The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-14
BULLS IN CLOVER.
All Records of Sustained Bullish
Movements In Wall Street Broken.

All Records of Sustained Bullish
Movements In Wall Street Broken.
NEW YORK. Jan. 13.-Bradstreet's fnan-
cial review tomorrow will say:
'All records of sustained bullish move
ments in Wall street have been broken. This
week has seen successive daily transactions
of / 600, 600 shares or more, with higher quo
tations throughout the share list. Ordinarily
the extreme activity and the no less extreme
prices would suggest that the market was
nearing elimination, as was the case in
1881, when the last speculative excitement was
about to terminate. The confident sentiment
which has brought the public into the street
seems, however, to be undiminished, and
though conservative interests deprecate the
rapidity with which the market seems to be
moving to an extreme, it Is admitted that
present favorable financial and other condi-
tions as well as the greatly augmented facil-
tiles for speculation which it enjoys render
it futile to form conclusions about the i'm
mediate futures based on former expert
ences.
'It is probable that this week has pre-
scented growing evidences of manipulation and
of decided increase in the amount of purely
speculative purchasing in contrast with the
investment demand for securities which was
notably displayed prior to Jan. 1. An i'm
portant indication of this Is furnished BY the
comparatively smaller dealings in bonds. in
the face Of the enlarged volume of stock
sales, and by the tendency of the former
class Of values to recede little from their
recent high level. There has also been
great deal Of irregularity In the movement
Of different parts Of the list. some groups of
stocks presenting the appearance Of taking
profits, while others advanced.
THE participation of the public in the
movement can be gagged by the volume Of
orders executed by commission houses for To-
cal and out-of-town SPECTATORS. Chicago
alone furnished a large amount of business.
AS was the case in the preceding week, the
disposition seems to be to follow the leaders
of the speculative world in whatever direction
they indicate, though when part of the
list Is temporarily abandoned and the realiz-
ing sales cause recessions, sufficient buying
seemed to develop to prevent the declines
from being at all severe. London has not
been an important factor.
Although Americans were the active
feature there and the British public seems in
clined to buy there was heavy foreign real
izng and arbitrage brokers are known to
have borrowed large amounts of stocks, esti-
mated as high as 100, 900 shares representing
securities which are being returned. This
fact is cited as reason for the steadiness OF
exchange rates in spite Of the heavy current
exports The market here, however, has ap-
parently concluded to disregard Lendon's
marketing Of securities here and may find
good reason for 1t in the declaration made
this week by the head of large banking in
stitution that owing to the exceptional posi-
ton Of the United States instead Of London
financing New York. 1t is New York which is
financing London. The money market has,
IN fact. given no indication that would furnish
grounds for apprehension, much less for
bearishness. It's ease has increased If any
thing, and the street has also realized the
advantage to the market at a juncture like
the present of the stock exchange clearing
house. which largely obviates the actual en-
ployment of funds. At the same time it would
seem that lenders of money have displayed
little but significant dsfavor toward the
newer class of industrials as collateral par
ticularly stocks of that kind which were being
advanced too rapidly. This was apparently
for Of the chief incidents of
the week, which involved change in the
activity of leading operators and bull pools
from industrfals and specialties back to the
so called standard stocks-that is to say, the
railroad shares