The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-04-05
TITANIC IN POWER.
Such Were the Forces at Work In thS
Market Neutrality-suspicious. Of
the Movements.


New York, April 4.-Wednesday
was record day in many particulars
on the New York Stock Exchange.
The extent and variety Of the price
movement have rarely If ever been
equaled in a bull market, although
the crumbling of prices in a panic
has occasionally caused as wide vari-
ations. All ordinary standards fail
in the computation Of such market
The forces in operation were Titantic
in their power and effect The un-
deviating success of the speculative
leaders in advancing prices made
them bold to a degree which 1t is
moderate to term recklessness. That
the speculative spirit was still ramp
ant among q 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 N
the ordinary sense had anything to do
with the extraordinary buoyancy Of
the market, although rumors were
plentiful and all embracing. 1t was
also q marked characteristic of the
market that the dealings were heay.
lily predominant in limited number
of stocks, and that the general specu-
lation was decisively Influenced by
the movement of these. Two stocks
stand out conspicuous even in the list,
the price movement In which was as.
founding throughout. These are Del
aware and Hudson and Rock Island.
The former stock was the conspicuous
leader of the early rebound from the
slight opening depression. Rumors
were circulated that lease had been
signed by which the New York Cen
tral took control and guaranteed a
dividend Of per cent for year and
per cent annually afterward. The
stock was run up an extreme 1917
points to 1854. Rock Island was un-
der rather severe pressure at the
opening and was forced III under
Tuesday night. 1t was not until late
in the day that 1t assumed the lead
ership Of the market when 1t was
rushed up by rapid stages ON the pur-
chase Of blocks of thousands of shares
to ISL, at which point 1t closed at an
extreme rise from the lowest of 1877
points. 1t Is not often in the history
Of stock markets that such move.
ment Is witnessed in a stock of a
large floating supply, a large capital
issue and the holdings of which are
widely distributed. There were kin.
dred movements to these elsewhere
both among the grangers and the coal.
ers. The buying Of the grangers
seemed to be based largely on general
considerations, the large earning
power Of that group Of railroads even
in face of last years spring wheat
shortage being cited as giving assur.
ance against the ordinary vicissitudes
of the crops, to which they have been
sensitive in the past. The movement
resulted In an exereme advance OF
8% in Burlington, 6 in St. Paul and
Omaha In the preferred, 3% In
Northwestern, Az in the preferred
2H in st. Paul and az in the pre-
ferred. The rise In Lackawanna was
obviously in sympathy with that In
Delaware and Hudson and extende
to 6h. Peoples Gas became very
buoyant at the last and rose an ex
treme 4% in company with Rock Isl
and. Missouri Pacific was up 3K and
Illinois Central 2%.
The engagement Of an additional
S1.000.000 in gold for export was to
tally ignored.
Dealings in bonds were large and
the market irregular. Total sales
par value, $3,6S5.000.
u. 8. new As advanced " and ths
old 4s, coupon, declined n per cent or
the last call.