The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-05-05
new YORK STOCK
MARKET RECEIVERS
Nervousness of Friday Was En-
tirely Absent Yesterday.
WEAK BANK STATEMENT
SENT PRICES down, BUT THEY
SOON WENT UP AGAIN.

ing recuperative power again during
the two hours trading today. The sell
ing orders which were thrown upsa
the market as a result OF the nervous
apprehension furnished by yesterdays
violent break were confidently alb
sorbed. and only a uomentary breaI.
was caused by the bank statement.
although II was more unfavorable than
had been expected, and the buying az
forward was 5uficient TO carry prices
violently upward throughout the list
obhteratinS the important earlier a.
elines and establishing some strikiug
net gains. The closing was notably
strong and at about the top
The nervousness aroused by vester-
days weakness apparently led some
large operators to anticipate the New
y ork market By cabling orders to sell
10 London, ana early quotations from
there showed declines of ? to ( points
in many important American stocks.
This level was never touched in TO-
days New York market. Opening
prices were considerably above the
London parity, although at declines Of
from to 2 points from New York
close In many stocks. Atchison opened
wide at an extreme decline Of "a and
Union Pacific of 4 points Neither stock
touched the low level again. although
toere were feverish relspses in Price
unchanged and Union @aciic up
point
The aggressive strength shown from
he outset by st. Paul and Missouri
Pacific had an important influence
upon the growing strength Of the
whcle market. St Paul opened q
higher and rose an extreme ~ over
last night closing near the top. Mis-
souri, Pacific opened a point higher and
closed S3z higher. These movements
served to give some reinsurance to
the speculative contingent that the
process Of absorption of railroads for
consolidation was still going on, a be-
lief which was somewhat shaken by
The character OF selling in Union Pa
cihc yesterday. It, was argued also
that The interests dOips this buying
might have had q hand IN yesterdays
collapse in order 70 facilitate the Or
GRAFTON, as buying railroads for con-
troll IN a. rampant bull speculation is
necessarily an expensive opera ton.
The large demand from the short In
terests also disclosed that bear oper-
atoms played a very large part IN yes
terday's selling. The Improvement in
the technical position of the market by
the shaking out of weak holdings en-
couEaged the bulls There was very
obvious support also in the United
States steel stocks, which gained a
point each on the day.
Loans made on friday carry over I'M
til Monday so THAI there were Iao ac-
tral loan operations today Money
was easier Ia London today, which
arC'.sed hopes that the foreign demand
for gold might be relaxed. although
the continental exchanges still bear
against London. The bank statement
seemed to be ignored, although It gave
no evidence OF any gin in cash from
the interior 70 offset the sub-treasury
drain, such as had been confidently ex-
q frc
strong ard advanced 2&
The stock market has again eClfpsed
ali previous records this week with
the maximum for q single days trans
actions lifted to 3,202100 shares on
Tuesday, and in the minimum for
single day as high as 2, 759, 900 shares
on wednesday. The total for the week
was 15.51S, 200 shares, compared with
the previous high record Of a tribe over
10.O0O,O00 shares during the week be-
fore last The new records carried
away many inclusive records, such as
hourly business, the total individual
stocks, the clearings Of the New York
banks and q long list of prices Of
stocks. IN brief, the market has been
beyond au precedent lie Wall street "
TO the aggregate dimensions of the
trading, the variety Of securities dealt
In. the astonishing movement OF prices
and the wide extent Il territory which
has been represented IN the dealings.
IN the last named respect, &c might
also be said that the whole world IS
represented IN the dealings, cabled or
ders For account OF London and the
continent figuring largely in the deal
iugs, as we'll as from all points Of this
country, especially the west The most
sanguine-mfnded among the profess
sf0nal operators In stocks stand amazed
at the prodigiOus proportions to which
the market has attained. Et is a fact,
indeed, that the veterans IN the street
and pauiCs have persisuently under
rated the future possibilities OF the
market. They have largely either re-
Trained from taking part in the trad
ing, having sold out their holdings at
a lower level, or have persisteutly sold
short. only to be driven to cover at a
loss by tire comprehensive upward
sweep OF prices.
The uovices and seemingly reckless
and uninforu1ed plungers have raped
the largest pro6ts IN the great rise IN
prices. There are wen authenis Gated
reports Of large investment holdings
brought out by the high level Of prices
ia the confidence that the early OppOr-
fanity to recover the holdings again at
a lower level Of prices. and some mem
bers Of the exchanges have sold their
memberships at what they considered
fancy prices, in the BELIEF That they
might return from a brief trip in
Europe and buy them back more
cheaply.
The current explanation in Wall
street OF the violent price movement in
Union Pacific is q case ia point. Sel5iDg
by insiders at the high price which
the stock had attained was met by
quiet absorption by the interests seek
i-sg control The Insiders. perceiving
after a time thar the accumulation OF
the stock was going on, attempted to
eat back their holdiugs, and the fierce
competitive buying which resulted
hfted the price OF the stock by leaps
and bounds Thts has been tl7c history
OF SO mary stocks recently thaL the
siightest plausible suggestion Of an ef-
fort to buy IL ilroad I'm the open mar
kst has brought a rush OF h0fdes al
spectators ingo the stock affected to
share the benefits.
considering the events Of last year
the purchases for consolidation in the
anthracite field, OF the Southern Ps-
ci6c. the admitted attempt 20 purchase
ST. Paul, the success Of the effort TO
absorb the burlington and the eiheia4
denials which accompanies all these
the excited expectations OF the specula-
tors Of further simisar transactions IS
not to 0e wondered ct. The success or
one sucE operation, OF course, adds
urAltly to the probability Of others Tor
SeIf-protection by other railroads..
There is great plausibility in the sup
position thar a consolidated control Of
Great Northern. Northern Pacific. Bur