The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-08
LARGE PROFESSIONAL, OPERATORS
IN STOCKS ALL ON THE BUY.
ING SIDE.
SPECULATIVE
FUR0RE.
BY JANUARY PAYMENTS A
MARKET FACTOR.
IN THE RATES FOR MONEY
Net Gains in the General Share List
All the Way From a Fraction
to Point.

NEW YORK, Jan. THE market for stocks
today did not differ materially from that of
yesterday The aggressive bull mood of the
speculative world continued in full force, and
all the large professional operators were
buyers Of stocks. That they were reinforced
by marked addition of outside interest In
the market was shown by the large num-
Der Of orders in speculative stocks placed
through commission houses. There was also
continued absorption Of bonds of all de-
scriptions very heavy orders being placed in
the high grade issues, as well as in the spec
ulative issues, and moderate grade bonds.
The pressure for reinvestment of funds re-
leased by the January dividend and interest
payments was very obvious. There was also
a marked weakening of the rates for money,
Notwithstanding the lively awakening of spec
ulation. Efforts were made by the banks and
money lenders to keep the rate for money
as high as per cent. Loans were, in fact
placed at 212 per cent, but the rate sagged
OFF to per cent, and the last loan of the
day only commanded 2k per cent. Owners
OF money were also lively bidders for COM
mercial paper. This served to stimulate the
speculative force, which seems to have brok-
en- out. London quite a large buyer in
this market Of several of the internationals
notably Union Pacific and Louisville & Nash
vile. The Vanderbilts continued to hold the
leading place on the reported determination
OF the controlling interest in these properties
to see traffic rates maintained. There was
also renewal Of old reports of combina-
ton involving these lines, and looking to
through transcontinental traffic
The most conspicuous movement in the
market was that in Susquehanna & Western
securities sec due to the reported passage Of
the control Of the property to Erie interests
Inc fears of minority stockholders led to an
unloading OF their holdings, and a. slump Of
Q points IN the common stock, without re-
coVery, and OF points in the preferred with
rally OF over a point in the latter. The
bonds of the company were very strong on
the oellef that there would be a guarantee by
the new controlling company This break
caused sympathetic weakness In all the
coalers, and mild weather worked to the
same END The bituminous coal roads were
on the other hand, notably strong. There
was evidence of realizing in parts of the list
on the strength impaired to the market by
the general buying. Some of the leading
railroad stocks show small net losses, but
thls tendency was most pronounced in the
recently active stocks of local corporations
Manhattan became strong later on reports
OF proposed change to electric motive pow
er ana General Electric enjoyed a CORE
spending benefit. Consolidated Gas advanced
at one time points and Third Avenue near
~ o.: The realizing of the last hour, invited
py the days notable rise, affected the spe-
c1altfes most but it's effect was quite marked
throughout the list, reducing the DAVIS NET
gain quite sharply in some cases Net gains
outside the coalers and a few specialties ex-
tend all the way from a fraction to a point.
Inc abundant replenishment of the local
money market had led to talk of the sur
render render by New York banks of the govern
ments deposits now in their vaults on ac-
count OF the Union Pacific payment
The bond market continued very notably
active today, and large number of issues
SHOW gains of over 1 per cent Total sales,
S4,55O, co., United States old fours registered
were Is higher bid, and the new fours were
4 higher.
Total sales of stocks today were 44S. 900
shares, including: Atchison pfd, 1000; c. &
o. 6'665; Burlington, 1858; Erie pfd, 3,485;
L. N, $500; Manhattan, 80 1853; Metro
p polite S,s45; Reading list pfd, $500; Mis-
n. Y. Co., Is, AS; Northern Pacific pfd, $3.50
Ontario nt & Western, 1866; Reading, 1920;
pfd, 1928; Union Pacific, PATIO; Tobacco, Is
SSo; =. Z; W., 1850; Peoples Gas, $3.50;
General Electric, 13 1885, Pacific Mail $500
Sugar, 1895; Western Union, 2s799.
, The following were the fluctuations of the
leading railway and Industrial shares fur
nished by c. H. F. Smith & Co.. members
New York stock exchange and Chicago board