The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-05

tons in prices and the highly concentrat-
ed character of some Of the dealings, it
is no ;exaggeration 10 say that vast for,
tunes were made and lost on the, floor of,
sionsq are very rare when sseRtimer on
the! exchange has been so abruptly
Changed from mood % E Depression to
one Of excessive exfflaration as was
shown today, although events have oc-
Cured to precipitater sudden epanlcs in
the midst of speculative excess. 1t would
be useless to attempt to analyze closely
the causes underlying such a; market.
There was a recrudescence in full force
of all the bdllish sentiment which has
stirred up the stock market for two
months past. Fhe effect was the more
acute by reason of the. rebound from
yesterdays depression. There. was, of
course, the actual buying requirement
from the bear element, which overex-
tended It's life yesterday on the conf
dent assumption that the reaction, once
established and liquidation started, was
bound to run a lengthened course, but
the actual buying from this element
small proportion of. the total transactions
conducted today. The sentimental effect
of the rebound on. curnent opinion was
far more worthy of aeeouAt. The day
opened with the bears in confident mood,
and they attacked the market with en-
thusiaSm. The decidedly gloomy state
of mind on the London gtock market was
of material aid to them5a and they. We're
able to force declines running from l to
2 points at the very outset, The weak
ness Of the market wasRot. Immediately
all through the first hour Yesterdays
sharp reaction brought in apfoti taking
and Stop-loSS orders frdIh many outside
sources. But the evid9hceS. OF support
We're sufficient, even in fEe opening deal
ings, to serve as a warning TO the bears,
and they began to tttVettlyery early.
The rebound in Sugar, '6natHe story OF a;
settlement of the trade war, was in
itself a backset for the heaFs: ~ y ;. 80, =
But the powerful levers which moved
the whole market. was eSt3. Paul. The
story current for some time that the road
is to be leased to Northerr- Pacific and
Great Northern On the guarantee of
dividend, with a preliminary distribution
of the company's great surplus, received
ditionai inforIrsa ton. The variations
wrought. in this tale in the current -TlI-
mors :. were almost infinite ana will
probably never be Strengthened out until
an official authorized statement is given
out 1t is sufficient for the purpo es Of
this review to state, that the price moved
upward as a result 13S3 points. from tie.
low level on sales. of over 243eG0. shares.
Notwithstanding. feVeFish vibrations, TIE
price closed within "a quarter OF, the top.
PaTalfei~-with this. rise was an upward
movement in Northern Pacific of s points
and in Great Northern preferred to
points. Without attempting to specify
other. individual . movements, il is zstlf-'
ficient to say that the gains in al the
stocks most actively tradId in ranged
from to over points and in New Jer-
Sey Central the rise reached nearly g
points. The market closed amid intense
and furious activity with 1Iany stocks
al the top prices and rising buoyantly.
Reeoveries in the bond market were not.
so general as in stocks and the weak
ness IF many railroad bonds persisted.
Total sales, par value. 1860 COO
United States new 4s, coupon, declined
l per cent; United States registered. *,
and refunding Is; old is. coupon. advanc-
ed n.
STOCK QUOTATIONS.
Furnished by Charles FL. F. Smith s.
Co., members of the New York Stock
Exchange. Pioneer Press building. who
have direct wires to Chicago and New
York = Closing rlI-icnS ara.sfiids = -