The Savannah morning news., 1900-12-18
STOCKS AND BONDS.
Market Closes Up with General
Display of strength.

Display OF strength.
New York, Dec. 1.-THE surface indica-
lions 10 to-day's stock market ell 50 70
show that stocks were In very active
course OF transfer from the hands OF
strong TO those Of weak holders. The cul-
mlnation Of the rise invariably presents
this very condition. but 1t Is a condition
also which occurs al intervals in every
long sustained upward movement
The conservative element. after seeing
n certain profit assured. makes e
habit TO sell and take "a profit
without regard to the prospect
OF further advance. The weight
OF influence then passes to the bear party
and the upward course IL not renewed un-
IA they have exhausted their best Efforts
to push tho reaction TO elimination.
What was~Svident to-day was that pow
erful skiliful manipulation was at work
10 make the opening prices as nigh as
possible 90 meet the food OF outside buy
ing orders which was certain TO come
Into the market sfter last weeks events.
From the very first enormous realizing
was In evidence. Later Ia the day vari-
Gus attempts were made TO hold up the
market by marking up the prices OF vari-
more and more evident that the sustain
ing force OF these individual movements
was taken advantage OF TO continue the
unloading OF heavy lines OF long stock
the professional element on the exchange
turned 70 the bear side. They were sue
cessfui IN forcing a sharp reaction, much
reducing the gains that had been largest
and completely wipiug out a large num-
Der OF those that had only reached moder-
ate proportions.
Manipulation developed nj the close
again 10 rally the market by bidding up
Northern Pacific to 7sis. a record price.
Tho shorts were buying to cover else
where. 80 that the closing was generally
steady. with the further courses OF the
market very unsettled and doubtful. Even
with the net changes in prices to-day
very small. the profits on last weeks ad-
vances are on an enormous scale. To-
days animated outburst Of outside spec
uiation was tho logical consequence o.
last weeks events.
The pslpabie fact that large banking
and financial interests were taking on
enormous lines OF various stocks and the
developments Of the week pointing to far
reaching plans and the Improvement OF
values was Offset for a time BY the ap-
pareutiy dangerous condition OF the
money market, but the showing In the
Saturday bank statement led to the con-
ciusiou that extraordinary measures were
being taken BY powerful financial inter-
es,s to conserve the ease Of the money
market against the natural drain on rs
resources. The normal course OF sub
treasury operations also promised some
relief this week.
The outburst OF hullish enthpsiasm was
q certain consequence. The fact seems
70 be that strong banking interests pro-
vided themselves long since with ample
resources 20 take advantage Of the re-
dictionary tendency o. stocks Incident 20
the December period 90 absorb very heavy
amounts OF the various railroad stocks
which have figured most largely in the
stock market for many days past. 80
large and effective was this buying an
70 overcome the natural reactionary ten
denoy m the market and 90 prompt the
speculative public to rush 20 secure
stocks. seeing that the expected reaction
was not likely 10 occur before January.
Hlgher prices for stocks In January have
been ahe universal expectation on the
stock exchange. ard spectators have
only awaited an opportunity 10 buy stocks
ana 20 nod them safely IN anticipation
Of the January rise. Last weeks hank
statement was accepted a. the assurance
that mony resources would be ample 10
hold stocks over the January / period.
Outside Of the opening general advance
ranging up to between ! and points the
most striking later advances were In New
York public utilities led BY Brooklyn
Rapid Transit and Metropolitan; the erie
stocks and \ number o. the minor vst>
derbiitf. Amairamated Copper also de-
veloped notable strength raliying four
points. The excited bull market was =
striking contrast TO the panic OF a year
ago. when'the construction % the money
supply was forcing the stocks upon the