Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-01-05
Stocks Opened Strong, but Closed
Under Bear PRESSURE.
GREAT ACTIVITY In ST. PAUL
Missouri Pacific Scores Advance
Under Good Buying.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. January 5.-The week end
Ing today has been, in many respects, the
most remarkable in long list of unusual
events already to the credit Of the stock
exchange. Enormous transactions sudden
reversals in direction and the unwavering
fidelity of the millionaire interests to gfgan-
tic combinations has bewildered the aver
age trader and inspired reluctant con-
serVatlsm in commission circles.
thursday sharp decline is now general
~ regarded as having been a mere feint on
me part or the leaders, and yesterdays
sharp recovery is conceded to have been
intended as convincing method of prov
ing the confidence felt in the success of the
numerous undertakings now in hand.
-unuoh' al least, was convinced that New
iork was In position TO carry on its prof.
ects IN spite OF foreign uneasiness and the
american department consequently became
the strongest at all foreign centers
AS result of these facts today's market
opened wild and erratic, and after two
hours or furious trading closed weak and
excited under pressure of extensive realiz-
ing sales. ST Paul was selling at an adj
vance of 8 points in London prior to our
opening ana opened here up to 1872. Stock
was suppiled on the advance in volume
ard a decline TO 1861 followed in spite OF
good buying.
No details as to the lease by Northern
Pacific came out. but inside interests took
enough new stock to warrant the assertion
that some important announcement is pend
ing. 1t Is barely possible that the lease has
been credited to Northern Pacific in error
but the deal will not be significantly
changed by mere misnomer.
Erle's ability to finance a deal like the
purchase of the Pennsylvania Coal Com
pany was only suspected by a few and a
similar surprise may be in store for the
street In the case of the st. Paul lease
one announcement of Importance, which
confirms rumorS of a month or more ago
was made toward the close of business by
j. +. Morgan & Co. This firm reports the
purchase of controlling interest in the
central railroad of New Jersey, the Offering
of such control to Reading and the accent
ance of the offer by the latter company 1t
now makes an opportunity for Baltimore
ana OHIO to come to the front with the
eastern trunk line project in connection
with these two properties. thus completing
one of the first undertakings of this charac-
ter.
1t has become conspicuous almost TO the
point OF significance that Burlington has
not Deen included in the western consolida-
ton scheme. The coming week may see
some developments in this connection
Confident dividend talk on Missouri Pa
cific and a scared short interest established
new high record for those shares Ten
nessee Coal and Iron was week because of
belief that 1t will pass its dividend next
week.
Peoples Gas declined AZ per cent as the
result of an Injunction limiting the price
OF fuel gas to ~ cents.
The bank statement was a favorable one
showing an increase Of $2,624,1T5 In the re-
serve, bringing the total surplus up to Sl4-
1oo,OI5. Loans increased $7,l32 400, law
full money Increased S. 800 600 and deposits
gained $16, 10000.