The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-27
ASTOUNDING
YICISSITUDES
Stock Prices Made skyrocket Ad-
vance and Fall.
The CLOSING WAS IRREGULAR
Tho Undcrtonc, However, Was Strong.
Opening Outburst Was PaIpnbly
Due Largely to Manipn1a-
tion-Bonds Active.
The CLOSING WAS IRREGULAR


NEW YORK. Dec. 26.-Thc stock mar
bet went through some astonishing Vlcis-
STUDIES To-Day. but ITS most astonishing
phase was the final recurrence OF the I'M
uert0nc oI strength which has come IN to
support the market so pcrSiStently OF
late. and driven of all moods OF GepTeS-
sion. Alter opening with u sIIyrocict adj
vance IN prices. followed by a drop very
like the sISyrockct stick. the market gath
cred itself together again, and. ignoring
the continued pressure of liquidation
which continued in force at some points,
IL resumed its Irregular show of strength,
the struggling new points of strength
being unaffected by The weakness at
othcrS.
The sharp reaction at mIdscsson vas
due more than anything else TO the cN-
tstmciy doubtful character OF some open
l:lS advances. The character OF the stocks
affected and the violence OF the jump IN
prices gave suggestion of speculative
acbauc'l such as is the inVariable accom-
i,auinent OF the elimination of Il bull
market. Professional traders have been
constantly on the lookout for such spccu-
lation, and they sold the market early
the opening rise. These offers were
supplemented by the veTy heavy profit
taking of interests long of the market
Al this period of the market it took on
AN .lppc4rsnCc of general weakness,
Price; cIumbling throughout the list The
surprising opening gains in s number OF
industrial spccialtieS and u Jew railroad
and some Of the important railroad stocks
had fallen from a fraction to a point
below Saturdays closing level The vio-
lent break in the Northern Pacific stocks
had q large influence in the decline. as
The unbridled speculation in the same
issues has been the salient point Of the
market FOR days past.
a published statement that the pre-
ferred stock would not be retired on the
coming LIST or January is The ground for
the break. as it would take away the
reason for tho recent speculation The
common stock WAS carried down an OK.
irene ia. and the preferred nearly )
points y per cent. Call-1noney rate
which characterized the cautious feeling.
ana the relapse to > per cent. later in the
day. WAS an important clement in the
rally. The Substantial character % the
buying orders encountered at the decline
discouraged the bears. ard their buying
10 cover helped the rally. II had its in
Ception III the local traction stocks, which
were ali very strong, with accompanying
lunlorS of Consolidated control. Missouri
'acitiC, beading first preferred. Peoples
Gas and Sugar We're also conspicuous fea
lures Of the late recovery
The closing was very irregular. but with
the u1dertone strong. The opening out
burst was palpaby due in large part to
manipulation. and WAS cNplainauie by the
operations of speculative cliqucS during
the holiday interval in making demon
:sirative bids for almost any amount OF
the stocks affected without any actual
transactions being involved as Il restrain
ing Influence
The opening prtees in Brooklyn Transit
varied nearly :. points on an extreme ad-
vance of 5!$ and there We're wide open
in.S on running sales iii Tennessee Coal.
Sugar. ST. Paul Erie first preferred and
-Atcnison me extreme gains in these
stocks from to over . points. eX-
Cept Erie first preferred, which waS at
no time more than a fraction over Sat
urday. There seemed to pc plenty of
funds available To-: borrowers, AID lend
elS show themselves anxious to put out
money on time. having in mind the COM
ing disbursement OF the yearly dividends
and interest and the promise of lower
while borrowers show preference