The daily morning journal and courier., 1901-04-11
THE STOCK MARKET
Speculation for m Advance Rcnevve

l Speculation for m Advance HoheNveu' l New York, April 10.-The speculation 1 for the advance was renewed in force
 to-day and the stock market resumed
 much the same appearance as 1t had during the excited speculation of last
 week. London helped to this result by
 some rather emphatic advances in the international stocks before the opening here. The market opened here in fair ly buoyant condition. the congested buying causing running sales of several | thousand share blocks In number of stocks at the opening at advances of | from 1 to 2 points. This materially | higher level of prices attracted some large selling to realize, and the tone became rather nervous for awhile, as shown in the wide and frequent f1uctu- ations in some of the prominent stocks. But the speculative leaders seemed to be again well supplied with resources, and they supported the market with great confidence and manipulated prices with great boldness, the sudden and violent advances were we'll calculated to fascinate the multitude of outside
 
 waiting .o come into the market on any definite signs of further advance. Mondays reaction and the subsequent recovery evidently served to convince i many persons that no lower prices were to be expected for the present, and that a further advance might De reasonably looked for. It was demonstrated, in fact that the public is still willing and eager to buy stocks notwithstanding the high level of prices measured by the earning power, SO long as prices continue to go up. Large speculative pools therefore find 1t worth while to support prices and to advance the market, even in face of heavy offerings owing to the large outside demand at- tracted by the advance in prices The appearance of new leaders in the money market, including some of the specula- tors interested in the rise, has served to again defer the exhaustion of money re- sources But the rate for call loans ran to per cent. to-day under the re. quirement of the active speculation and of some large financial operations, irl- cluding the payment of another SIC, ,0o0,- 900 installment on subscriptions to the Union Pacific collateral bond issue. The slightly f1rmer tone of sterling ex- change this morning while the money rate was lower indicated that any re- taxation in the rate would lift sterling back to gold export point Money was no higher in London to-day, but pay ment must be made to-motow there of an S000,000 installment on the ex- chequer bond issue and Friday is the pay day for the stock exchange settle- ment. Some renewed pressure for gold on New York Is therefore to be expect ed. Meantime the sub-treasury contin- ues to absorb cash and New York ex- change at Chicago to-day fell to 50 cents discount, marking the continued demand of the interior on New York for money The advance in the call loan rate helped to precipitate lively realizing movement during the last hour, which cut into the prices all around and made the closing easy. The Burlington deal and talk of consoli- daticn of copper interests with the smeltng interests looking to control of the gold, silver and copper product were the leading influences in the days speculation, so far as it was due to any, specific influence al all. Burlington rose an extreme 6A to a new record price of 192 and Northern Pacific came within small fraction of par. The whole granger group was affected by sympathy and Northwest preferred made q notable adcance of 15 points while St. Paul and Omaha rose points Amalearamted Copper gained 5ia on very large dealings and Anaconda AS Texas and Pacific was largely bought at an advance of 21h on talk of an ex- change of two shares of stock for one of Missouri Pacific. As an outgrowth of these movements southwesterns grengers and Fries were all strong and active. Special features of strength | were Consolidated Gas. which rose 71s; Brooklyn Union Gas 4, General Elecs tric 6, with a reaction to 5, Tobacco 3&, ex-dividend, Pullman SA, and Chicago | Terminal Transfer 4B, Evansville and