New-York tribune., 1901-01-05
NEW RECORD FOR WALL-ST
AGGREGATE TRANSACTIONS GREATER
THAN EVER BEFORE.
PRICES FLYING UPWARD ON
ALI. SIDES

ALL SlDEc.
Wall Street will long remember yesterday as
day notable from more than one point of view.
For one thing a new high record of colossal
proportions was established for volume of trans
actions the Stock Exchange for the sales
yesterday. 1921 .269 shares. exceeded those of
November -. 1900. heretofore the record day.
by 217,649 shares or 1872 per cent
Even more remarkable than this enormous
showing of activity in the trading however. was
the course of prices in the market. The sharp
declines in many stocks on Thursday had
created general impression that the end had
been reached Of the bull movement, which has
been in progress for many weeks. consumma-
tion which the whole speculative community
has of late been nervously watching for and
devoutly praying TO be able to recognize when 1t
should occur 1t was therefore the common
feeling yesterday that stocks were going lower,
despite the continued ease of money and the
absence Of unfavorable developments from any
domestic quarter. But IL was the unexpected
that happened. and stocks. after half hour or
So OF initial bearish trend, suddenly began TO
rise. and kept on rising until they had not
only recovered the losses suffered on the pre-
| cedng day. but in several instances. notably ST
Paul the leader of the list. established new
high records There is one pre-eminentIy power
effect such a phenomenon. the Standard OIL and
| by common consent IL was these men who
| turned the tide yesterday
John w. Gates who has figured Of late as a
market factor. is in Chicago and Chicago houses
on Thursday were among the heaviest sellers
/ of securities ON the NewYOrk Stock Exchange.
The Standard OIL II is said, bought stocks
on the way down Thursdays market, all
though not giving active support TO any issues.
Mr.. Gates is not only a master of the steel
business. but is also credited with having in the
last year or two acquired sufficient knowledge
OF the intricacies of stock speculation TO war
rant him in making occasional ventures with
| his associates the bear side, side which
"beginners' in the Street rarely dare TO take.
! The Chicago houses were relatively small pur-
chasers here yesterday. although it is under
| stood that they covered a few short lines put
! out Thursday for their important customers.
IL is believed in the Street that IL rests with the
Standard Oil group whether not IL shall prove
advisable for some Of the other short contracts
for the same Western account TO be closed out
within the next few days James r. Keene il
| is said. made profitable trip down the line on
| Thursday but was shrewd enough and lucky
| enough to catch the up train yesterday. The
Western shorts were rumored in various quar-
| ters 10 have lost much S1.500.O0O.
London was again heavy seller. though less
| so. according 90 report. than on the previous
| day. ST. Paul made an advance of more than |
! per cent from the lowest. in spite OF what
| seemed 10 be a direct drive against the stock.
| The shares of Louisville and Nashville. Union
Pacific. Missouri Pacific and the Atchison issues
| all recovered.
| In the Industrial list Sugar made a . per cent
gain soon after the opening. and recoveries were
| the rule in Federal Steel Peoples Gas. Anal
| gamated Copper and American Steel and Wire.
| The change of speculative sentiment had the
| effect OF a wholesale covering movement by the
I short interest. At the lower prices IL was no
| ticed, too. that investment buying played an i'm
| portant part.
| ST. Paul. as already noted, scored the greatest
| gain yesterday. closing at 15S1z, net advance
: of 12A points. compared with Thursdays net
decline of 215 per cent.
| Some of the other contrasts were: