The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-01-04
TOSSED BY BULLS
Bears Had Hard Day of It on
Wall Street.
We're Frightened Early in the
Day and Rushed to Cover.
MEN FROM THE WEST
Led the Movement Which Sent
Prices SkyWard.
st. Paul Reaches the Dizzy
Height of l52 l-2.

New York. Jan. 4-The bulls in the
stock market turned the tables on the
bears today and tossed them right and
left into confused and huddled groups
After the success of the bear raid yes
terday, the reactiOnist operators were
astounded at the turn of affairs ann
their precipitate rush to cover was an
important factor IN the upward rush OF
prices today The light WASTED bulls,
who were forced out OF the market yes
terday by wiping out of margins aiid
obliged to pocket losses, were almost as
ruefIl over the situation as the bears
The concentrated character of the buy
ing made it evident that the turn
against the bears was in the hands of
operators of unbounded resources and
skill. Conjecture was excited and ami
mated as to the personality of these OF =
orators and quickly fixed upon the steel
magnate with q large following in Chi
cagO and the west, who was credited
with the effective selling of yesterday
His campaign was supposed to be sup
plemented by the effective efforts by the
veteran and most dreaded plunger in the
street.
The buoyant rise of St Paul just al
noon to 1922 was regarded as the decis-
i've index of the personality of the bull
leadership as it has been the favorlse
stock of the plunging element for some
time past and was acutely affected yes
terday by the ruTnors of the closing out
Of the bull speculation.
St. Paul was the first stock to show
ing. It's q point decline on London sell
ing was almost Immediately recovered
This was accepted as a danger signal
by the bears and they were inclined to
cover at once. The principal stocks,
which opened down from to points on
selling orders from London and from
out of town attracted by yesterday 5
sharp break in prices were therefore
promptly turned upward. The story of
a settlement of the sugar trade war
published this morning with considera-
bic particularly, caused a violent re-
bound also in that stock, adding to the
distress Of the bears. There were some
further points Of weakness, developed
during the first hour, but they were
practically eliminated by the second
hour and the bears were in full retreat
with the whole market working rapidly
upwards
There is a general feeling in the neigh
bOrhood of the stock exchange that yes
terday's drive was maneuver by pow
erful interests. either to shake off "A
weak and undesirable following or to get
back sold out stocks at lower prices, or
both.
After the opening declines. ranging
from a fraction to ? points, some of the
rallies were as follows:
Sugar and Northern Pacific AZ; St.
Paul IL; st. Louis, Southwestern pre-
ferred AZ; Erie second preferred 81;
General Electric A. Pennsylvania, Rock
Island and Great Northern preferred 1
each and an average for all the princi-
pal active stocks of between 2 and 4
points.
The speculation continued highly ex-
cited during the remainder of the day.
st. Paul rose within q. shade of 156, which
was IL points above the early low level
and the advance from the low point in
the majority of active stocks ranged
from to 6 points. There was much
profit taking late in the day but the de-
velopment of new points of strength
served to sustain prices while the profit
fa1 pfc Cd
gate sales during the day were close to
the high record in the history of the
stock exchange.
The sensational advance in the COM
mon stock of the Chicago, Milwaukee &
st. Paul Railroad company was accom-
panied by reports that the road was to
be leased by the Great Northern and
Northern Pacific companies on a guar