The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-30


NEW YORK. April 2s.-H there were
any doubts entertained that the specu-
| lative advance might be interrupted after
the holiday intervals, they were dispelled
within five minutes after the trading
opened in the new temporary quarters
! of the stock exchange. The first trans
actions demonstrated the leading posi-
ton of the United States Steel stocks,
| Union Pacific and Northern Pacific in the
speculative situation, and that leadership
was unaffected during the whole OF the
day. There was great activity and some
! striking strength shown by number of
| other stocks, but they paled into in
! significance in comparison with the fu-
rious activity and extraordinary price
| changes in the leaders. Often during tho
| day there were strips of several feet Of
| ticker tape which recorded successive
| transactions in, one or the other of these
| stocks, With not single block of less
than 1000 shares in the series and run
ming up to 5000 shares. The extreme
i advance in Union Pacific extended to 12li
/ in the later afternoon and in Northern
Pacific to 1Oa. United States Steel
stocks did not show such wide f1uctua-
! lions as is natural from the much great
! er volume of the companyS total capital
ization. Nevertheless the common stock
| achieved an extreme advance of 3%, and
| the preferred Of ~, and held more firm
i ly than almost any other stock in the
list. There were some very striking ga MS
among the grangers, Pacifics and trunk
! lines. but these seemed to be associated
i In the minds of the buyers with the
movement III Union Pacific Rock ISL
! and was at one time ga over Friday, st.
| Paul IA, New York Central 5, Pennsy1-
/ vania 31s, Illinois Cent 31a, st. Il. & S. F.
/ other related stocks from 2 to 8 points
Colorado Fuel rose points. and Anal
gamated Copper 31s. If these stocks are
! set apart it will be found that the deal
lngs elsewhere and the movement of
prices otherwise were not sensational
But in contemplating these special price
movements and the volume of dealings in
the stock enumerated. one has, comprised
| the salient facts of the extraordinary
market of the day. There Wasrno specific
news to account for the 5un3recedented
dealings. which lifted the days record
! to 2,76O.O00 shares. AS the vital point of
/ the speculation is the rnaney supply,
the increase in surplus reserves shawn
| by Saturdays bank statement was a IA
| noted with special satisfaction as reflect
ing the continued inflow OF funds to New
York. Much store is placed also in the
! government international disbursements
! to be made on May 1, and large corpora
ton dividend payments are also counted
upon for to help the money situation.
The reliance placed on these factors was
made evident by the small monetary
! effect of the engagement Of s., 900 in
gold Tor export, and the opinion of ex-
cnange experts that probably 5000, 900
might go out during the week There was
some doubt as to the destination of the
/ gold, but that it would go to the con-
tinent, and not to London, seemed evil
dent, The additional enga cement Of
$:oOO,o00 Tor London was unknown until
| after the close. The decline of the con-
tlnental exchange on London in spite
| OF the rather plethoric condition of the
continental money market and the rela-
| I've I've stillness OF the London money mar
ket, IS beginning to- arouse surn1ise lin
| financial circles, whether preparations
are not making by the continental gov
! eminent banks to provide for floating
1 a N t.
qulrements of the British loan. The
/ strength of the steel stocks was accom-
panied bv rumorS of coming statement
NWhlcn VIII show extraordinary earnings
Dy the United States Steel corporation
me belief is widespread in speculative
| circles that extensive establishments in
the relations of the various granger and
Pacific railroad systems are necessitat ed
| IN compensation for the Burlington deal
This belief gives rise to almost infinitely
varied rurnors, almost all of which are
received With certain amount of Gre
dulity. The action of the whole market
| shows clearly that the demand from
i STOCKS from all classes Of buyers retains
us VeraciouS force and needs only the
leadership of an upward movement in
price to bring in such buying from all
/ quarters as eclipses all previous expert
ence in the history Of speculative markets
! IN New York. The final volatile outburst
! IN IN Union Pacific and Northern Pacific
today seemed to arouse n1iSgfvings and
/ there was free proit-taking Through the
! rest of the list. But this is5iexactiy the
ss1ory OF last weeks Similar movement in
Union Pacific. which caused Widespread
| apprehension lest the elimination of the
poom had arrived, and which, was, never
] theiess, followed by renewal In full
force of the speculative advance.
Dealings in Union Pacific Convertible
bonds We're in enormous volume and the
Price shot up rs points in response to
! Dealings otherwise were large and price
changes Irregular. Total sales bar value.
20 o,Goo United States 5se ad9anced 4,
per cent on the last call 35o %
| STOCK QUOTATIONS.
! Furnished by Charles II! I'd Smith 4
| Co.. members of the New yorlr Stoc1s
| Exchange, Pioneer Press building, who
nave direct wires to Chicago and New
York Closing prices are bid: &c