The times., 1900-12-27

NEW YORK, Dee. 26.-The stock mar
ket had another remarkable opening,
when first prices exhibited gains extend
ing all the way from is TO 8 "a per cent.
The price movement was more pro-
nounced among the industrials than the
railway shares, but in every quarter of
the market activity and buoyancy pre-
vailed. During the first hour, however,
there was extensive realizing, and with a
slightly higher callmoney rate reactions
became quite general, and III some in
stances stocks sold below the closing fig
ures of Saturday.
AS the morning advanced the market
became feverish to some extent, and at
intervals was comparatively quiet. Com
mission houses were very active in the
opening dealings, and later were heavy
sellers, dealers generally advising the
taking of profits on this mornings bulge.
As this is Boxing Day in London the
stock exchange of that city was not
open. Nevertheless there was some trad
ing here for foreign account, notably in
St. Paul and Atchison common. The
higher prices which nrev..ioi there yes
teiGay helped to stimulate the local mar
ket this morning.
The contangs rate. which carries over
In London to January Is, was 6 per cent
yesterday, and this mornings cables said
that the short interest among the deal
ers of that city is still heavy. Those
who tried 10 figure out the bank state
ment Of Saturday were at somewhat of
loss 10 account for the contraction in
loans, but they attributed the figures to
the operations of the trust companies,
which arc frequently responsible for
technical changes
From Australia 81 900, GOO in gold has
been shipped TO San Francisco The banks
continue 10 gain substantially from the
Sub Treasury and since Friday have gained
S144S GOO. During the forenoon call money
per cent and this emphasized the
disposition TO take profits. Some excel
lent exhibits in gross earnings were made
by the railroads for the third week in
December.
The most notable we're St. Paul, which
exhibited an Increase of S121. 40, and
Northern Pacific, With an increase of S122-
644 On the other hand among the indus
trials the Tennessee Coal and Iron Com
pany's report for November shows a de-
crease IN Qet Oh Sl91-etZ. Accompanying
this statement was the announcement that
a new chairman of the board Will take Of
flee in the early part of the new year.
The features of the market in the ex-
cited opening were Sugar Refining. which
started in 3 Ia per cent higher than Sat
ureays close: Brooklyn Rapid Transit,
which opened up 3-i per cent and made
a further advance CT . per cent. and Ten
nesEee Coal and Iron which gained 2 1-2
mi ban alsz urifl r. mid
fly on rumors regarding the poor showing
for November.
Among the railroad shares the features
were ST. Paul. Atehiscn common. Balti-
more and Ohio common. and Missouri,
Kansas and Texas preferred all of which
made gains OF per cent or better, A I
food of selling orders followed the high
prices and before noon the selling was ef-
fective. enough TO produce many sharp :
setbs cks. This selling, in addition 20 that !
of commission houses. also represented /
some OF the powerful interests which have I
been conspicuous IN the market on the ad- |
vance.
There was considerable trading on the (!
curb in London and arbitrage houses dealt !.
in about 20. GOO shares. buying on balance. 1
Among the fractions. Brooklyn Rapid I
Transit opened very strong and hrctuated !
violently on rumors of changes in the /.
board of directors at the January meet
Ing, ana the f0anclal CONDITION UI tne I
company. which is believed 10 be some /
what better now than al any time In its
history. Another stock responsible for
wide fluctuations was American Tobacco. +
which advanced more than ? per cent, and !
subsequently reacted to the same extent. {
Peoples Gas was also feature on buy I
ing for insiders and commission houses (
1t was said that this company was now I
negotiating with the electric lighting in
terests of Chicago. General Electric sold /
at the highest price on record on small |
purchases.
During the afternoon there was pro-
bounced activity in Brooklyn Rapid Tran |
sit Peoples Gas Federal Steel, and Man
haitian. Brooklyn was advanced Gn the I
reported calling of special meeting TO 1
be held soon, when an important PROPOSE /
tion will be acted upon. AS two of the /
companys directors are out of town no 4
definite statement could be obtained.
There was an obvious attempt 10 lend /
mystery TO the report. There was re-
covery in the railway list from the low
prices OF the day, and the tone was dis
tinctly firm.
The closing was generally strong