New-York tribune., 1900-12-27
STOCKS STILL SOAR.
WHO PREDICTED DECLINE
DISCREDITED-THE END APPAR-
EMILY NOT IN SIGHT.

The prophets of Wall Street confounded.
for the boom in prices which it seemed a week
ago to many cautious observers must have
reached height beyond which il could not ad-
vance without intermediate decline, con-
tinues day by day. with no immediate inGica-
ton of being its elimination. The end
must come some day. of course. but money IS
still easy, and after the first of the year, when
the mass of interest disbursements will be made,
it will be reasonably abundant for several
weeks; the export trade of the country is con-
stantiy swelling-the exports from this port
alone last week were more than S50O0OOO in ex-
cess of those for the corresponding weeks OF
last year; railway and Industrial earnings con-
tinue to make a satisfactory showing, and each
week brings the news of some fresh extension
OF the Communists sf ownership plan among
the railways tendesg to insure the stability of
railway rates and the permanence of railway
dividends-a principle which the future may see
extended to the field of industrial competition;
Europe has no vast stores of American securi-
ties. and consequently there can be no great
liquidation by foreign interests; and. not least
in Importance. the assurance of at least four
years of permanency OF the gold standard has
given powerful stimulus to public confidence
in the ability of the manufacturing and trans
portation corporations of the United States to
make money and enlarge their facilities
The resumption of business the Stock Ex-
change yesterday after the triple holiday was
marked by the desperate efforts of the brokers
to execute a tremendous accumulation Of or
ders. Unusual excitement attended the initial
transactions Six or seven stocks opened wide
and prices in many instances materially
higher. Particularly was this true of Sugar.
with a. gain of more than 3 per cent, much of
which it soon lost; St. Paul. more than per
cent; Atchson common. 2ss; Baltimore and
Ohio common, 2 per cent; Brooklyn Rapid Tran
sit 2% per cent, and another per cent soon
after; Tennessee Coal and Iron 23s per cent,
with many other gains of from to ~ per cent
Operations were unusually heavy all through
the first hour, and it was said that they broke
all previous records for that period. The stock
tickers were at least ten minutes behind in the
early part Of the market, and the specialists
were rushed with business all day that they
were obliged to decline to deal in lots of less
than one hundred shares.
A feature of yesterdays market was the ex-
tremely heavy proft-taking selling. which came
from what the Street calls good sources This
movement set in soon after the opening. and
was so steady as to give few traders
chance to hammer the active list, though with
Indifferent success. After the first one or two
reactions the buying power seemed to grow
stronger. and in the last hour prices again rose
in many issues.
Gossip affecting almost every stock in the list
was heard on all sides. The tip Sugar was
that the alleged differences between the Ameri-
can Sugar Refining Company and the Arbuckles
were in a fair way of settlement. story which
lacked confirmation from authoritative quarters.
! The strength of Tennessee Coal ana Iron was
| ascribed to well founded rumOrs Of change in
the Board of Directors OF Brooklyn Rapid
Transit it was said that prominent new interests
would soon be found in control. Commission
houses operated extensively. and London took
! part in the selling movement.
| The total sales for the day were 1423.469
! shares One of the largest net advances for the
| day was in Brooklyn Rapid Transit which
touched SS7s and closed at SI1s, gain OF AS per
cent. st. Paul closed trife under the high hg-
ure of the day. at 1885. a net gain of Us per
| the very top, Az points above Saturdays last
price. Federal Steel gained 2 per cent. closing
at 5712; and Tennessee Coal and Iron, after sell
| ing at 6915, closed at 61H with a net advance OF
| 27s. Colorado Fuel and Iron made gain Of us,
Tin Plate Of 215, and Amalgamated Copper, IL.
Sugar closed at 1417s, 25s points under the high
! est of the day and rs over Saturdays final
| price. Consolidated Gas gained 3A per cent,
! closing at 1884, the high level. Manhattan ad-
vanced points. closing at 1161; and Metro
politan. selling ex dividend, closed at 112, net
There is said to be no likelihood Of the Stock
Exchange closing on Monday. the day preced-
| ing New Years