The Saint Paul globe., 1900-12-18
HAVY IRADE IN Stocks
ENoR NOUS BUSINESS WAS DOME
YESTERDAY In WALL
STREET
CLOSE WAsaAT STEADY PRICES
Indications aiTElha That the Bull Party
Were Letting Long Lines Go in
drder to Take
)o9s Profits.

NEW YORK, Dee. 1.-THE surface in
qlcatlons IN today's stock market all go
TO snow that stocks We're in very active
course OF transfer from the hands of
strong to those of weak holders 'Vhe
elimination OF rise invariably presents
TINS very condlElon, but it is a condition
also Whlch cceurS at intervals in every
long sustained upward movement Tha
| conservative element, after seeing a csr-
tam proflt assured, makes il a nabit to
sell and take a profit without regard TO
the prospect Of further advance Thn
weight or influence then passes to the
bear party, and the upward course is NOT
best efforts to push the reaction to a ciil-
mlnation. What was evident TODAY was
that powerful skillful manipulation was
at work to make the opening prices, as
high as possible to meet the fiood OF ont
side buying orders, which was certain
to come into the market after last weeks
events. Even from the very first encr-
nous realizing was in evidence. Later
in the day attempts were made to hold
UP the market by marking up the prices
OF various industrial stocks. AS the fact
became more and more evident the re-
straining forces of these individuals was
taken TO continue the unloading OF long
stock, the professional element on the
exchange turned to the bear side. They
were successful IN forcing a sharp reac-
tIen, much reducing the gains that had
been largest and completely Wiping out
large number OF those that had only
reached moderate proportions. Manipula-
ton developed at the close again, to rally
the market by bidding up Northern Pa
cliIc to 1872, q record pIice. The shorts
We're buying to cover elsewhere, so that
the closing was generally steady with tne
further course OF the market very unset
change in prices today very small the
profits of last week. the advances are on
enormous scale. Today's animated out
burst of outside speculation was the loei-
cal consequence of last weeks events
The palpable facts that large banks and
financial interests were taking On cnor-
nous lines of various stocks and the
developments Of the week pointing TO
far reaching7 plans, and the improvement
OF values, was offset for a time by the
apparently dangerous condition of the
money market, but the showing III tfc
Saturday bank. statement led to the con-
cluSlon that extraordinary meas ures We g
oelnS taken tbynpoWerful financial inter
eStS TO conserve the ease of the money
market against the natural drain on it's
resources. The normal course Of sub
treasury operations also promised some
bGlliSh enthusiasm was a certain conSe-
quence. The fact follows that to be
strong banking interests provided them
selves long since with ample resources to
take advantage of the reactionary ten
denCy Of stocks incident to the Decem-
Der Period to absorb heavy amounts Of The
various railr0aU stocks, which have fig
u1ed most largely in the stock market for
many days past So large and effective
was this buyangsfas as to overcome the rat
ura1 reactlonary Vtendency in the market
and to prompt the speculative public to
rush to secure stocks, seeing that the
expected reaction was not likely to oc-
cur before January. Higher prices for
stocks in January have been the univer-
sal expectation or the stock exchange,
and spectators have only effected an
opportunity to buy stocks and TO held
them safely in anticipation of the Janu-
airy lise. Last weeks bank statement
vas accepted as the assurance that
money resources would be ample to hold
stocks over the January first period. Out
side OF the opening general advance,
ranging up to- between 1 and 2 points,
the most striking later advances w>fe in
the New York public Utilities, led by
Brooklyn Rapid Transit and Metropolf-
tan; the Erie stocks. and a number OF
the minor VanJerbtlts.5 AYnaIganiate1
Copper also developed notable strength
rallying four points, The excited bull
market was a striking contrast to tSe
panic of year ago, when the cons friction
of the money supply was forcing stocks
upon the market at any sacrifice in order
to meet the calling of loans.
EonGs were not so active as stocks,
and the movement of prices was irreg-
uiar. Total sales, par value $5,360, COO
United States Ss, registered, declined Il.
The Is advanced Il. and IS coupon "A per
cent on the last call.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building who
have direct wires to Chicago and New
York. Closing prices are bid: