The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-12-23
70 70 70
NEW YORK.
The stock Exchange.

NEW YORK, Dec. 22.-Todays speculation in
stocks took on something q Saturday spirit that
attaches to Christmas holiday celebration from an
Gent history. Today's performance in the stock
market cannot be adequately described otherwise
tions that might attach to special stocks and affect
their value apparently taken NO account of.
and there wild scramble TO buy all sorts and
conditions Of stocks. though all future hopes q
wealth and prosperity depended on an ownership Of
stock before Christmas. There no news Of i'm
portance to put any new phase on the Question q
values, present prospective The buying seemed
to represent the cumulative effect upon the estimate
of the rise in securities during the week, and the
apparently undimnishd confidence manifested by
the large capitalists by their continued large ahsorp
ton Of securities At the fall Of the hammer the
presidents desk this morning 1900 shares Of North
ern Pacific were instantly bought in single block
First transactions In number Of other important
stocks ranged from 10000 shares TO 700 shares.
With gigantic Christmas tree decked out with
gittering ornaments and festoons Of Christmas
green's waving the floor Of the exchange. the
brokers bought stock with as much abandon as
though they part Of the Christmas celebration
and the gayety Of the occasion depended upon it,
The market apparently ran Wild and was only quiet
ed by accession Of selling orders, invited by the
extreme advance attained by some stocks. The buy
ing resumed in the last half hour, after the
bank statement appeared. and a number of stocks
rushed to the top level OF the day. The closing
was animated and irregular. Some of the extreme
advances were: Brooklyn Transit, AZ General
Electric. 4; ST. Paul 27s Peoples Gas 2A. and
very extended list of stocks from to points
Only general conditions and causes afford al
curate explanation for such stock market that
Ct the past week.
Particular events and developments may be ac-
cepted stimulating stocks and there needed but
slight impetus to bring them into life. That i'm
pulse from last Saturdays statement. Ever
since that time the market has shown continuous
animation and variel impulses There was great
dread Of a squeeze Of money rate at the end Of tho
year. the requirements TO be met the largest
known in history
In analogy Of last year. call loans to 10 per
cent, and stocks had to be thrown at any
rifce TO meet call loans. The spirit Of caution
deep that even the strong evidence Of widespread
buying OF railroad stocks by bankers and
tive financial interests failed to attract general
following. Their presence the market also
due TO manipulation TO trap the nnwary into speea-
lative commitments in stocks. which would have
TO he sacrificed before the end OF the year. Con-
ditions during the week have grown apprecisbly
easier in the money market. The subreasury opera
tions have contributed to the market. instead
Of taking from H. as last week Pension payments
have reached the maximum for the month and there
have been larger payments assay office checks for
gold deposited at Pacific coast points. With the APP
proach d December 81. which terminates the period
for refundng government bonds into the new p.
there has been rush Of bonds TO the subtteasufy
for transfer. and payment Of premiums on these
has been impetus toward replenishing the
banks. Money has been loaned for account ~ banks
and financial institutions outside Of New York on
very large scale. These Institutions keep n large
part Of their deposit in New York clear
ing house hadks and their drafts these deposits
In the course Of placing loans which accounts for
the heavy shrnkage in the loans and deposits Of the
banks.
Sentiment Is not an entire stranger to Wall street.
and the holiday spirit and rejoicing of the holidays
which active hull market brings to the stock
change district have played their part IN keeping M
the spirit Of the market In the aggreEate number
Of shares dealt ia Ii has been exceeded former
occasions but in the breadth and value 81 the deal
ings Il passes beyond all previous experience. The
market seemed capable Of any amount Of offerings.
without At all impairng It's great animation and
underlying strength.
The railroad bond market has been aetuatcd by
sympathy with the stock market The low grades
have hsen the ta,orites and have moved strongly
upwards with occasional reactions from speculative
profit taking United States = advanced y old
Is and 81 z. and Ss registered. y per ccut The
Is declined = below the ruling call prices q a
week ago.