The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-06

ing aud put prices into a state of violent
effervescence. They Quickly SKINNED
the fifth at the top level of prices to
take profits and attracted so large a
following to the selling side that the
sensational. opening gains were mostly
wiped out before the close and in all
cases greatly reduced. After day of
violent excitement at exceedingly wide
fluctuations the market was decidedly
easy in tone at the close and at a level
generally below last night There were
some important exceptions and there
were number of spasmedic rallies of
weak stocks on covering by shorts. It
was a spectators day pure and simple
and whatever substantial considerations
may have been behind the buying de-
mand were almost completely lost sight
of in a frenzy of speculative excitement.
No story was too wild or improbable
to gain ready credence. The growth of
the conviction that st. Paul is to pass
to the control of the Northern trans
continental lines has made the specu-
lative mind open to almost anything in
the way of rumors regarding railroad
combinations. Capitalists who have been
influential in the st. Paul deal are sup
posed to have additional far-reaehing
plans. These supposed plans were made
the basis of today's extraordinary move
ments. The authorized announcement
before the close that ]. p Morgan s.
Co.. had secured control of the Central
railroad of New Jersey, in the interest
of the Reading company offered some
basis for the rumors current. The Read
ing stocks were most prominent in the
opening squirt of prices, the first pre-
ferred mounting five points the second
preferred 91& and the common 6B The
extreme advance in New Jersey Central
was SIC. In the heavy buying at the
opening, there were advances also of
four points in Missouri Pacific 315 in St.
Paul, "a in Erie first preferred, 29s IN
Erie common, 8 points in Erie second
preferred and ~ IN Reck Island. Gains
tbro,,s~b tl,a list
c.(,r,,,,@ =, ,,,4,, -, ,S.-,=f
= 80 - ~
The eagerness Of the selling to take
profits caused sudden and violent de-
cllhes, successive safes In some eas-s
cnpplhg haH to point from prices
unt1 taey were carried PACK TO last
night leVel. OF peloW- Meantlnle there
was growing weakness III sugar. leh-
nessee Coaf, the rubber STOCKS and some
other industrials. The feverish excite
ment on the hoor of the exchange was
llaeserloaoie. with prices IN state OF
WIG nuctuauon the sense Oh insecurity
became Overwhelming: Vloieht advances
were 1oHoWeo py Wiae Ieidpseu anu as
suuoe1 ..1 recoserles: me eVluent ui9te 1I-
u lives me- $50 .iie VIZ. -
seil anu Tue oe1iiA s.aIeillenl was 't'Nen
S 4.NalleaSe Oh 70 au ehel uiliodu' 9I'
Ieul le0Iteo o72 lIon 'iie '"p' Wv Wv
10, a. S'ie1 ~ - 1z.
! eiiiis va ~ e'iii@' ~. nc 9eooN
saved LOT the ody net gains oL W
more q ohl9, o7s; New Jersey, z74' ana
missouri racine l1s- othefWlse there
was hothllg important on tle sue ol
gains ana phe hsC presents idsseu 4iiie
Oh net losses
REVIEW OF THE WEEK
wan street has witnessed one of the
,,,os+ as+onjsbing revo1l1tions in specula
tive sentiment during the mast week in
It's history. On Thursday night the i'm
,,rassio,1 woe we'll Mol, universal among
~ ~. t.,,o ,,,It,1io +bo+ +ba lone
o4,,a;4aS o+o,, IN stol.s bad osen in
oI'o.,sot,z o,d lo,,og+benod course of
1iSS,ida+io,, faiTl,, hIisbad The canses
-. ao,,1.e, ,,d ,,,,,ocejloT tod
,ocoI1arI5 on le+ocl.s arc not sufficiently
o9,t1;ned 17e+ +o ha claayIv anaIvzad Tho
-oo,,rso of ,,,.ioss is itsaIf sufticient dem
49, ,,,.Te,f,,1 oorobi,o tio,,s of
ad n1ans stiI1 ,,,3nroZyidad foI,
- ,agassita+d +I b,1yie, of whole
on,o,,1,ts Of stocks of various rail
,.aads II ;s evident also that the spec-
,,1,ti,,a ,,,II1io in large numbers was
standing eagerly by looking for an oppor-
tunity to get into the market at prices
below the prevailing level ana trelr
precipitated rush to ouy forced prices up
ward with frothy eHervescence. Ntcn
sur1nise is heard IN wan street is also
the identity OF the obviously large snort
interest which was driven to cover and
severely punished on Friday, and the
he1ief is general that the settlement of
- ooo.o,- . ,,,7 ,,,+i,,o+t,ias Jod ,,ot email
ei0 ecol g anu - ~
part IN the 1eroclous Iald made on lne
bears.
1t is difficult TO give an idea in re-
+rosnac+ of nidweex conditions In the
s1, :. I.,,t - q, aJ,i5ant +ba+ ver,,
STOCK naarke1' put II - eti tne.S t
unhealthy condltlons must nave perheat-
ed the market to make possible such
back as occurred, considering the vast
rai+ino daroand for stocks. The conse
l,,,o,7aa ,,,sr ro+,Sar oTooIni+a+a5 scram-
quehce Was ls'eilei 1eu '''it
bic to unload by the large NUMBER OF
holders on narrow margin, without re-
courses to extend the margin so as to