The age-herald., 1901-04-25
GREAT ACTIVITY IN STOCKS IS MARKED Wall Street is Forcing Prices to
 Remain High. UNION PACIFIC STRONGEST During the Past Three Days More Sales Have Been Made Than the Number of Certificates Act
 uaIly Existing.

New York. April 24.-Among the many broken precedents which have been re- corded in the present great Wall street speculation must be included the scale and character of the professional manip- ulation for purely sentimental effect on the speculative public at large. No such light against a prevailing tendency in the market was ever before witnessed on the New York Stock Exchange as that of today. Some of the leading operators in the recent. speculation are credited with the assertion that there is no amount of stock which they will not buy in order to sustain the market for the protection of their favorite stocks. Such statements in Wall street are always accepted with the allowances due to assertions palpably made for effect Yet today's market gave evidence of astonishing boldness and ag- gressiveness in supporting prices by the expedient of simply buying everything that was offered. Prices were also boldA ly bid up in spite of the increasing weight of the selling on the advance. The bur den of support seemed to grow too heavy toward the latter part of the day, al- though the market had been fairly bought to a standstill after 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 attractive manipu- lation for sustaining effect on prices gem orally and to impress Ine public mind. Union Pacific was the most conspicuous of these, but the speculation also was very heavy in St. Paul, Northen Pacific and Southern Pacific and Burlington, though not largely dealt In, was very jealously supported.
 The total dealings in Union Pacific reached an aggregate of 662, 800 shares. As the total issue of the company's cap ital amount3 to less than 960,00 shares in commor stock. 1t Is evident that to- days saies would have been sufficient to transfer the control of the company had they represented actual transfer of stock in any large proportion.
 Add the sales of Monday and Tuesday with those of today and we have a total of 91l,000 shares, which Is much more than the total common stock issue. Yet no hint is heard from any source that Union Pacific Is changing hands. In fact there was no fresh news at all to account for today's voluntary rise in the stock, which reached an extreme 5A, closing practically at the top. This case is typi- cal of the intensely speculative character of the recent enormous dealings in the stock market, although today's business was even more cOnSeSteu Tn a lew StocKS than at any time hitherto. In fact, the general market did not at any time fully respond to the manipulation of the lead CTS Union Pacific at the beginning of the last hour of the day was left alone in its upward course, the selling having embraced practically every other stock in the list. When Union Pacific itself gave way the slump of prices became general throughout the list. In the prin- cipal active stocks 1t amounted to from to 5 points, and from l to ? points all through the general list This decline offered attractive profits to the room traders, and when Union Pacific made its final squirt the covering by the bears caused some feverish rallies but the clos ing was cratic.
 The action of the market is difficult to explain from any news of the day and seemed to be wholly due to technical causes. There are those who believe that a very widespread feeling exists that the speculation and the advance in prices have been overdone and that there is danger of tight money market, which would force liquluation on an overstrain- ed market. The disposition to draw In speculative lines and reduce commit ments is the outcome of this feeling, but 1t is evident that it is contested by very powerful combination of speculative interests who hope to renew the specu- lative activity. Union Pacific convertible bonds were the leaders of the bond mar ket at an extreme advance of 2B. The market otherwise was fairly active but the movement of prices was irregular. Total sales, par value. SC, 325, 900.
 United States bonds were all unchanged on the last call.
 New York Stock Market.