The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-25
HEAVY DEALS IN STOCKS
WALL STREET ACTIVITY OF LATE
HAS BEEN UNPRECE-
DENIED
EVEN THE BULLS SURPRISED
Prices Have Continued to Advance
Without Even the Reactions
Expected in a Rising
Market.


says:
The stock market closed On Saturday
in a blaze of glory which far outshone
the radiant prediction of optimiStS made
long ago. and aStounded those who, rely
ing upon judgments formed upon the
course of markets in the past, have been
eXpectant OF some sign of eclipse or
shadow. Indeed the rise of values which
has taken place within the last two
months has dealt a heavy blow to all
previously formed theories of reaction.
and has been a destroyer of traditions
generally.
That numerous and ordinarily inhuen-
cial body of spectators known as the
room tcaders-that is to say members
of the stock exchange who deal only for
themselves alone and often clear Their
accounts through another house or firm
have, as a rule, either lost money in the
present advance or have failed to profit
greatly by it. The declining prices, even
of temporary nature, which they We're
looking for. never came. Immediately
after the reelection of President Nc
kinIey it was assumed that the rice
which had already occurred had dis
mounted the event, at least, until after
the new year, and that a substantial
Is reaction was in order.
INVESTMENTS ON A BIG SCALE.
But is was found that investment buy
ing on the part of the great body of the
people set in instantaneously on a scale
never before seen on Wall street 1t was
--- discovered that the temper of investors
had been that they did not care To
make purchases until they were abso-
Iutely certain that Mr. Mckinley was
elected, and that with that event settled
their Judgment was that not a cloud re-
NAMED On the horizon
OneSef the first persons in Wall street
TO discern this state of affairs was Mr.
M Is E,aI
III the last two years put this belief on
record tEat there was not money enough
III the country TO provide for the coun-
TN business, and, at the same time
larry at the prevailing range OF prices
oile large number Of shares of Industrial
corporations that had been newly issued.
70 some extent, at least, he shared in
tne ryan theories Of infiatio and he
peheVed that Mr.. Bryan had a f1ghting
chahce for election.
win these illusions dispeIled. Mr.
Aeehe immediately became a "bull' or
nc 1oSt rampant order. and it is under
$1,000 that Is his position today. Mr.
Hne mas long been the most active
9PecuiatIVe force, strictly speaking in
wan street, and his change of heart has
IeIt the bears" without leader.
GENERAL BUSINESS ACTIVE
Alter this investment buying had pro-
5eSseu III considerable period, result
s 1" permanent retirement OF an
b,,oi,1I quantity OF securities. general
business became active over the conn
try and fears of tight money arose
shortage in the worlds cotton s1,nnIies
UeNelOpeo, making the crop of the CIR
n' season raised here exceedingly moro
. valuable and required greater sims ~
hiohey TO move it. The high rates of
rl,roho Iulhg IN Europe made foreign
purchasers of cotton, as Well as of Other
commodities, unwilling to nav for +bo;.
purchases in cash; hence the hanks 1 -
= New York and Chicago, and the otbo.
gFeat-reserVe cities, began to suffer a
money oraln caused by the demands oP
Soulileth planters for payment for their
cotIoI. which was really in the nature
Vi addltional loans to foreigners. Bank
yes ielI, money rates rose, and when
the nrSt day of December came ,,a-,o,-
les. grew vivid of the famoIs 80 ~
last year, due, apparently. to the sane
causes OF those which seemed to ba IN
operation now. ~ We III
buC theSe black anticipations in tbair
I'm vanished. Money on call in the
STOCK exchange has rarely risen abo1,o
pei cent throughout the present month
- must be admitted that the foroos
- - nave brought this about are still
\ d Htte mysterious The exact 11ooI, -, ;,
OF
comps nles of this city to those he1d h..
the bankS is not precisely undarcto99
an" there Is no doubt that TIGHT MEMS
c1SJ money can, within certain limits
to.' UNse" ny certain combinations of
HHaHclal interest. However thic
M - 'ne failure of tight money to
put IN It's accustomed apnearanoo ~ NJ "
cefaber caused the bear onero4a - D e
wal steet again to retreat from tba,n
position with losses. 'iie'r
ERIE STOCKS RISE
JUST as operations Cor the decline ono.
tIote begah ON the theory that Dacen,bt'r
90 u tI'he Ior a general clearing IN
aiiu balancing of accounts and +bo4 ~
christmas holidays were usuaIJI, . ..t,t ne
pei loe' t2e price of the stocks heora,,
~ lloNe upward, for the first time rran
SINCE the reorganization Of tho
ny. Inc room traders declared that
'Siti9 meant surely, that the last rat tran
mac been sprung, and that the Tnar1rat
had reached its top They steadfar ne
went short until the news of tbe +ra
hehaerS financial project underlying +ha
movement in Erie began to he n1,bljo
property, and even then appreciation -
slow. 0u " as
1t was finally understood in i+v nrona.
relation to the other vast movements in
railways and industrial properties. tha >
nave recently taken place in this country
all looking to the cessation of rafo
wars and ether forms of needless and
destructive competition, and to y wise
concentration Of supervision over tbe
properties. net more for the benefit of
the owners Immediately concerned than
for the general business interests of the
land.
AWAKENED TO FURTHER FACTS
Coinc:dentally it dawned uDon tho
minds Of Wall street operators that thu
contracts undertaken long before election
by English SPECTATORS for the delivery
OF American securities to the America n
buyers of options calling for the same
mad only Deen upon a scale unprece-
denied in the history OF speculation. but
that the greater portion of these options
had not been covered by the daring but
unfortunate Englishn9en who had sold
them. Buying for the account of these
Englishmen set in necessari and the
resultant advance in prices was acceIe-
rated by i renewed stampede OF shorts
in our own market, and by that most
.direful Of al direful things for the Wall
street bear, the buying of the great
American public In a bull" fever
This bull fever is in complete con-
troll of our financial markets and there
is no telling how long 1t will last or how
far it will go. Many have thought that
while prosperity was with us, for pro-
longed period history would show that
the high prices Of securities in this period
were seen in April 1899. 1t is now evident
that the top has not yet been reached.
All sorts of stories are current regard
ing combinations and deals and any
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