Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-30
ONLY 240, 600 SHARES SHORT OF
THREE MILLIONS WE'RE YES
TERDAY.S TRANSACTIONS.
THE PAcIF1cs WERE LEADERS
LINES AND CHANGERS MADE
NOTABLE GAINS.
NV Associated Press

quarters OIL Ju0 0COCk EACudHSO. Aho
first transactions demonstrated the
leading position of the United States
Steel stocks, Union Pacific and North
ern Pacific in the speculative situation
and that leadership was unaffected dur
ing the whole OF the day. There was
great activity and some striking
strength shown by a number OF other
stocks, but they paled into insight
canoe in comparison with the furious
activity and extraordinary price
changes in the leaders. Often during
the day there were strips OF several rect
of ticker tape which recorded successive
transactions in one G.; The other OF
these stocks, with not single bloch u
less than a thousand shares in the
series and running up to 5000 shares.
The extreme advance in Union Pacific
extended to 12A in the late afternoon
and in Northern Pacific to 1914. United
States Steel stocks did not show SUCH
WlQ6SUI6du iluttudtiOho f<~' 40 49,
from the much greater volume OF the
company's total capitalization. Never
theless the common stock achieved an
extreme advance of 3& and the pre-
ferred of 2s4, and held more firmly than
almost any other stocks in the list.
There were some very striking gains
among the grangers, Pacif1cs and trunk
lines, but these seemed to be associated
in the minds of the buyers with the
movement in Union Pacific. Rock Is
land was at one time 6s4 over Friday
st. Paul 4ss, New York Central .,
Pennsylvania 31s. Baltimore & Ohio 8
Illinois Central 31a, st. Louis & San
Francisco second preferred 3&, and
number of other related stocks from 2
to 8 points. Colorado Fuel rose 8
points and Amalgamated Copper 31a. II
these stocks are set apart 1t will be
found that the dealings elsewhere and
the movement of prices otherwise were
not sensational But contemplating
these special price movements and lie
volume OF dealings in the stocks emu
merated, one has comprised the salient
facts of the extraordinary market of
the day There was no specific news
to account for the unprecedented deal
ings which lifted the days record to
2,760, 900 shares. AS the vital point OF
the speculation is the money supply,
the increase in surplus reserves shown
by Saturdays bank statement was IA
vorable factor The large gain in cash
was noted with especial satisfaction,
as rejecting the continued inflow of
funds to New York. Much store is
placed also in the government interest
disbursements to be made May /, and
large corporation dividend payments
are also counted upon for help to the
money situation. The reliance placed
on these factors was made evident by
the small monetary effect OF the en-
gagement of 81 $50, 900 in gold for ex-
port and the opinion of exchange ex-
perts that probably $5000,00o might go
out during the week. There was some
doubt as to the destination Of the gold
but that it would go to the continent
and not to London seemed evident. The
additional engagement of $1,000 600 for
London was unknown until after the
close. The decline of the continental
exchanges on London, in spite Of the
rather plethoric condition of the con-
tinental money markets and the rela-
tive stiffness of the London money mar
ket is beginning to arouse surmise IN
financial circles whether preparations
are not making by the continental gov
eminent banks to provide for floating
a Russian loan, in accordance with the
requirements of the British loan. The
strength of the steel stocks was &C
COMMANDED by rumors of coming state
ments which will show extraordinary
earnings by the United States Steel cor
poration. The belief is widespread in
speculative readjustments in the rela-
lions of the various granger and Pacific
railroad systems are necessitated in
COMPENSATION for the Burlington deal.
This belief gives rise to almost infinite
~ varied rumors, almost all of which
are received with a certain amount of
credulity. The action of the whole
market shows clearly that the demand
for stocks from all classes OF buyers
maintains its voracious force and needs
only the leadership of an upward move
ment in price to bring in such buying
from all quarters as eclipses all
previous experiences in the history Of
the speculative market in New York.
The final volatile outburst in Union
Pacific and Northern Pacific to-day
seemed to arouse misgivings and there
was free profit taking all through the
rest of the list. But this is exactly the
hEory of last weeks similar move
ment in Union Pacific, which caused
widespread apprehension lest the cul-
mination of the boom had arrived and
which was nevertheless followed by
renewal in full force of the speculative