The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-01
STOCKS AND BONDS.
The Market Active and Strong With
Sales of 5000, 200.

New York, April S0.-Ihere is no pre-
cedent by which to be guided in formation
of a judgment regarding the present
stock market. Each day of trading leaves
some former record behind, and not infre-
quently all previous records so by the
board as result of days business.
The aggregated sales of all stocks to-day
went ahead of yesterdays total, rising TO
1902, 100 shares Last Wednesdays record
sales of a single stock, which were co., 500
shares of Union Pacific, compared with
to-days sales of $50 100 shares of United
States Steel. The aggregate sales of both
the common and preferred stock of United
States Steel amounted to-day to 64S,0 900
shares.
Another record which was eclipsed to-
day was that for a single hours business.
against tho previous maximum of less
than 10000 shares 1t is the usual rule
that large part of the 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 pro-
portion TO the 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 business of s1,o0o, :
truest idea of the dimensions and scope of
the present market. Any attempt at de-
scTiption would resolve Itself largely into
an accumulation of spperlatiyes. There
were long strings of successive transact
| ions in some of the most active stocks to-
day, in which none of the sales reported
were Of less than LOO shares. and running
from that up to 1000 shares.
If any ordinary consideration could rule
in ,orlxof fta faC al
great influence that the stocks which were
most notably strong yesterday were sold
in enormous volume to take profits. The
sharp break at many points in the closing
dealings would have been another factor,
making for hesitation. But these usual
symptoms of coming reaction have been
so often without the slightest effect in the
recent extraordinary market that they
were totally ignored by the excited specu-
lators as many other Incidents have been,
such as the engagement of gold for ex-
port and occasional hardening of the
money market.
The presence In great force of a wide
spread public interest in the market must
explain this ignoring OF usual technical
indications The great accumulation of
wealth which have come to the hands of
the American people for several years
past, and which have lain in deposit banks
ed to be pouring into Wall street, attract
ed by the sudden great fortunes which are
being made from day TO day in the great
price movements Of different stocks. The
large inflow OF money from the interior
to New York seems TO be due to this ten
dency. and is keeping the money market
easy in spite of the demand from other
sources.
There is very little in the way of specific
-
prices. The announcement this morning
of the absorption of the Leyland steam
ship line by ]. p. Morgan had tendency
to give a renewed stimulus TO the specula-
ton, as indicating the continued activity
of the most influential individual i'm the
recent great movements toward consolida-
ton. The belief in wholesale consolida-
lions of great railroad systems, even at
the enormous expense involved in the
buying OF control in the open market, IS
the potent factor in the general specula-
ton. The enthusiastic believers In an In
definite rise In prices argue that a market
turnover within few days OF as many
shares of corporation as the whole out
standing capital necessarily indicates a
movement to buy control, but 1t is GER
tainly obvious that a turnover of that
amount of stock where the actual control
does not pass is proof positive of an enor-
nous amount OF pufely speculative Duy-
Ing. II may be due TO buying and sell
ing and then rebuying many times over
of speculative holdings, or it may be due
TO persistent short selling on every adj
vance and then buying to cover as the
further advance imperils the position OF
the bears. That such purely speculative
transactions formed a large factor in to-
days market Is probably not seriously
doubted.
An analysis in detail of to-day's market
would be futile, so great is it's extent and