The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-07

" Mepday. Saturday.
Call money. New York. .31z-1O ...
NEW YORK. May 6.-1The interrupted
speculative advance was renewed toda "
with great violence. the Speculative hold
ers of stock apparently having been en-
tirely treasured by the check to the re-
action which was achieved on Saturday
The urgent selling which was in ey1,
dence Friday afternoon not only on tns
part OF forced sellers, whose loans had
been called or whose margins had been
wiped out but of those who feared that
they would be, was entirely lacking THIS
moining. Those who still had their stocks
held them with determination, while
those who lad come to grief seemed 10
be returning in vast hOrdeS to make good
their losses, reinforced by an Incr~asIug
tide of new spectators. Apparently the
speculative public convinced that Fri
days sharp speculation was nothing more
than a manipulative dip designed to
shake off weak holdings, (which are a
menace to an advance and to afford
great railroad capitalists an opportunity
to continue their buying for control to
better their advantage and at less e1<
pense. There was no sign OF rlinid, ,
lest the same experience should again
oVeTcame the weaker class of holders and
the Wall street district gave ample evil
dence that class of spectators was agar,
taking an active interest in the Market
The effect OF the Saturday market SEEM
cd to have time over the Intervening SIM
there was a heavy congestion of urgent
buying orders to be executed at the OPEN
ing. London prices before the opening
here indicated that large buying orders
in the American department had been ex-
ecuted there for London account befor
our opening, and there was reported from
London growing excitement on the mart
of English spectators themselves over,
the American boom. The large numbers
of stock brokers found themselves eager
ly bidding against each other when the
fane iFRN~ l.. feIl
York stock exchange The result was
a volatile upward spiEt snf prices which
has scarcely been equaled In any open
ing during the present boom This up
ward squirt of nrics$ proved in MANY
cases to be the highest f;of the dav. al
though there were ocuStaut recoveries
and reactions in the general list all day.
. SHARES in Sernrate st-cks at ext~e-oa
adj alces of from to sftS noi~ts ut oricCs
in some instances vafwfng as much as
6 points on sinnltaHg5aYs sales The
erangers Pacifcs. trunk lfncs and South
westerns proved to be tire most active
cocks There VIC ~ e. 3 -in',o,i 10 II ;,
Of news to account fpr, tie strength of
cifc in particular. Consolidation con-
tinued to be the magic word to influence
the trading. There was oven wild
rumor that all the grfaS railroad inter
ests whose supposed contest for control
have caused the recent violent move
rnents IN prices had 6eTAe to compro-
mise, and were about to consolidate All
the principal railroad systems of the
whole country. This narrowed down TO
moro specific reports of progress in the
Southwestern merger and of further
steps towards the adjustment of relations
in the Northwestern railroad deal. TIE
account for the sensational movement in
Northern Pacific. with its range and
suddenness, exceeded that of anv Of the
individual stocks which have been singled
out at different times reeentlv as ccnters
of attention. Northern Pacific made an
extreme advance of q points with no
very important reaction on the WOW IN.
Long strings Of 1ooO to COCO share blockg
We're recorded. but the successive pricc
changes did not exceed u of r. point afte.
the opening. when the second sale was
first sale which was points over Sat
urday. The movement in Canadian Pa
cific was apparently sympathetic and
reached an extreme Of 1874 The Duluth
South Shore & Atlantic common and pre-
ferred stocks rose about points each;
Minneapolis. st Paul e. Sarlt Ste. Mario
2h and the preferred G. following Coma
dian Pacific. Aside from these there
were few stocks which exceeded the
oneninc prices. among them Atchison.
which rose an extreme OF 61A points md
q NUM- Of lc@s prominent stools Pitts
burg @ o. &, st. Louis rose 81 Miuneap-
oils z, st. Louis and the coalers gener-
allv from IL To & None of these gains
was fully maiDtained In fact orodt-
taking was in STEADY progress a'l dav
under cover of the strength in individual
STOCKS The Tinted Sts+oe St""I stocI-
especially g, ffared from liouidation and
closed practically unchanged from Satur-
DAVIS close. This had q courteractng
infuence. on the speculative enthusiasm.
The bieher nonev rate also was deter-
rent influence a!thoneh 1t was lightly
exnlained NV hu'l enthusiasm that the
brokers paid the higher rate because they
were too h'Isv IN Ia vol" over IL THE c"u
rr0nev rate touched u per cent in the
3 ftC~noO-o brit f~ll 'lacly aftc~ tho n IT
urgent demand had heen satisfied. The
buying of Northern Pacific was very con-
ceptrated. single house being credited
with the purchase of as much as 15ac00
shares 1t is a house which has been
prominent in all the rScege notable move
ments Of railroad stocks, The days bus