The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-08
EtmaMcsal;
THE STOCK MARKET.
Dealings on an EN- ormous Scale.

market mad all the characterlStlcS o
what is usually called a traders mark
ct. But everything was on gigantic
scale. Where 100 share lots would be E
normal unite in an ordinary market
in to-day's market 1000, 1000 and ever
5000 share lots were banded about
like playthings for quick turn in the
market The movement oH prices was
on correspondingly gigantic scale
The turnover of profits in some cases
on these enormous blocks Of stocks were
made within a few minutes of time
prices having varied in the interval
perhaps many points The speculative
character of the market was clearly IN
Dictated in the variation OF prices. MOI
only was nothing stable for any con-
siderable period, but no movement was
consistent beyond a short length of
time. Losses were recovered, gains
were lost and there were strong rallies
from reactions. All this made the ut
most excitement and confusion in the
market all day long. 1t was natural to
expect after the excessive and artificial
advances of the closing trading OF last
week that spectators would be in
condition of anxiety to take profits this
morning. This class was In fact on
hand In full force and the eagerness
with which they unloaded stocks and
the reckless disregard they showed for
half or even full point In the price
they should get indicated nervous
dread that the passing minutes might
mean the loss of opportunities for for
ture. BUT even in that early period of
the market there were not lacking signs
of strength, and Their ewas quite long
list of gains of between l and points.
The greater part Of these was wiped
out in the reaction after the opening.
New Jersey Central was thus carried
down points, Northwestern 3B, North
ern Pacific 2B, Reading and Delaware
and Hudson, 2h; Atchison pref, st.
Paul and Erie first pref. ~, and Rock
Island and Pennsylvania points. 1t is
an extremely rare event that such ner-
vous anxiety and uncertainty are re-
1ected in the stock market, as were
shown during this period Of opening re-
action to-day. Price jumped about in
the most violet and erratic manner by
wide intervals. Gradually the fact be-
gan to emerge that there were brokers
on the floor who had apparently unlim-
tied orders to take all offerings at GER
tain leved of prices below the market.
The course of prices thereupon grad
ually steadied and then moved upwards
with an impressive surge. Baltimore
and Ohio was the first point of aggres-
sive strength. 1t had risen Ia at the
opening, but had lost all but a fraction
It's upward sweep carried 1t 5% over
Saturdays level. During the rest of
the day 1t was simply question where
the new points of strength would de-
velop. With the appearance of any
thing like bull leadership in a given
stock, or with the first sign Of manipu-
lation for an advance, perfect horde
of spectators were ready to rush pell
nell to buy the same stock None Of
these advances were well held, and The
process Of profit-taldng cost them all
the way from 2 to nearly s points. But
even at that reaction many handsome
net gains We're conserved for the day.
The grangers were foremost in the mid
day advance, the three leading mem
bers Of the group, Burlington, Rock
Island and st. Paul advancing 6 to ca
Later in the day the anthracite coalers
which have not hitherto moved largely
in sympathy with the Readings, New
Jersey Central and Fries, made impress
sive progress upwards. Delaware and
Hudson rose no less than 1871, IL cka-
wanna s, and Ontario and Western 3ss.
,{,,J
ments Of the day. Sugar was very err
ratio, working upwards So on the re-
ported advance in the price of refined
sugar, and relapsing AS in the late sell
ing movement, Tennessee Coal showed
acute weakness on the decision to pass
the dividend and fell 6B, closing only
a fraction over than. The steel stocks
were inclined to heaviness in sympa-
thy, except Tin Plate, which was ad-
vanced Az The rubber stocks were in
clined to weakness. but had a good
rally. Northern Pacific moved up AK
after its sharp opening decline and
Peoples Gas had midday rise OF Az.
The list of stocks which rose as much
as points and a fraction is long and
the stocks which did not fluctuate as
illuCH dS IL point OF over were very rev.
1t was evident that the melting cause
of the furious speculation was the re-
cent developments in the railroad world
toward vast consolidation. The acqul-
sition of the Pennsylvania Coal COM
pany by the Erie and of the Central
Railroad of New Jersey by the Read
ing is regarded in the speculative world
as a prelude to further important de,
in the anthracite carrying
and ready credence is given
to almost any suggestion of plan for
railroad consolidation. Money also il
working easier in spite of the enormous
demands of the speculation. The rather
gloomy condition of foreign markets,
instead of having any depressing effect, |
seems to stimulate speculative activity |
here by the strong contrast of this |
prosperity. The days record
Of business was carried far beyond the |
previous high level, the aggregate sales |
Of all stocks footing up 2,147 900 shares |
with 1887 900 shares on last |
Friday, which made the record up to !
that time. Sales of individual stocks to- |
lay included 132.600 shares of Sugar,
70, 600 shares of Baltimore and Ohio. 49, |
100 shares of Burlington, 1889, 900 shares
Of Erie, 10000 shares of Northern Pa
oific, 1856, 700 shares of Ontario and West
ern, 144,200 shares of Reading, 143, 300 |
shares of Rock Island, and 300 shares
Dc ST, Paul. This scale of trading has