The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-01
SALES BEYOND PRECEDENT
The Stock Exchange Records Again
Broken Yesterday.
The Facilities for Recording Trans
actions Found InHdequnte-More
Than 100000 shares Dealt i'm in
the First Hour-More Advances.

NEW YORK, April 30.-Business was
resumed this morning under virtually the
same conditions which prevailed yester-
day, but subsequently price movements
became decidedly irregular Profit realiz-
ing sales assumed tremendous proportions
with the course of the morning, and, in
addition what were palpably operations
for decline were conuucted with un-
usual vigor. The extent of the short in
terest in the current market is one of the
technical aspects of the speculative case
which is, perhaps not altogether apIre-
ciated, but there is no doubt whatever as
to the fact.
Another interesting phase of the specu-
lative situation may be found in the cur
rent and almost general report of com
mission house brokers that their clients
are pursuing the same cautious and con-
servative policy they have adopted ever
since election day. That is to say, in
stead of the general run of spectators
having lost their heads by reason of pre-
vailing market tendencies and indulging
in wild overtrading. they are, on the other
hand, quick to realize profits and to keep
their commitments within small limits.
In such a market as the present such
technical circumstances as these are well
worth bearing IN lndsHluCu as litSs
in part at least, account for the stability
of the market structure, even at its pres
ent lofty heights. 1t goes without saying,
however, that the mainstay of the mar
ket fabric is the constant absorption of
securities by institutions and large capt.
talists, and also the constant conversion
of stocks of a semi-speculative grade into
other securities of definite investment
status.
Yesterdays unprecedented transactions
had to give place today to a new record.
The facilities of the stock exchange were
overtaxed during the first hour Of bust
ness. when over 1,0o0,001 shares of stock
were traded in, or rather reported upon
the tape. According to conservative esti-
mates the actual volume of business
transacted was from 50 to so per cent
greater than could be recorded.
The magnitude of the business Offering
resulted in a number OF changes in the
physical methods of conducting business.
Specialists in stocks were almost unani-
nous In refusing to accent stop loss or
deTs, and the reports OF orders actually
executed We're unduly delayed. II has,
indeed, become a very serious question
as to the physical ability Of the stock
exchange members to stand such strain
is now imposed on them by reason OF
the current superheated speculation.
The conspicuous features OF the rail-
way list today Were the Atchisons, the
Fries Louisville and Nashville, Missouri
Pacific New York Central the Southern,
the Texas and Pacific, and Chicago and
Alton. In Che forenoon New York, Onta-
rio and Western shot up very rapidly,
but the stock subsequently declined with
equal speed. The particularly sharp adj
vance in the Atchison issues appeared to
be partly based on expectations that the
common would soon be placed upon
per cent dividend basis. but it was also
attended by reports that It was being alb
sorbed in the interest Of a powerful con-
Meeting Eastern trunk line.
Among the Southern iron producing
companies Tennessee Coal and Iron, while
firm. was comparatively sluggish. but
sharp advance appeared in the Sloss-Shef-
field stocks.