The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-01
WITHOUT APREGEDENT
All Wall Street Records Were
Broken Yesterday,
SALES 1902, 100 SHARES
Profits to Commis8ian Men
Nearly 100000,
WEALTH is POURING IN
That Has Lain in Deposit
Vaults for Years.
WEALTH is POURING IN

New York, April 30.-There is no prec-
edent BY which to be guided in the for
nation Of a judgment regarding the pres
ent stock market Each day of trading
leaves some former record behind and
not infrequently all previous records go
by the board as a result of a days bus
mess. The aggregate sales of all stocks
today went ahead Of the hitherto I'M
precedented total, rising to g., 202. 900
, shares. Last Wednesdays record sales
of a single stock were $4,000 shares for
Union Pacific, compared with todays
sales of 459, 100 shares of United States
Steel. The aggregate sales of both the
common and the preferred stock Of the
United States Steel amounted today to
6iS,Oo0 shares. Another record which was
eclipsed today was that for a single
hours business, sales for the first hour
amounting to over q million shares,
against the previous maximum of less
than 500 900 shares. It is the usual rule
that large portion of a days business
on the exchange is done during the
first hour, but had the activity of the
market for the rest of the day continued
in normal proportion to hte first hours
business the total for the day would
have reached probably 100000 shares,
which would mean commissions to stock
exchange members for the days bust
ness of million dollars. Such statistics
as these convey the trUest idea OF the di-
mansions ana scope OF the present mar
ket. Any attempt at description would
reserve itself largely into an accumula-
ton Of superlatives. There were long
strings of successive transactions in some
OF the most active stocks today, in
which none Of the sales reported were
less than 10000 shares and running from
that up to 1906 shares. If any ordinary
considerations could rule in such a mar
ket the fact that the stocks which were
most notably strong yesterday were to-
day sold in enormous volume to take
profits would have had great influence.
1he sharp break at many points in the
closing dealings would have been an
other factor making for hesitation, but
these usual symptoms Of a coming reac-
ton have been so often without the
slightest effect in. the recent eXtraordi-
nary market that they were totally ig-
nored by the eXiled spectators, as many
other incidents have been, such as the
engagements OF gold for export and occa- /
sional hardening of the money market
The presence in great force Of wide
spread public interest in the market
must explain this ignoring of usual tech /
meal indications. The great accumula-
lions Of wealth which have come to the
hands of the American people for sew
eral years past and which have lain in |
deposit banks waiting for opportunity |
for outlay seemed to be pouring into Wall /
tunes which are being made from day to I
day in the great price movements of diff /
ferent stocks. The large inflow of money /
from the interior to New York seems to /
be due to This tendency, and is keeping /
the money market easy in spite Of the /
demand from other sources. There is /
very little in the way of specific news /
accompanying the movement of prices. |
The announcement this morning OF the |
absorption of the Leland steamship line (
by J. P. Morgan had a tendency TO give /
a renewed stimulus to the speculation, !
as indicating the continued activity OF /
the most influential individual In the re-
cent great movements towardd consOlida-
ton. The belief in wholesale cOnsolida-
tions Of great railroad systems. at the /
enormous expense involved in the buy |
ing Of control in the open market, is the /
potent factor in the general speculation.
The enthusiastic believers in an indefinite !
rise in prices argue that a market turn
over within a few DAYS of as many
snares of corporation as the whole out
standing capital necessarily indicates a
to buy control, but il is GER
tainly obvious that a turnover Of that
amount of stock where the actual con-
troll does not pass is proof positive OF an
enormous amount of purely speculative
buying. I may be due 10 buying and
selling. and then rebuying many times
over of speculative holdings or It may
be due to persistent short selling on ev-
cry advance and then buying to cover as
the further advance imperils the posi-
ton of the bears
That SUCH purely speculative transac-
tons formed 81 large factor in today's
market is probably not seriously doubt
I'd. An analysis IN detail Of todays mar
zet would be futile, SO great is its eX-
.ent and variety and in the later deal
nes its irregularity. Northern Pacific
vas under pressure Of proft-takins all
Law. and Union Pacific and the Changers
generally showed its influence as the day
progressed. The Atchisons were the new ]
strong feature on talk Of an increase in
he dividend. An advance in New York ,
central brought speculative attention I
Jack 10 the eastern roads. but their
-ains did not hold we'll The United
states Steel stocks were comparatively
veil maintained. Closing with net gains .
# % for the common and ? for the pre- ,
erred. at reactions Of rs and rs respect ,
velv from the best prices The heavy !
,roAt-taking at the last made the closing
Irregular.
business was not as large relatively IN :
,onds- and the price movement was tr- ;
eglilar. Total sales. par value, s6.-s5o9o- !
Tnited States new fours advanced Is per .
ent or the last call.
Closing prices Of stocks were as fol- ?
ows.