The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-29
WEEK IN WALL STREET.
Spectators and Investors Roth Bid
ding Up Prices.


NEW YORK, Dec. 2S.-Bradstreet's
financial review tomorrow will say:
Further Illustration has been given this
week regarding the force Of the bullish
influences which at present govern the
movement of values in Wall street. An
other good bank statement tends to mega
tive fears that there might be a check
to the progress of the market on &C
count of high rates for money, a cause
which has checked so many promising
movements in recent years. In fact,
though the preparations for the largest
January interest and disbursements in
the history of the country have been
in full progress, the arrangements have
been so skilfully conducted that, de-
spite the sustained activity of the deal
ing in securities, the expansion of high
speculation and the notable rise in prices
supplies of call money have never failed
and interest rates have not advanced to
figures which would give occasion for
timidity or induce liquidation The
street, in fact not unnaturally concludes
that interests which are concerned in
the developments regarding various prop
critics in the stock market are also using
their influence to keep money in such
a condition that pressure or disturbance
can arise from that source. If this is
the case, they have been eminently sue
NOo0Adl, DIS Cc1l I1OI1Sy Has uOL OS0n
quoted above 6 per cent, and stock
market borrowers have had no difficulty
in obtaining ample accommodation.
The week in many respects has been
one of the most remarkable ones since
the boom which started Immediately
after the election began it's course. On last
Saturday, although the stock exchange
was to be closed on Monday as well as
on Tuesday, Christmast day, prices ad-
God ~,
ume OF transaction surpassed all records
for half holiday, sales of /, OO0, 900 shares
being officially recorded, and the total
was of course, considerably larger On
Monday, however, the London market
was open and great activity and strength
developed in Americans there. The buy
ing of our stock was supposed to ema-
nate largely from New York, but it was
supplemented by covering by the for
eign bears and purchases by the Euro
pean public. Even ON Christmas day
there was a further exchange of bullish
opinions in all the uptown resorts of
brokers and their customers, and some
transactions were reported to have been
| made at advanced quotations in sugar
st. Paul and other favorite stocks In
! spite of the fact that support and ma
nipulation by inside interests and pools
is apparent in the movements of MANY
stocks, it is also evident that the public
| is in the market. The buying by COM
mission houses, in fact, has been on an
enormous scale. Moreover, it is the gen.
eral testimony that the amount of stocks
| purchased for investment and taken out
of the street is exceedingly large, this
tendency being illustrated by the COM
| parative scarcity of high dividend-pay-
ing stock and the ease with which they
advance on moderate buying In the
bond market also, the lack of offerings
of gilt edge securities has transferred
the demand to new or second-grade rail-
road mortgages, some of which show
substantial and rapid advances.
The buying of income-yielding securi-
ties both in bonds and stocks is, in fact
| exceptionally large and doubtless pre-
! sents in considerable degree anticipa-
ton of the reinvestment of January in
come. AT the same time the speculative
| participation is spreading, and both the
street and the public show disposition
to recognize that the present market is
unprecedented in its character and
breadth, and have been losing their fears
that the upward movement might be
suddenly checked and severe break in
prices follow.