The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-04-26
new York stock Market

New York, April 24.-Among the
many broken precedents which have
been recorded in the. present great Wall
street speculation must be included the
scale and character Of b professional
manipulation for purely sentimental
effect on the speculative public at large.
No such fight against a prevailing
tendency in the market was ever be-
fore witnessed on the New York stock
exchange as that OF today. Some Of
the leading operators in b recent
speculation are credited with the as
sertion that there is no amount Of
stock which they will not buy in or
der to sustain the market for the pro-
lection of their favorite stocks.
Such sentiment in Wall street is al
ways accepted with the allowance due
to assertions palpably made for effect.
Yet today'S market gave evidence Of
astonishing boldness and aggressive
ness in supporting prices by the expe-
dent Of simply buying everything that
was offered. Prices were also boldly
bid up in spite of the increasing weight
Of the selling on the advance.
The burden Of support seemed to
grow too heavy toward the latter part
Of the day, although the market Ia
been fairly bought to a standstill af-
ter the opening. In the latter part of
the day. however, the bull pool seemed
to concentrate attention more on the
few stocks which had been selected for
the most aggressive manipulation for
sustaining effect on prices generally
and to impress the public mind. Union
Pacific was the most c%onspicu-
GUS of these, but the specula-
Paul. Northern Pacific and Southern
Pacific. Burlington, though not large
ly dealt in, was very jealousy sup
ported.
The total dealings in Union Pacific
reached an aggregate of 662, 800 shares.
AS the total issue of the company's
capital amounts to less than $50, 900
shares of common stock, it is evident
that today'S sales would have been
sufficient to transfer the control of the
company. had they represented actual
transfer of stocks in any large propor-
ton. Add the sales of Monday and
Tuesday. with those of today and we
have a total of gu, 900 shares, which
is much more than the total common
stock issues. Yet no hint is heard from
any source that Union Pacific is chang
ing hands. In fact there was no fresh
news at all to account for today's vio-
lent rise in the stock, which cached an
extreme SH, closing practically at the
top.
This case is typical of the intensely
speculative character of recent enor-
nous dealings in the stock market, al
though today's business was yer more
~congested in a few stocks than at any
time hitherto. In fact, the general
market did not at any time fully re-
spond to the manipulation of the lead
ers.
Union Pacific at the beginning of the
last hour of the day was left alone on
it's upward course the selling having
embraced practically every other stock
in the list.
When Union Pacific CAV way the
slump of prices became general through
out the list. In the principal active
stocks it amounted to from 2 to 5 points
and from ! to 2 points all through the
general list. This decline offered at
tractive profits to the room traders,
and when Union Pacific made it's final
squirt the covering by the bears caused
some feverish rallies, but the closing
was erratic with new points of weak
ness developing.
The action of the market is difficult
to explain from any news of the day
and seemed to tie wholly due to techni-
cal causes. There are those who be-
lieve that a very widespread feeling
exists that the speculation and the ad-
vance in prices have been Overdone,
and that there is danger of a tight
money market which would force liqui-
dation on an overstrained market.
The disposition to draw in speculative
lines n reduce commitments is the
of this feeling, it is evident
that it is contested by a very powerful
combination of speculative interests,
who hope to renew the speculative ac-
tivity and advance.
Union Pacific convertible bonds were
the leaders of the bond market, at an
extreme advance of 2&. The market
otherwise was fairly active, but h
movement of prices was irregular.
Total sales. a value were Sc, 1925, 900.
United states bonds were ali unchang-
ed on the last call. The total sales of
stocks today were 2,026, 400 shares.