The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-28

NEW YORK, Dec.> 27:22The market d.
| gested an enormous amount of stocks on
pront-tak1ng today. These heavy Offer
ings We're not without effect on pTices
and, in fact, there was a period of very
general reaction, but like yesterday, the
market again demonstrated its marvel
| Gus fecuperative power and the specula-
| tive enthusiasm was shifted into new
quarters, where the buying was resumed
without undated confidence. In larse
part of the general list the movement of
prices was not wide at any time, and the
large volume of business was accom-
| pllshed without either making an inroad
on the market value or increasing it, In
| other stocks the days price range was
quite unimportant. In this list were stocks
| which yielded sharply to the proft-tak-
ing movement and then recovered strong
| ~ in sympathy with the strength which
| and Pactfics are examples. The distin-
| gushing feature of the days trading was
| the development Of aggressive strength
| in large group of low-priced stocks,
! both in the railroad and miscellaneous
departments The advance in Denver &
! Flo Grande common gave the cue fog
this movement. The strength in the RIO
Grande stock and the large amount of
| the absorption gave rise to the conjecture
that a process has begun Of transfus on
/ of interest between railroad companies in
! that region looking to a settlement of oh.
stinate rats problems. similar to the ex-
| change Of holdings which. has occurred
! between railroads in other regions. The
response was especially among South
| west railroads, but among low-p1iced
/ stocks scattered all through the list. A.
| ter Denver & Rio Grande had risen 49,,
] there were successive responses in Iowa
! Central, Norfolk & Western, Fort Wcrti1
| & Rio Grande, the Wabash stocks, United
| States Leather, Hooking Valley c. al,
| NORTH American Reading second prs
| feTred, Mexican Central, Ann Arbor and
| Ontario q Western oss1Eonr l to 33s. This
/ diversion of. speca4affFe activity from
| high-prfced diVidend-raying stocks to low
| priced stocks is a 4-elS1 u -ual accom- "a
ment on the theory-tl1at the lowpricad
| stocks are entitled tof a rise to adjust
their values to the diEidend payers. AZ
this time there is the Traditional gu
fear of a PossibiIf tE0f "a money ~squeeze
| incident to the early settlement, that the
| loW-Priced stocks are safer to hold on
1 margin, as. the margin represents in soma
| cases nearly the full value of the sto *.
/ In addition to these features of strength
in stoday's market. there was an opens g
| rush to buy Peoples Gas, which made
| the price 10, or 3% above last night. AL
| though it fell back the early 3 points, it
was we'll sustained at the lower level and
| closed with a net gain of Ia on the
strength of the reports Of Vanderbilt &C
/ quirement of the stock. Sugar was very
feverish over a wide range, rail- Wing
| strongly after an early decline. and clos
! ing with a net gain of 81. St Paul NOV
eu up III the idte ueduHSS pretty near 70
4 al, coming within less than point of
! Burlington. UneasineSS over the money
| market was again allayed by the abund-
ant offerings on CALL, which, carried the
! rate down to per cent in the late deal
] ingS. This was an influential factor In
| rallying the market and the BEARS who
! sold freely in the early trading covered
| again on a large scale before the close
Business In bonds continued large and
the market gained strength as the day
! progressed, Total sales. par value. S. 1873,
! COO. United States old as and SIS advanced
/ 1si refunding Is 81 oand IS q per cent on
| the last call, -,.-s<-.
t. .s.>sw STOCK QUioTAEIQNs.. /. ~
4 Furnished by1Charles H ,Fs Smith !, g
i Co, members of the New York EStocB
Exchange, Pioneer Press building. who
have direct wires to Chicago and New
i York. Closing prices are bid: