The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-12-19
BAD FOR BEARS.
Bull Movement in Stocks on
Wall Street
Has Scarcely Ever Been Equal
led in That Market.
is ENORMOUS BUYING
1000 Shares of SouthernRail-
way Change Hands.
When One Stock Gets Too High
Another Is Boosted.

New York, Dec. 19.-Speculatfve excite
ment continued in Wall street today and
the extent. of the interest in stocks and
the long continuance of the advance e1-
ceeds almost all presidents in the history
of the street. Many securities are selling
at prices never before equalled and yet
show no signs of halt
With each days successive bulge large
short lines were put out and
holders of long stock among
the professional operators unload
on a. heavy scale, in the fear that the
time has arrived which justifies the max
i'm popular in Wall street that prices can
not always go up,but in the current move
ment the bears have been obliged to buy
again to cover at a higher level of prices
and the sold out bulls have had to wait
in vain for a reaction to get into the mar
ket again.
These conditions were quite evident in
today's market Prices opened with an
enormous buying in a few speclal STOCKS
Examples were u. COO shares of Southern
1000 shares of Erie first preferred, and so
on, each at advances of a point or more
varying a large fraction on simultaneous
sales. The bullish enthusiasm was at
high pitch: Then came the inevitable IN
loading of the proht-takers and the at
tack by the bear traders working for a
reaction. But the backward course of
prices in stocks where this was going on
was not allowed to affect the continuance
of speculation for rise at other points
and new points of strength continually
developed, as the buying shifted from one
point of the market to another. The abil-
ity of the market to absorb large specula-
tive liquidation at one point without dis
cOuraging the new buying demand at
other points is one of the most striking
evidences of its breadth and strength. The
unappeaSible demand for the Erie stocks
continued the feature of the market. In
other quarters sudden advances were fol-
lowed by relapses and losses were easily
recovered without affecting the enthusi-
aSm-
Chicago, Dec. 19.-CORN-Corn was
quiet but nervous market the first hour
today. Nearby options felt the absence Of
any contract corn in the receipts Of 437
country offerings reported freer. January
opened a shade higher at $685. touched
365sd3zc and was then bid up by shorts to
3I144ssc- december opened sc lower at
407sc touched 40s4c and following this rail-
a ileo ssac to1ch g sssskc ana reacted
to 361Ac. Selling at the start was mostly
by shippers against country purchases.
The remainder of the session was duh,
the close firm. December closed &c
higher at fAc; January 1s4Ac up at &c
and May unchanged at 36Ac.
WHEAT-Only a small scalping interest
was at work in wheat early and in that
friendly to the price. Light outside de-
mand and the continued liberal northwest
receipts We're the prominent discouraging
factors. May opened unchanged TO- sc
lower at 725sc to 721zc and sold to 721Ac;
where the marSeSs steadied and reacted
to 721kc Local ieceipts were 100 cars and
none of contract grade. Minneapolis and
Duluth reported 552 cars against 434 last
week and 1853 a year ago. Argentine con-
ditions were reported improved.
The market later turned firm on a re-
ported shipping demand, cables announc-
ing rains in Argentina and that the Ar
gentine exportable surplus is seven pounds !
short weight per bushel and the fact that |
this market is now an export basis with |
Liverpool. May advance to 725sd73c and !
closed firm at that figure, 5zqssc over |
yesterday.
OATS-There was scarcely any trade in |
oats and prices were practically station /
airy. May opened a shade lower at 23ss /
MAc. touched 231205sc and then reacted to |
opening figures. Receipts were 146 cars.
VISIONS-ProvisionS were quiet /
but strong. The market opened firm on /
lighter hog receipts than had been ex- |
pected and advanced on a good commits /
sion house demand for lard and ribs and |
for pork by shorts. January pork opened |
TIC higher at S1215 and sold to s12.25 jan /
uary lard opened unchanged at $6.S2la and /
advanced to s6.S715G6.90, while January /
ribs started PIC up and assembled to $780, /
NOte-There will be no session of the /
board of trade from December p to &C.
FLAX-Cash northwestern. S1.61; No 1, /
81 .6015: December. 81. 601z: May, S1.e0.
RYE-December, 4612c; January, 461zc; |
May. 49c.
BARLEY-Cash. $4,000
TIMOTHY-December, $3.50; March, says.