New-York tribune., 1901-01-05
BONDS.
THE DAYS OPERATIONS IN. STOCKS.


THE DAYS OPERATIONS IN. STOCKS.
A high record for activity made in
yesterdays stock market. Total transactions
amounted to 1921. .269 shares. against the best
preceding record Of 1603 600 shares Novem-
Der 12 1900 The distribution Of business did
not cover as many different issues on De
cernber 10, when 1s3 separate stocks dealt
IN, but IN all other respects the day was the
most remarkable known in the history Of
the Stock Exchange Stocks We're dealt in in
large lots and one block Of 81. Paul Of 12OOO
shares changed hands at price. making the
heaviest single transaction ever recorded. The
weakness of the bear position reflected in
the course OF values. After sharp declines at
the opening the whole market rallied, and be-
fore noon the greater part Of Thursdays loss
was recovered, with sensational advances in
many issues. Twelve points We're added TO the
market price Of ST. Paul stock in three hours
All the granger shares made sharp upward
dashes while the Pacific and anthracite coal
stocks experienced similar movements. In st.
Paul the short interest found the supply OF
stock practically cornered by powerful market
Interests and in other stocks the demand for
covering purposes developed the fact that the
supply available for speculative purposes was
controlled by strong market followers. Bear
traders expected day Of crumbling values. In
place Of this, however. the operators for de-
cline were forced 10 cover their contracts at adj
vancing quotations. and in many instances at
severe losses. The, bull market gives much evil
dence OF a vigorous manhood 1t has not yet
reached its allotted time, and the indications are
that il will live to ripe old age before it weak
ems. Declines at this. point only serve as tonic
TO speculation. Holders of stocks on good mar
gins were not forced TO sell in Thursdays de-
being driven out Of the market.
The advance in St Paul reflects that large
holdings of the stock in hands. The
fact that Great Northern and Northern Pacific
interests have become owners of Erie and St.
Paul stocks naturally suggests a great trans
continental route, with the Erie for the Eastern
line and the Great Northern for the Western
end, but whether not this is the scheme con-
ternplated the advance in st. Paul, Erie and
Northern Pacific shares is justified by the ex
tension of the community Of ownership plan TO
the companies named. Burlington and Rock
Island stocks WILL IL is believed. soon follow st.
Paul above $50. and excellent market judges
predict 200 for Northwest. 1t is worth noting
that buying OF Northwest heavier yesterday
than recorded in many weeks Buying of Mis-
souri Pacific and other Southwestern stocks re-
fleets important developments in the railroad
situation in the Southwestern States How highly
the credit Of the Southwestern roads is held
IS shown i'm the enormous subscriptions to the
Southern Pacific Az per cent bonds. Southern
Pacific stock is held by some of the strongest
financial interests in the country. The road IS
one of the biggest railway systems OF the United
States with earning power that will eventual
ly make the stock solid per cent issue. The
Pacific stocks win, il is thought. sell many points
higher before the bull market reaches its limit.
in circulation on January 1 supplies good am
rrunition for bull campaigners in stocks. A year
ago when the per capita circulation S25 73,
il was thought that the country was doing ex-
ceeaingiy we'll but since that time the rate has
advanced 10 SOS 19, involving an increase i'm cir
culation OF S192 S53 T09 OF this amount over
$50 100000 is in gold and over s9o.o0o.oo0 in
National bank notes. The increase in money is
keeping pace with population and the needs OF
the country's business In addition 10 this vast
enlargement OF the supply of money. the country
has enormous credits abroad which are con-
stantly being increased by our heavy excess of
merchandise exports over imports. The uneasi-
ness that has recently developed I'm foreign
money circles cannot involve the United States
hevond asking its indulgence for the extension
OF credits and further loans Conditions here
are sound and they will not be upset by troubles
abroad. The money market of the United States
has passed from the control of foreign money
centres. and people who sell good American
stocks because OF money disturbance abroad win
merely make foolish sacrifice of their pos
sessions The known movement of money in the
week indicates heavy gain in cash in to-day's
bank statement. IL is estimated that the banks
have gained on interior and Sub-Treasury oper-
ations over S7,Ng.o1G.
The stock market closed with prices at about
the best Of the day. with a buying demand that
appeared TO know no limit and with intense bun
enthusiasm among all classes of traders.