The news & observer., 1901-05-07

| five holders Of stocks apparently hav-
ling been entirely reassured by the
check to the reaction which was
achieved on Saturday. The urgent
selling which was in evidence Friday
afternoon not only on the part oi
| forced sellers whose loans had beer
| called or whose margins had beer
wiped cut, but of those who feared
that they would be, was entirely lack
ing this morning.
Those who still had their stocks hello
hthem with determination, While those
who had come to grief seemed to be
returning in vast hordes to make good
their losses. reinforced by an increas.
ing tide of new spectators. ADpar-
emily the speculative public was con-
vinced that Fridays sharp reaction was
nothing more than a manipulative dip
designed to shake off weak holding
which are a menace to an advance and
to afford great railroad capitalists OPP
portunity to continue their buying for
control to better advantage and at less
expense. There was no timidity lesF
the same experience should again
overcome the weaker class Of holders.
and the Wall Street district gave am
pie show that that class of spectators
was again an active interest in the
market. The effect of Saturdays mar
ket seemed to have held over the in
tervening Sunday to gain great force,
and as a result there was heavy con-
gestion of urgent buying orders TO be
expected at the opening. London
prices before the opening here indi-
Gated that large buying orders in the
A 1,tY haI
cuted there for London account before
our opening and there was reported
from London growing excitement on
the part of English spectators them
selves over the American boom. Large
numbers of stock brokers found then'-
selves eagerly bidding against each
other when the chairmans hammer fell
on the New York Stock Exchange. The
result was volatile upward squirt OF
prices which has scarcely been equalled
in any opening during the present
boom. This upward spurt of prices
proceeded in many cases to be the high.
est of the day, although there were
constant recoveries and reactions in the
general list all day Opening sales
! were of 1000 to $500 shares in sepa-
rate stocks at extreme advances of
/. q
and at prices in some instances vary
I ing as much as two points on simultane-
Gus sales The Changers, Pacifics,
trunk lines and Southwesterns proved
| to be the most active stocks. There
was a continued dearth of news to ac-
count for the strength OF the market
, in general or Northern Pacific in par
ticular Consolidation continued to be
i4N. y ia 10 Il
ing. There was even wild rumor that
all the great railroad interests whose
supposed contest for control have
caused the recent violent movements
in prices, had come to a compromise
and were about to consolidate all the
princinpal railroad systems of the whole
country. This narrowed down some
what to more specific reports of prog
resS in the Southwestern merger and
of further steps toward the adjustment
of relations in the Northwest Railroad
deal. The last named rumor was the
only thing to account for the sensa-
ticnal movement in Northern Pacific,
which, in it's range and suddenness.
exceeded that of any Of the individual
stocks which have been singled out at
different times recently as centres of
attention. Northern Pacific made an
extreme advance of % points with no
very important reaction on the way
up. Long strings of 900 to 5000 share
blocks were recorded, but the success
sive price changes did not exceed Z.
OF a point after the opening, when the
second sale was made at a jump OF
2Ia points over the first sale, which
was points over Saturday. None OF
the gains was fully maintained. IN
fact profit taking was in steady prog
ress all day, under cover OF tbs
strength in individual stocks. The Uni
ted States Steel stocks especially suf-
fered from liquidation and closed prac-
| tically unchanged from Saturday I
closing. This had a counteTacting in
| fluence on the speculative enthusiasm
! The higher money rate also was dc.
| terrent influence, although it was
| lightly explained by bull enthusiast.
that the brokers paid the higher rate
| because they were too busy to haggie
over it. The call money rate touched
ten per cent in the afternoon but fell
back after the most urgent demand
had been satisfied
Bonds were comparatively quiet, out
side cf the price movement in the
convertible bonds. The general tone
was strong. Total sales (par value)
SO, 10000
United States new As declined II, the
3's II and the old As B per cent on the
| last call
The total sales stocks today were 2.
| 232. 100 shares, including the following
Atchison 247, S0O Atchison preferred 101,
| 800; Baltimore and Ohio 17.500; Canadian
Pacific 35 900; Chesapeake and Ohio 20,
| 100; Chicago, Burlington and Quincy 49,
200; Chicago, Rock Island and Pacific 18,
100; Denver and Rio Grande 9,100; Eri'
| 79S00; Hooking Valley 6.100; Illinois Cen
tral 9,100; Louisville and Nashville 2l,
600; Manhattan Elevated 1890; Mexican
Central 15,100; Minneapolis and St Loui
5000, Missouri Pacific 79200; Missouri
Kansas and Texas l0,6OO; Missouri, Kan
sas and Texas preferred $500; New Yori
Central 24.100; Northern Pacific $4,000
Northern Pacific preferred 1850; Ney