The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-06
LIKE A BALLOON.
Northern Pacific Scared Sky
ward on N. ". Exchange.
Made an Advance of ID ga
Points Before Noon.
FINALLY TOUCHED 1875.
Santa Fe Common Took Another
Jump Up to So.
Rise in Money Rates Had a
Steadying Tendency.

New York, May 6.-Speculation In
stocks began the day with spirit and en-
thusiasm that was quite equal to any
thing that has been witnessed the
floor of the New York exchange in the
current movement. Seemingly the pub
lis was imbued with a suspicion that the
powerful interests who are credited
with the leadership of the market had
engineered the reaction of Friday and
Saturday with the purpose of shaking
out weak and encumbering holdings to
better prepare for fresh advance. The
high prices of the railroad stocks sup
posed to be the subject of contest for the
control and the resulting great expense
of the process Of absorption gave plaus-
Utility to the theory that the capitalists
looked upon the reaction with complac-
ence.
There was in addition a rumor afioat
which was an expansion of the recent
consolidation runOrs to the effect that
all the contesting railroad interests had
come to a compromise, and were about
to consolidate practically the leading
railroad systems of the country. The
opening sales on the tapes showed 25, 900
shares Of United States steel 900
Atchison. 10000 of Union Pacific and be-
tween 1000 and 10000 on a half dozen
other stocks.
Opening prices varied as widely as
PO1lALS LII The same STOCK ana Ine gains
over Saturdays prices were from 1 to
AZ points. Northern Pacific which
quickly assumed the leadership of the
market went up easily on much lighter
transactions. A rise of points in the
bid price at the opening brought out on
ly 500 shares Of stock and the bid had to
be raised az before the next block Of
1900 shares came out. As the stock
scared to higher regions much heavier
offerings came out but the stock held
,1act1r oil
of the market dipped under the flood of
realizing brought out on advance. North
ern Pacific rose 10 points during the first
hour, and 13s4 before noon. The subse-
quent advance to above 125 was less VIC
lent.
Realizing was heavy all through the
market during the morning and none of
the leading stocks got back to the open
ing high level. The market became quiz
eter as the Sundays accumulation of
orders began to be worked off. The
sharp rise in the money rate also recall
ed some of last weeks trepidatiOn on
that score The rise in Atchison to IS
and sharp gains in a number Of less
prominent stocks did not altogether
overcome a dropping tendency.
The sensational advance of % points
in Northern Pacific kept the specula-
tive interest alive, but the persistent
heaviness of the United States steel
stocks and the high water We're coun-
teracting influences. Only a. few stocks |
got back to the opening high level at |
any time, but there were very wide adj |
vances in a few unimportant stocks /
Atchison extended it's rise to SIS and |
Union Pacific to Az. Later in the day /
Canadian Pacific rose 1884, Pittsburg, c. |
G. q St Louis So; Minneapolis & st. |
Louis u and the coalers generally from /
to s. The profit taking on this rise |
pulled prices back considerably, North |
ern Pacific reaching 6. Much of the ami |
nation was taken from the market in /
the latter part of the day.