The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-18
STOCK PRICES
MOVED UPW ARD
There Was Violent 0utburst Of
BuIIish Enthusiasm.
ENORMOUS PROFITS TAKEN.
After Sharp Ecactior, in Which
Many Gains We're Wiped Ont. the
Market Rallied and the Closin.
Was Generally Steady.
my Associated rrcss.)

NEW YORK. Dec. 11-Tne surface in
dications i'll to-day's stock market all
20 to show that stocks were in very &C
tive course OF transfer from the halids
of strong 10 those of weak holders. me
elimination Of a rise invariably presents
this very condition, but 1t IS a condiliolt
also which occurs at Intervals IN eE@tS
long sustained upward movement
conservative element after seeing q Ger
tain profit assured. makes 1t u hapit ~
sell and take a profit without regard 70
the prospect of further advance
The weight Of influence then passes 10
the bear party and the upward course
is not renewed until they have cAi.euStcu
their best efforts to push the Iea ! -, so
n elimination. What was cFidtni tp-odS
was that powerful Sliltui inanlpuidtioH
was at work TO make buying orders,
which was certain TO come INTO me
market after last weeks events FROM inc
very first enormous realizlhs WIS IN ~.
dence. Later in the day various attempts
were made to hold up the market by
marking UP the prices of various lndlVio-
ual stocks. AS the fact became more and
more evident that the sustaining force or
these individual movements was taken
advantage OF to continue the unIoaulhs
of heavy lines of long stock, the PROBES,
sonal element on the Exchange turned
to the bear side They We're successful
in forcing a sharp reaction, much reduc-
ing the gains that had been largest ana
completely wipinE out a large number OF
those that had only reached moderate pro-
close again 10 rally the market by bld-
ding up Northern Pacific to lS}2. re-
cord price. The shorts We're buying TO
cover elsewhere, so that the closing was
generally STEADY with the further course
OF Tx. market very unsettled and doubt
:u. Even with the net changes in prices
to-day very small. the profits on last
weeks advances are on an enormous
scGle
T'o-day's animated outhurst of outside
speculation was the logical consequence
,l,,-.l T1ff
l..at large banking and financial inter-
es's were taking on enormous lines OF
various stocks and the developments or
the week pointing to 1ar-reachinS plans
and the Improvement of values was off
set for a time by the apparently DANGER
Gus condition of the money market, hut
the showing IN the Saturday bank state
InenJ led to the conclusion that cXtraor-
binary measures were being taken by
powerful financial interests to conserve
the ease of the money market against the
natural strain on its resources The nor
mai course OF SGb-TreaSuTy operations
also promised some relief this week
The outburst OF bullish enthusiasm was
81 certain consequence. The tact seems
to be that strong banking Interests pro-
Nided themselves long since with ample
resources TO take advantage OF the re-
dictionary tendency of stocks incident to
the December period TO absorb very
hea.y amounts Of the various railroad
stocks which have figured most largely
Ia the stock market for many days past
So large and effective WAS this buying
as To overcome the natural reactionary
tendency in the market and to prompt
the speculative public to rush to secure
stocks. seeing that the expected reaction
not likely To occur before January.
Higher prices for stocks in January have
been the universal expectation on the
Stock Exchange. and spectators have
only awaited an opportunity TO buy
stocks and to hold them safely in anti
cipat!on of the January rise. Last weeks
bank statement was accepted as the as
Sirance that money resources would be
ample 10 hold stocks over the January
first period. L 18TH
OUTSIDE OF the opening general advance
ranged up to between L and points The
most striking later advances We're in the
New York public utilities, led by Brook
lyn Rayid Transit and Metropolitan, the
Nanderhilts. Amalgamated copper also
developed notable strength, rallying
! points. The excited hull market WAS d
striking contrast to the panic of year
ago. when the construction of the money
supply was forcing stocks upon the
market at any sacrifice in order to meet
The calling OF loans.
Bonds were not SO active as stocks, and
the movement of prices was irregular.
Total sales par value. Sc, $4,000. United
States rs registered declined y; the rs
advanced Is. and IS coupon x per cent.
on the last call.
MONEY AND INCHANGE.-A1onc on
call steady at 4Ii6 per cent; prime ner-
camille paper 4$.G51a per cent. Sterling
exchange weak, with actual business in
bankers bill at S4S41i for demand. and
rates, 81 Sl1@@+ .S51a; commercial bills,
S. SRd4. SO1.. Silver certificates, 6i@6J;
bar silver. CA: Mexican dollars, 5o4. Gov
ernment bonds irregular; State bonds