The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-25
STOCKS AND BONDS.


New York, April 2.-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 maniPu-
Iation for purely sentimental effect on the
speculative public at large. No such fight
against a prevailing tendency in the mar
ket was ever before witnessed on the
New York stock EXCHANGE as that OF TO-
day. Some of the leading operators in the
recent speculation are credited with the
assertion that there is no amount OF
stock which they viii not buy in order 10
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. ct 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 we're also boldly
bid up in spite of the increasing weight
of the selling on the advance. The Dur
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 standstlI after the opening. In the
latter part of the day. however, the bun
pool seemed TO concentrate attention
more on the few stocks which had been
selected for the most aggressive manipu-
Iation for sustaining effect on prices gen
orally and TO 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 Pacific and burlington.
though not largely dealt in. was very
jealousy supported. The total dealings
in Union Pacific reached an aggregate Of
652 500 shares. As the total issue com
panies' capital amounts to less than $50. 900
shares Of common stock it is evident that
today'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 81, 600
shares. which is much more than the to-
tai common stock issue. Yet no hint is
heard from any source that Union Pa
ciic is changing hands. In fact there
was no fresh news at all to account for
todays violent rise in the stock, which
reached an extreme SIS. closing practically
at the top. This case is typical OF the
I intensely speculative character of the re
/ cent enormous dealings in the stock mar
ket although today's business was even
more congested in a 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 in its upward
/ course. the selling having embraced prae-
/ ticauy every other stock in the list. When
Union Pacific itself gave way the slump
of prices became general throughout the
/ list In the principal active stocks II
amounted to from . to points and from
to points all through the general list.
This decline offered attractive profits 70
the room traders. and when Union Pa
cific made its final squirt the covering by
the bears caused some feverish rallies,
but the closing was erratic, with new
points of weakness developing. The &C
ton Of the market is difficult to explain
from any news Of the day and seemed 10
be wholly due TO technical causes. There
are those who believe that q very wide
spread feeling exists that the speculation
and the advance in prices have been over
| done and that there is danger of tight
money market which would force uquida-
tion on an overstrained market The Dis
position 70 draw IN speculative lines and
reduce commitments IS the outcome Of
this feeling. but It Is evident that it Is
contested by a very powerful combination
Of speculative interests who hope 70 re-
new the speculative activity and advance
Union Pacific convertible bonds were
the leaders Of the bond market AZ an ex
IRENE advance Of Is. The market other
wise was fairly active but the movement
II prices was irregular. Total sales pal
value $685.. 000 United States bonds were
/ an unchanged on the last call.
Closing prices Of stocks were as fol-
lows