatively In
bonds and the prices movement was II
regular. Total sales, par value, S6.245, 600