Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-25

record in Union Pacific more than
doubles the one made by Southern Pa
citic. The sales in Union Pacific COM
mon stock to-day were more than two
thirds Of the issue Of that stock which
is less than 100000 shares.
NEW YORK, April 24--Among the
many broken precedents which have
been recorded in the present great Wall
street speculation must be included the
sale and character OF the professional
manipulation for purely sentimental eff
feet on the speculative public at large.
No such fight against prevailing ten
dency In the market was ever before
witnessed on the New York stock ex-
changes as that of to-day. Some Of the
leading operators in the recent specu-
lation are credited with the assertion
that there is no amount Of stock which
they will not buy in order to sustain
the market for the protection Of their
favOrite stocks. Such statements in
Wall street are always accepted with
the allowance due to assertions pal
pably made for effect. Yet to-day's
market gave evidence of astonishing
iboldness and aggressiveness in support
ing prices by the expedient of simply
buying everything that was offered.
Prices were also boldly bid up in spite
Of the increasing weight of the selling
on the advance. The burden of sup
port seemed to grow too heavy toward
the latter part Of the day, although the
market had been fairly brought to a
standstill after the opening In the lat
ter part of the day, however, the bull
pool seemed to concentrate attention
more on the few stocks which had been
selected for the most aggressive man
ipulation for sustaining effect on prices
generally and to impress the public
mind. Union Pacific was the most con-
spicuous of these, but the speculation
was also very heavy in st. Paul, North
ern 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 662S00 shares. AS the
total issue of the company's capital
amounts to less than 100000 shares o.
common stock, it is evident that to-
days 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 Tues
day with those Of to-day and we have
a total of 971 900 shares, which is much
more than the total common stock is
sue. Yet no hint is heard from any
source that Union Pacific is changing
hands. In fact, there was no fresh
news at all to account for to-day's vio-
lent rise in the stock which reached
an extreme 81, closing practically at
the top. This case is typical of the
intensely speculative character of the
recent enormous dealings in the stock
market, 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 on
its upward course, the selling having
embraced practically 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 1t amounted to
from to 5 points and from 1 to 2
points all through the general list This
decline offered attractive profits to the
room traders and when Union Pacific
made it's final squirt, the covering by the
bears caused some feverish rallies, but
the closing was erratic 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 very wide
spread feeling exists that the specula-
ton and the advance in prices have been
overdone and that there is danger of a
tight money market, which would force
liquidation on an overstrained market
The disposition to draw in speculative
lines and reduce commitments 10 the
outcome Of this feeling, but 1t is evil
dent that it is contested by a very pow
erful combination of speculative inter
ess, who hope to renew the speculative
activity and advance.
Union Pacific convertible bonds were
the leaders of the bond market at an
extreme advance Of rs. The market
otherwise was fairly active, but the
movement OF prices was irregular. Total
sales par value $685., 900.
United States bonds were all un
changed on the last call.
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