The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-05
ST. PAUL HEADS A RALLY
Early Morning Recessions Fol
lowed by Sharp Advances.
Rumors of a Lease Of the Line by the
Great Northern EntaiIiuE n Distri-
Causes Heavy Buying - Sugar the
Feature of the IndustrinIs.

NEW YORK, Jan. All things seem
to be possible in the current stock mar
ket. 1t would probably have been diff
cult to find anyone at the opening of
business this morning who would have
ventured to predict anything else than a
continuation of the tendencies which were
so pronounced in yesterdays market The
dealings began indeed under identically
the same auspices. American stocks were
shown in the early cables at exceptionally
severe declines in the London market, the
losses in some instances being in excess
of 2 points.
Heavy selling for foreign account was
resumed in the market upon the opening
of business, and in the aggregate these
sales footed up some 5000 shares and
were distributed throughout the interna-
tionally listed stocks. Encouraged by
these circumstances, the local bearish
contingent again attacked the market
with confidence and vigor, and as re-
suit initial prices averaged about l point
below yesterdays final figures.
In a number of cases, however, the
lowest prices of the day were made right
were exceptionally firm, Sugar Refining,
Missouri Pacific. Northern Pacific, and st.
Paul being noteworthy exceptions to the
common tendency of the market. The
transactions in ST. Paul in the early deal
ings were in immense volume, and ire
mendous blocks of the stock changed
hands. The stock was, moreover, easily
the feature of the subsequent dealings in
an advance which could only be described
-
ter.
The enormous dealings in and the course
Of the stock were based altogether upon
the reports mentioned yesterday, although
their speculative value was enlsd to-
day by further reports that an announce
ment of the deal rumored would soon be
made.
These reports are to the effect that the
st. Paul Railroad is to be leased by the
Great Northern Company upon dividend
guarantee basis of either or per cent,
ana, Of course, such a transaction would
involve the distribution to the St. Paul
stockholders OF the company's accumu-
lated surplus 1t was to be expected that
such movement as took place in St Paul
would be attended by a number of proba-
bly, extravagant rumors but the course
of the stock in the market certainly fur
nished conclusive proof that some impor-
tant developments affecting its value are
spending. 1t was not possible today to OBJ
tain authentic Information as TO the fac s
in the case.
Under the leadership of ST. Paul the
whole market reversed its course abrupt
ly, and number of exceptionally extern
sive advances were scored throughout the
whole list In this movement ali the
grangers were conspicuous, while equally
sharp advances took place in the At,hi
sons and Union and Northern Pacifics. In
terest was, however, Welt diversified
throughout the market, and there were
virtually no exceptions to the general
tendency. As regarded the dealings at
large. it can only be said that. apart from
the expectation that tomorrOws bank !
statement will make very strong show
ing coupled with the ideas regarding the
disposition of the st. Paul property,
there was nothing new which engaged at
tention.
AS noted the market opened under pre-
cisely the same influences which existed
yesterday, and the day brought with 1t no
actual developments of any consequence.
Money was in free supply throughout he
day around > per cent, and there was a
further advance in sterling exchange
which incident, however attracted little
attention. Preliminary estimates of the
cash movements of the week indicate
a gain to the banks Of upward of S. Co.,
600.
Owing to the tremendous speculation
and wide fluctuations of the week, the
showing that the banks viii make in their
loan account tomorrow will be of lar
ticular interest, and will, of course ma
terially influence the final showing as !
regards surplus reserves.
Except for such occasional recessions |
in prices as followed upon heavy roiit- |
realizing sales the strong tone of the mar !
ket was unbroken throughout the day. |
The dealings in St. Paul were in simply |
enormous volume, and the stock con linued /
in the lead of the market in every re-
spect throughout the business sessions.
The absence of any official CONFIRMATION /
Of the rumors noted led TO quite a sharp |
reaction in the stock in the last hour, |
but it was well taken on all recessions.
The Industrial quarters did not play a |
conspicuous part in the days dealings |
with the exception OF Sugar which enjoy |
ed very sharp recovery. The local tFac- !
tion group was also neglected. and. in /
fact. interest was almost wholly monopo- |
liked by the railway list, and consPieu- |
ously by the higher priced shares. Ma /
terial advances in Great Northern and |
Pennsylvania Railroad were noted, the I
rise in the former being taken as partial !
confirmation of the rumored developments |
affecting St Paul
New York stock Market.
Corrected daily by W b. Hibbs & Co, mem
q H. No. N.-lrE -aal- =