The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-06
A WONDERFUL STOCK MARKET.

Review of 1t by Henry Clews, the Veteran
Wall Street Banker and Broker.
New York, April 6.Ihe past has been n
gusty week in the stock market 1t is not
easy to trace whence the clustering cur
rents came. or whittier they have gone; ii
Is however Of some interest to find q
change of movement, though far from GER
tain what the ne4t wild phases may be.
volume close upon the largest reached dur
Ing the recent unprecedented activity, but
the movement has been largely one CT skill
full manipulation. The elimination OF the
movement ~ Chicago, Burlington and
Quincy SENS TO have been accepted by i'm
portant operator as Il signal for liquidation
N the CHANGERS. and the cliqnes have
thrown overheard immense blocks Of stocks
in that group, but With less effect upon
prices than might have been expected. The
market has been crowded with buying or.
ders from the Interior ranging close upon
current prices, and thus very large transfers
were easily made from the METROPOLITAN
bulls to the provincial, IA transition which
may later have an important bearing Upon
the drift OF the campaign at an early
stage.
have been heavy buyers OF United States
Steel. On Monday and Tuesday, about 500
900 shares OF the common and preferred
stocks We're marketed without much effect
on their value. The sales OF the grangers
restrained the upward force OF the concern
trated demand ror the Steel shares, and
thus an immense block of stock was pro.
cured without materially advancing its
price. An operation Of this character was
not an improbable squirt. The leaders III
the great deal were 10 be expected to close
their operations as early US feasible, In
Guiding the underwriters; and the flnanc.
Ing would naturally be SO arranged as to
give the large spectators an opportunity
nf I'm mt or,1
finally shifting as much as possible OF the
stock upon the public. The opportunity is
perhaps not an nninyiting one for n specu-
lative dash. The preferred stock pays
per cent, and assurances are given out
from high quarters that at least for the
next two years, the common stock has d
fair prospect OF paying. % per cent; and
yet the one stock IL selling at 81 and the
the present prices Of the railroad list, Is
below the current average val
ues of speculative securities. 1t Ii not I'M
likely TO be. factor Of some weight with
pany IS, and may for some TING remain, I'M
der the shield Of the Influential tinancIers
who have organized the trust (, and are
", watching t with protecting cye during
manipulation. Under these circumstances,
1t does not seem unlikely TINT the large
operators who nre getting ont Of their rail
road stocks may attempt to wind up their
extraordinary campaign BY trying their
case the market may possibly receive an-
other bull impulse before it passes through
Il course Of liquidation that Will In the ma
ture of things follow In due time. Apart
from that possibility, the situation Is not
one to encourage a material rise above the
present level which certainly reflects a hiyn
degree of national prosperity.
Wall street hts never before witnessed
such clashing Of ilnpetuous realizing aud
buying as has swaved the crowds
Of spectators during the past week. In
spite of the immense sales some Of the
largest advances realized on any day In the
boom took effect upon Wednesday. Stories
fects Of the large foundations, and Deli,-
ware ana Hudson advanced II points and
c., b. & Q. scored rise of 10 pout,
within twenty four hours. while Rock ISL
and rose IL points. Some of the realizing
was done In the way of parting with other
stocks to buy those thus advancing.
The market is difting into stage of con
fusion that has injured many a boom III by
gone days. Operators are apt to lose their
heads In the snnguine exeitemnt Of their
operations. There Is no possibility Of keep
ing track of the rapid changes In the dis
-ribution of stocks, and when men lose
heir knowledge of the forces on the field
hey lose their confidence; confusion sets
n; then the situation rioens into nervous
less: mistakes In tactics are made; and the
confusion may precipitate heavy forced II |
,uidation when 1t IS little expected. We
ire yergfng on a position WHICH Is associ- |
tied with a high degree Of risk; and
lence that operators who have mndc largo
Profits are adopting means to secure them |
- = - ~ Henry Clews.