The times., 1900-12-23
4 RUSH TO BUY STOCKS
Wall Street Breaks All Records
for Saturday Dealings.
Over 100000 Shares Change Hands
IN the First Fifteen Minutes of
tended by Advances a Good
Showing by The Rank Statement.

NEW YORK, Dec. 22.-The largest busi-
ness in stocks ever done on the New York
Stock Exchange on Saturday was done
today. The exchange was open for busi-
ness only two hours and the transactions
exceeded In amount those for any other
two hours in the history of the exchange.
Likewise, the transactions for the week
were the largest on record.
The day opened with a rush to buy
stocks, and in the first fifteen minutes
more than 250,00O shares changed hands.
The dealings in the final fifteen minutes
Of business were nearly as large. Prices
moved up with rapidity at the beginning.
Their subsequent course was erratic until
toward the close, when sales to secure
profits resulted in a slight recession.
For most OF the leading stocks the gains
Tor the day, comparing the closing prices
with those of yesterday, were substantial.
The stocks which showed losses were few
IN number and were mostly inactive is
sues. London dealt heavily in this mar
ket. Its dealings were estimated to have
aggregated 100000 shares, and its pur-
chases exceeded its sales by something
like 10000 shares. The early strength of
the market was in a measure derived from
London's dealings.
The bank statement was favorable. al
though not in accordance with prelim-
mary calculations. An increase of IS, ,000,-
600 or more in the cash holdings of the
banks had been counted on. whereas the
actual figures were s., 200, 200. A decrease
Of s5,661. 800 in loans was rather surpris-
ing in view of the immensity OF the busi-
ness in stocks. for the week. 4 decrease
of sS.S53.7o0 in deposits was considered
normal
gratifying outcome of the changes in
the items of cash and deposits was an
increase of sS,17l.625 in the surplus re-
serve, which expanded this item to So
4T9,000, as compared with SIC, ,3S4 ,075 one
year ago. The situation of the banks is
SO strong that they can without difficulty
provide for the needs OF the stock mar
ket until the funds accumulated for the
January disbursements are released. The
money TO be paid out the first Of the year
will, it is thought, promptly find its way
to Wall Street, which is the most active
Geld for the employment of funds.
Evidence is not lacking that the amount
OF stocks available for speculative trans
actions has been greatly reduced in the
last month or six weeks. In other words,
stocks have been taken out of Wall Street
recently to such an extent as TO aid ma
terlally the advance in prices and, fur
thermore, to help in the maintenance of
the higher prices. This is a factor in the
Situation aside from and in addition to
the conditions at large making for an
Improvement in values. The buying of
stocks for actual investment has been
prodigious and. in fact, unprecedented
There was a remarkable display of
strength by the railroad stocks. 1t was
derived from fuller appreciation of the
elect of the Hnfication of leading lines in
the East and Middle West and the creation
OF community Of ownership in the great
lines from the Atlantic to the Pacific
There vas again large trading III the
Erie and Reading issues and in the stocks
OF other roads engaged in the anthracite
coai traffic The purchase of the Pennsyl-
Fanla Coal Company on behalf of the Erie
Railroad and other steps taken for the
efectual regulation Of the anthracite
trade imparts more substantial value TO
the stocks of the anthracite roads.
Sugar Refining led in the extent of deal
ings. Not only were the dealings on a
heavy scale. but the stock gained largely
in price. The movement in this stock
was for the most part, If not entirely,
speculative, although sugar trade condi-
tions perhaps are more settled and sat
isfactory than in many months
There was an eager enquiry for Brook
lyn Rapid Transit, with a sharp rise in
the price. Large buying of Federal Steel.
with jump in its price. was ascribed
to the belief that a payment of per cent
out of earnings in the current year would
be ordered by the directors at a meeting
TO be held next month