The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-08
ALL RECORDS IRE DBKEN
ENORMOUS TRANSACTIONS ON THE
NEW YORK STOCK EXCHANGE
YESTERDAY
BULLS ARE STILL IN CONTROL
Despite Early Declines on Realizing,
Prices of Stocks Generally
Closed Higher-Rumors of
Consultations.
Bar silver, New York $685. 63lb
Call money, New York.......... 3-24iS

NEW YORK, Jan 7:-Today,s stock
what is usually called a traders market.
But everything was on Gargantuan
scale When 100 share lots would be
normal IN an ordinary market, in to-
days market LOCO, 1000 and even 5000
snare lots were banded about like play
L1lngs for quick turn in the market
Inc movement of prices was on a cor
respondingly gigantic scale. The turn
over of profits in some cases on these
enormous blocks of stocks was male
Wlthin a few minutes of time, prices
having varied in the interval perhaps
many points. The speculative character
OF the market was clearly indicated in
The inconsistency Of prices. Not only was
nothing stable for any considerable
beyond q. short length of time Losses
We're recovered, gains were lost and there
were strong rallies from reactions. All
confusion in the market all day long
IL was natural to expect after the eX-
cesS1Ve and artificial advance OF the
closing trading of last week that specu-
iators would be in a condition Of anx-
1ety to skim the cream of the profits
this morning. This class was in fact on
hand in full force and the eagerness with
reckless disregard shown for a half or
even full point in price, indicated a
nervous dread that the passing minutes
might mean the loss of opportunities
period of the market there were not lack
ing, signs of strength and there was quite
long list of gains between one and
two points. The greater part of these
was wiped out in the reaction of the
opening New Jersey Central was thus
carried GOWN an extreme five points,
~ Morth 4 Western, Sas; Northern Pacifics,
~ Atchison preferred, St Paul and
Erie first preferred, "a and Rock Island
ana pennsylvania, q 1t is only once
Gus anxiety and uncertainty are reject
ed on the stock market as were shown
during this period of opening reaction To-
gay, Prices jumped about in the most
VloleHt ana cratic manner by wide in
teIyals. Gradually the fact began to
emerge that there were brokers on the
MOOR VINO had apparently orders to take
az al offerings at a certain level of prices
below the market. The course of prices
thereupon gradually steadied and then
moved moved upward with. an impressive
POINT OF aggressive strength. 1t had
risen rs at the opening, bur had lost ali
nuE traction Its upward sweep carried
II 92s over saturdays lfvel. During the
rest OF the day 1t was Simply a question
where the new points of strength would
Gevelop:, With the appearance of any
thlng like bull leadership in a given
stock, or with the first sign of maninI1-
lation for an advance, a perfect horde
OF spectators We're ready to rush pell-
NEIL to buy the same stock. None Of
Cngse advances was well held ana the
subsequent process of profit-taking cost
them all the way from 2 to 5 points
But even at that reaction many hand
some net gains Were conserved for the
gay. Inc grangerS were foremost in the
mld-day advance, the three leading mem
bers Of the group, Burlington, Rock ISL
ana ana st Paul, advancing 6662s. Later
IN the day anthracite coal roads which
nave not hitherto moved largely in SYM
pathy with Reading, New jersey Central
ana Erie, made impressive progress up
Ward. Delaware q Hudson rose no less
wan Tnan 1914, 14ackaWanna and Ontario &
western 3as. These We're the most strik-
ing movements of the day Sugar was
very eIratIc, working upwards an OK
IRENE 54s on the reported advance in the
price OF refined sugar and rclapsing 49,
IN the late selling movement. Tennessee
Coal showed acute weakness on the de-
clslon TO pass the dividend, and fell an
extreme SIS, closing only a fraction above
that. The steel stocks were inclined to
heaviness in sympathy except tin plate
which advanced 43s. The rubber stocks
were INCLINED to weakness, but had
good rally. Northern Pacific moved ND
as after its sharp opening Decline and
Peoples Gas had a midday rise of AZ
The list of stocks which rose as much
as 5 points and fraction is a long one
and the stocks which did not fuctuate
as much as point or over were very
lew. 1T was evident that the melting
cause of the furious speculation was the
recent developments in the railroad world
looking toward vast copsolida ton. %ne
pany by the Erie and of the Central Rail
road OF New Jersey by the Reading is
regarded in the speculative world as q
prelude to further important develop
ments in the misunderstanding proper
ties, and ready credence is given to al
most any suggestion of plan for rail-
road consolidation. Money also is work
Ing easier, in spite of the enormous de-
mandS of the spectators. The rather
gloomy condition of foreign markets. in
stead of having any depressing effect
seems to stimulate speculative activity
here by the strong contrast of this
country's prosperity. The days record
OF business was carried far beyond the
previous high level, the aggregate sales
1ooung up 2l41.GOO compared with 1881
GOO shares on last Friday. which made the
record up to that time Sales of individu-
al stocks today included 1872, 500 shares of
sugar; $4,000 shares of Baltimore & Ohio
131 400 shares of Burlington 1S9. 900 shares
OF Erie GOO shares of Northern Pacific
l3o, 100 shares of Ontario & Western, IA
200 shares of Reading. 143, 800 shares of
Rock Island and 10000 shares of St.
Paul. This scale of trading has never
tory of the stock exchange.
There was nothing like the activity or
strength in railroad bonds that there was
in stocks. Total sales par value. 81 705.-
0OO. U. S. refunding rs declined - per
cent on the last call. <y
STOCK QUOTATIONS.
Furnished by Charles H F. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid:
Closing.
@ bid. Bid.