The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-01
EtlIn1lc1ul.
THE STOCK MARK IsT.
Records Again EcIipsed--A Remarkable
Days Business,


New York April 3O.-There is no pre-
cedent in which to be guided in the for
nation of judgment regarding the
present stock market. Each day Of
trading leaves some former record be-
hind, and not infrequently all previous
records go by the board as result Of
days business. The aggregate sales
OF all stocks to-day went ahead of yes
terday's hitherto unprecedented total,
the sales Of all stocks rising to 1902, 100
shares. The aggregate sales of both
the common and preferred stock of
United States Steel amounted to-day
to 64S,000 shares. Another record
eclipsed to-day was that for single
hours business, the 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 a large portion Of a
days business on the exchange Is done
during the first hour. but had the ac-
tivity of the market for the rest of the
day continued in normal proportion to
the first hours business, the total for
the day would have reached probably
100000 shares, which would mean
commissions to stock exchange mem
bers for the days business of million
dollars, Such statistics as these con-
vey the truest idea of the dimensions
and scope of the present market. Any
attempt at description would resolve
itself largely into an accumulation of
superlatives. There were long strings
of successive transact ions in some Of
the most active stock to-day In which
none of the sales reported were of less
than 1000 shares and running from'that
up to 10000 shares. If any ordinary
considerations could rule in such
market the fact would have had great
influence 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 closing dealings would
have been another factor making for
hesitation. But these usual symptoms
of a coming reaction have been SO Of
ten without the slightest effect in the
recent extraordinary market that they
were totally ignored by the Spectators.
as many other incidents have been,
such as the engagements of gold for ex-
port and the occasional hardening of
the money market. The presence in
great force of widespread public in
terest in the market must explain this
Ignoring OF usual technical indlcatlons.
Inc great ACCOMMODATIONS OF Weath
whicn nave come TO the hanos Oh the
American people FOR several years past
and which nave lain IN deposit panK
waiting FOR opportunity Tor outlay'
seemed to be pouring into wall street.
attracted by the sudden great fortunes
which are being made from day 10 day
In the great price movements OF dlHer-
ent stocks The large inflow q money
from the interior to New YORK seems
to be due to this tendency and is Keep
Ing the money market easy IN spite OF
the demand form other sources. Tnere
IS very little IN the way OF specihc news
accompanying the movement OF prices.
The announcement this morning 81 the
absorption Of the Leyland Steamship
line by ], F. Morgan had tendency
to give "a renewed stimulus TO the spec
uiation as indicating the continued ac-
tivity OF the most lnhuentlal lnulvidual
In the recent great movements towards
consolidation. Inc pefet IN wholesale
considerations OF great railroads sys-
tems even a. the enormous expense m
VOWED IN the buying OF contros IN the
I SF~-- --~~-----~ -
tne general speculation. me enthusi-
astic peileVers IN an inoennlte rise IN
prices argue tnat market turn over
WITHIN lew Gays OF as MANY shares OF
a corporation as the Wnoie Outstanding
capital necessarily lndicates a move
ment TO buy control. But II is cer-
tainly obvious that a turn over OF that
amount OF STOCK Wnere tne actuai con-
troll does not pass IS PROOF positive Oh
an enormous amount Oh purely specuia-
tive buying. II may De que 70 buying
ana selling ana tnen re-puylng many
times over OF speculative hoiuings or II
may be due to persistent snort selling
on every advance ana then buying 10
cover as the Iurtner advance lmperils
,uroi,y s,,ecr,at,va I'm nsactions foru,ed
probably not seriously doubted An
ANALYSIS IN detail Of to-day,s market