The age-herald., 1901-05-06
STOCKS RECOVER
 FROM FRIDAY SHOCK Prices Bound Upward and Ma nipuIators Make Profits WEEKS RECORD NEW ONE Cause of Wonderful Business Is Con. ] fldenee In the Attempts to Form combinations-The Bond Mar
 ket Irregular
WEEKS RECORD NEW ONE

New York. May 1.-The stock market effectually demonstrated it's astonishing recuperative power during the two hours trading today. The selling orders which were thrown upon the market as result of the nervous apprehension aroused by yesterdays violent break, were confident ly absorbed, and only momentary break was caused by the bank statement, although it was more unfavorable than had been expected and the buying after wards was sufficient to carry prices wig orously upward throughout the list. ob- literating the earlier declines and estab- fishing some striking net gains.
 Opening prices were considerably above the London parity, although from de- clines of l to points of New Yorks close in many stocks. Atchison opened wide at an extreme decline of 2lA and Union Pa- cific of points Neither stock touched the low level again. although there were feverish relapses in prices after the hrst rally Atchison closed unchanged and Union Pacific up A.
 The large demand from the short inter ests also disclosed that bear operations played very large part in yesterday selling. The improvement in the technical position of the market by the shaking out of weak holdings encouraged, the bulls There was very obvious support also Tn the United States Steel stocks, whicn gained a point each on the day. Loans made on Friday carry over until Monoay' so that there were no actual loan opera tions today. Money was easier in Lon don today, which aroused hopes that the foreign demand for gold might be re- faxed, although the continental exchange sill bear against London.
 The banks seemed to be ignored, all though it gave no evidence of any sup port from the interior to offset the treas ury drain, such as has been confidently expected Continental tobacco was strong and advanced 3s4. The stock market has again eclipsed all previous records this week with the maximum of single day transactions lifted to 3,902 100 shares on Tuesday, and the minimum for slngie day as high as 900 shares on Wednes- day The total for the week was lo,ole, zp shares, compared with the previous high record over trif1e over l0,00O shares our- ing the week before last
 The most sanguine-minded of the pro- fessionals in the stock stand were amazed at the prodigious proportions Wnlcn the market has attained It Is fact, lnueeo' that the veterans who have been through many booms and panics of the past nave consistently unrated the future possipill- ties of the market They have largely either refrained from taking part of the trading. having sold out their holdings al a lower level or have persistently sole short only to be driven to cover at a loss by reckless and uninformed plungers have reaped the largest profits in the great rise in prices.
 The insiders perceiving after time that the accumulation of the stock was going on attempted to get back their holdings and the fierce competitive buy ing which resulted lifted the price of the stock by leaps and bounds. This has been the history of so many stocks re- gently that the slightest plausible sugges- tion of an effort to buy railroad In the open market has brought rush of specu- lators into the stock affected to share the benefit of the advance. Considering the events of last year, the purchases for con- solidation in the anthracite field Of the Southern Pacific, the admitted attempt to purchase St. Paul, the success of tht effort to absorb Burlington and the off cial denials which accompanied all these the excited expectations of spectators oi similar transactions is not to be wondered at. The success of one such operation, oi course, adds greatly to the probability o1 others for self-protection by other rail roads is their old motto. Only time car prove how many of them have basis 1T truth and how much represents pure sur mise There have been periods of heavy profit-taking and reaction such as boon usually eliminates with. There have been pinches in the money market and calling of loans such as often times have overturned an airy fabric. Not only dc prices upon which profits depend decline but credits with which stocks are held shrink with the decline in the price oi collateral.
 Except for the enormous dealings ir Union Pacific convertible fours, in sym pathy with stocks, the bond market has not been extraordinarily active and prices have moved irregularly.i United States gs declined 1 per cent, the 5's # and the new As and refunding 2s 2A per cent The old As advanced M per cent over tht closing call of last week.