The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-12
WEEK IN WALL STREET.
Trading of Unprecedented Volume
nj the New York Stock Exchonre

Trading of Unprecedented Volume
at the New York Stock Exchange.
NEW YORK, Jan. n.-Bradstreet's
financial review tomorrow will say:
Trading upon a larger scale than Wall
street has ever seen marked the end of
last week and the beginning of the pres
ent one. The fact that on last Satur-
day, in the two hours of business at
the New York stock exchange, LII, coo
shares changed hands, and that on Mon
Gay, Jan. Z, the high water mark for
full day was reached, with recorded
dealings to the enormous amount of
about 2,150,000 shares, illustrates the size
of the present market This was due to
the effect upon speculation of the deal by
which the Jersey Central road had been
acquired for the Reading company, sup
piemented by the general belief that a
foundation existed for the TumorS con-
corning the acquisition of the St. Paul
Railway company and perhaps of other
Western railroads by certain corpora
lions. Enormous realizing sales were
met by buying on an equally remarkable
scale, and the public interest appeared
to be increasing its participation in the
speculative movement. Later in the
week, while the volume of transact ons
continued to be very large, the tone be-
came quieter, and there was a subsistence
of the excitement accompanied by more
OF less reacticnary tendencies This was
partly occasioned by the facts that grow
ing ease of money here and the tenden-
cy Of funds tc return to New York from
the interior is in decided contrast to the
continued pressure upon the London
money market, which creates an urgent
demand for our assistance there re-
fected in the further rapid rise of for
eign exchange rates at New York this
week and the prospect that some gold
viii have to be shipped to the other
SIDE. While the bank statement of last
saturday was satisfactory, and it is felt
That some specie can be leaned to Lon
don without any risk of producing pres
sure OF our money markets. the out
look internationally is one whitf would
tend to foster conserva tism in banking
circles. Even more effective, however
were developments which seemed to in
dictate that the street was oversane~1ine
in its conclusions about the plans of the
Hnanciers~ who were supposed to be pre-
parlhg fresh combinations concerning St
Paul and other railroads. and the an
nouncements of prospective competition
by the Carnegie company with the Ma
tional Tube company, the last news be-
ing particularly depressing in its effects
on the industrials. 1t must however he
admitted that at concessions there was
apparently good buying demand for
stocks, and that the investment market
shows, no exhaustion Of the buying pow
er In fact, notably large purchases, ap-
parently for investment, have been seen
in stocks, which. like Missouri Pacific
have advanced on the strength of init.
nations that their restoration to the DO
sition of dividend payers is at hand.
Bonds have also been very strong, and
the scarcity OF offerings of prime issues
is still feature, The street itself seems
less inclined to fear an immediate cul-
nination of the boom" than il was .
few weeks ago, and the prevalent opin~
lon is that activity on a scale which
under ordinary conditions might be sun
posed to mark the turning point in the
speculation creates little actual misgiv-
lngs on the part of the SPECTATORS
Pools IN certain stocks seem to have real.
1zed but other securities have bean
taken in hand and advanced in the.r
place. and the success with which This
has been repeated creates a feeling thai