The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-01

/ days sales Of $50 100 shares of United
States Steel The aggregate sales of both
the common and preferred stock of United
States Steel amounted today to 64S,000
shares. Another record, which was
eclipsed today was that for a single
hours business, sales for the first hour
| amounting to over million shares,
against the previous maximum of less
/ than 100000 shares 1t is the usual rule
| that large portion of days business
| on the exchange is done during the first
hour, but had the activity Of the market
/ continued for the rest of the day in nor
/ NAL proportion to the first hours bust
/ ness, the total for the day would have
reached probably 100000 shares, which
would mean commissions to stock ex-
| change members for the days business
Of million dollars. Such statistics as
those convey the truest idea of the di-
mansions and scope of the present mark
ct. An attempt at description would re-
solve itself largely into an accumula-
| ton of superlatives. There were long
strings of successive transactions in some
| of the most active stocks today in which
none of the sales reported were of less
than / GOO shares. and running from that
1
! considerations could rule in such
market the fact would have had great in
| luence that the stocks which were most
notably strong yesterday were sold in
enormous volume to take profits The
sharp break at many points in the clos
ing dealings would have been another
factor, making for hesitation. But these
usual symptoms of coming reaction
have been so often without the slightest
effect in the recent extraordinary mark
ct that they were totally ignored by the
excited spectators. as many other Incl
dents have been. such as the engage
ments of gold for export and occasional
hardening of the money market.
The presence in. great force of a wide
spread public interest in the market
must explain this ignoring of usual tech
nical indications. The great accumua-
tioEs Of wealth which have come to the
hands of the American people for several
years past, and which have lain in de-
post banks awaiting an opportunity for
outlay, seemed to be pouring into Wall
Street attracted by the sudden great
fortunes which are being made from
day to day in the great price move
ments Of different stocks. The large in
flow of money from the interior to New
York seems to be due to this tendency
and is keeping the money market easy
in spite ofathe demand from other sources
There is very little in the way of speci-
tc news accompanying the movement of
prices. The announcement this morning
of the absorption of the Leyland steam
ship line by j. p. Morgan, had tendency
to give a renewed stimulus to the Specu-
iation as indicating the continued activity
Of the most influential individual in the
recent great movements toward consoli-
iation The belief in wholesale con-
solicitations of great railroad systems
even at the enormous expense involved
in the buying of control in the open
market is the potent factor in the general
speculation. The enthusiastic believers
in a definite rise in prices argue that a
market turnover within a few days OF as
many shares of corporation as the whole
outstanding capital necessarily indicates
a movement to buy control, but it is GER
tainly obvious that turn over of that
amount of stock where the actual con-
troll does not pass is proof positive of an
enormous amount of purely speculative
buying. II may be due to buying and
over of speculative holdings or it may be
due to persistent short selling on every
advance and then buying to cover as the
further advance imperils the position of
the bears That such purely speculative
transactions formed a large factor in to-
days market is probably not seriously
doubted. An analysis in detail Of todays
market would be futile, so great is its
extent and variety and, in the later deal
ings, its irregularity. Northern Pacific
IVES under pressure of profit taking all
day, and Union Pacific and the Changers
generally showed it's influence as the DAY
Progressed. The Atchisons were the new
strong feature on talk Of an increase
in the dividend. An advance in New York
Central brought speculative attention
back to the Eastern railroads, but their
gains did not hold we'll. The United
States steel stocks were comparatively
well maintained, closing with net gains
Of rs for the common and 2 fer the pre-
ferred at reactions of X and "a respec-
lively from the best prices The heavy
Profit taking at the last made the clos
ing irregular.
Business was not as large relatively in
bonds, and the price movement was r-
regular. Total sales (par value) &c.
2t5000.
United States new As advanced u per
cent en- the last call
The total sales of stocks today were
3, 2G2. 100 shares, including the following:
AtchisoD, 229, 500; Atchison, preferred,
1872 200; Baltimore and Ohio, $4,000;
Chesapeake and Ohio. il,30O; Chicago
and Alton, 1900: Chicago and Alton,
preferred, 1890 Chicago. Burlington and
Quincy Il 400; Chicago, Rock Island and
Pacific. $500 Colorado Southern, 81 Geo;
Colorado Southern, second preferred, o.
600; Delaware and Hudson, 1900; Erie,
$4,000; Erie. first preferred. 1880; Erie,
second preferred, 1900; Chicago Great
Northrn, preferred, 21,200; Illinois Cen
trial, $500; Louisville and Nashville, s.
900; Manhattan Elevated. 5000; Mexican
Central, 2t.7GO; Mexican National $500;
Missouri Pacific, G9,3o0; Missouri, Kan