The times., 1900-12-20
THE ADVANCES NOT HELD
A Strong Reaction in Stocks After
an Active Opening.
Fluctuations Wide and Professionals
Make Profits on the Frequent
Eardtng Hallway Dividends - The
Strength in the Industrial shares

NEW YORK. Dec 19-After a very
strong and active opening. with prices
showing general advances throughout the
list and the presenc,: of some excitement,
the market developed a reactionary ten
dency. This was to be expected in view
of the prolonged upward movement and
the tremendous realizations that the mar
ket has absorbed. The power of the alb
sorption has been one of the remarkable
factors in the present market, and there
is room for surprise in that the reaction
was not more pronounced. The buying
has been excellent, and leading commits
sion houses throughout the street are
handling all the orders they can ctmfort-
ably care for. Today's fluctuations were7
wide, and unusual opportunities were af-
forded professional traders to make fire.
Quent turns in the market.
Many rumors regarding railway divi-
dends were circulated. but as yet they
have not been accompanied by actual de-
velopments. The New York Central di-
rectors met and declared the usual divi-
dend. Those Of the other Vanderbilt roads
will follow. probably tomorrow. Consider
able interest was exhibited in report that
the Vanderbilt interests have prepared
stock of the New York, Chicago and ST.
Louis, or Nickel Plate line. 1t was said
that the plan may be equivalent to a
merger into the New York Central sys-
TEN. In such an event. the retirement of
the $500, 600 900 preferred stock was talked
Of and while it was believed that the
subject would be discussed at the New
York Central meeting today, there was no
announcement made
The advantages to the Erie Company,
in view of the requirement of the Penn
sylvania Coal Company, received atten-
tion. 1t is pointed out that the S27 600 900
purchase price will probably be financed
through the issue of a lower interest rate
collateral trust bond. After payment of
the interest charges. a substantial profit
will remain, while the Erie will not only
be able to charge more profitable rates
for the coal product. but also secures the
tonnage in perpetuity
The Vanderbilt and International stocks
were particularly prominent in the early
morning upward movement. The Erie
issues were the leaders in the rise and
that, too, in the face of extensive selling
TO obtain profits. The Nickel Plate,
Southern Railway shares. and Norfolk
and Western were also notably strong.
Southern Pacific had wide opening. and
advanced over a point, when large blocks
of stocks were thrown on the market.
Missouri Pacific was q leader among the
Southwestern issues, and Missouri Kan
sas and Texas shares also sharply ad-
vanced. There was an active demand for
the Southwestern grangers.
Brooklyn Rapid Transit was the feature
of the transactions. Among the indus
trials there was renewal of strength in
the tobacco stocks. Sugar was firm.
Amaigamated Copper was strong on the
advancing prices of its product. Railroad
bonds we're strong and animated. At noon
there was heavy selling around the room
for Chicago account and there was some
good selling in the fractions. Traders
took the short side of the market for a
turn. The strong undertone in view of
the selling pressure, was the feature of
the early afternoon trading. Sugar dis
played fresh burst of strength on buy
ing attributed to lower Wall Street and
improving trade conditions
During the afternoon the market be-
came somewhat quieter. Wisconsin Cen |
trail. common and preferred, developed |
great strength and were the features OF !
the market, advancing i-2 and 1-2 |
per cent, respectively. The buying was !
partially attributed to Northern Pacific in |
terests. officers of the Nickel Plate |
stated that there is no probability of rad |
ical changes in the securities of the COM |
pany
On the curb the London market for |
American stocks closed strong at top |
prices. In that market il was believed /
that the Bank of England viii advance its |
minimum rate of discount tomorrow The |
Continental markets closed weak The |
market closed generally firm.