The daily morning journal and courier., 1901-04-25
gtna,rcray.
THE STOCK MARKET
Boldness and Aggressiveness in Sup
 porting Prices.

BoIdness and Aggressivencss in Sup porting Prices.
 New York, April 24.--Amongst 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 manipula-
 tion for purely sentimental effect on. the
 speculative public at large. No such fight
 against prevailing tendency In the market
 was ever before witnessed on the New
 York stock exchange as that of today.
 cent speculation are credited with the as
 sertIon that there Is noe amount of stock
 which they will pot buy in order to sus-
 tain the market for the protection of the
 United States Steel stocks and other favor
 tes Such statements in Wall street are always accepted with the allowance due to assertions palpably made for effect. Yet yto-day's market gaveS evidence of astound- ing boldness and aggressiveness in sup porting prices by the expedient of simply buying everything that was offered. Prices
 were also boldly bid up In spite of the increasing weight of thes selling on the ad- vance. Hk
 The burden of support seemed to grow too heavy towards the latter part of the day, although the market had been fairly brought to a standstil after the opening. In the latter part of the day the bull pool seemed to concentrate their attention more on the few stocks which 4had been selected for the most aggressive manipulation for sustaining effect on prices generally and 10 impress the public mind. Union Pacific was the most conspicuous of these, but the speculation was also very heavy in St. Paul. Northern Pacific. and southern Pa cflc and Burlington, though not largely dealt in, was very jealously supported. The total dealings In Union Pacific reached an aggregate of 662,S00 shares. AS the total issue of the compnny's capital amounts to less than 960,000 shares of common stock 1t Is evident that to-day's sales 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 total of 070,- OiW shares, which is much more than the total common stock issue. Yet no hint is heard from any source that Union Pacific fresh news at all to account. for to-day's violent rise in the stock, which reached 8 7-S points, closing practically at the top. This case Is typical of the Intensely specu- latlYe CDafHcuer OI slHe TeceuI eHoInlOuS dealings In the stock market. although to- days business was even more congested In q few stocks than at any time hitherto. In fact the general market did not at any time fully respond to the manipulation of the leaders. Union Pacific at the beginning of the last hour of the day was left alone on it's upward course, the selling having embraced practically every other stock In the list. When Union Pacific itself gave way the slump in prices became general the list. In the principal active stocks 1t amounted to from 2 to , points and from to 2 points all through the gen eral list. This decline offered attractive profits to the room traders, and when Union Pacific made It's final spurt the GOV ering by the bears caused some feverish rallies, but the closing was cratic with new points of weakness developing 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 q very wide and the advance In prices have been over done, and that there Is danger of tight ness of money, which would force liquida- ton on an Overstrained market. The dis position to draw in speculative lines and reduce commitments Is the outcome of this feeling, but it is evident that it is contested by very powerful combination of spec,I- latiye interests, who hope to renew the speculative activity and advance.
 Union Pacific convertible bonds were the lenders of the bond dealings at an extreme advance of 2 5-S. The market otherwise was fairly active, but the movement of prices was irregular. Total sales par value s6, ,325, ,0O0.
 United States bonds were all unchanged ln the last call.
 NEW YORK STOCK MARKET