The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-21
PROFIT TAKING ON
ENORMOUS SCALE
Inroads on Prices, However, Were
Not Serious.
OFFERINGS EASILY ABSORBED.
There Was a Rush to Buy Stocks
Which Showed Any Disposition 10
Advance Market for Bonds
Continued Active and Strong

NEW YORK, Dec. 2o.-The stock mar
Rct to-day cid not vary lnateflahy III
character from that which has preNalleo
for many years. Except that some OF the
stocks which We're rushed upwards, as
well as some of those which yielded under
the selling pressure to reallze pTo4itS,
were different from those on previous
days the market was the same 'FRONT.'
taking was palpably on an enormous
scale. and was not without ERECT on
1irices. but the inrCads made We're not
serious, and the offerings were easily ao-
sso-bed. while this partial weakness IN the
market did not in the least impair the
eager rush to buy stocks which sho"eu
any disposition To advance.
The day ended with the market more
generally reactionary than for some time
past under a flood of selling to take pro-
tits in Northern Pacific and other stocks
which had shown the most aggressive
strength during the day The rush 10 sell
Northern Pacific was caused by the pub
lication in q news bureaus bulletin Of the
statement that 4 plan had been perfected
Tor the voluntary retirement OF the pre-
Tcrred stock in January by exchange Tor
general lien :; per cent bonds. 10 per
cent. of the bonds being given Tor the pre-
ferred stock. This statement was not
Touched for by official authority, but
caused Il drop in Northern Pacific. This
movement in Northern Pacific was the
main feature of the market but there
We're various other movements which
seemed TO have relation TO it, including
the Wisconsin Central stocks, Pere Mar
quette stocks. the Erie stocks and st.
Paul.
The street was fun of ruinors Of plans
for combinations looking to a new trans
continental line and to the consolidation
Of interests in northwestern territory
The gains in the group mentioned extend
ed from points to G24 in Northern Pa
cific. There was besides q vigorous up
ward movement in Missouri Pacific, which
carried il / points over last night and
caused revival % old Of
plan for extensive consolidation amongst
the Gould Southwestern Railroad COM
panies. A rise in Union Pacific to IS
seemed to be due to an attempt TO adjust
the discrepancy III value between this
stock and Northern Pacific. Illinois Cen
trail rose buoyantly in the morning 81 per
cent on a belated demand to secure the
rights OF subscription at par TO the pro-
posed new stock issue which are limited
to stockholders OF record to-day.
Sugar was one of the feature among The
specidltleS. with a. rise OF 3ts which was
attributed to q turn against the shorts by
the calling in of long stock. a rise of
In General Electric and Il full recovery
of yesterdays violent decline in New
y ork Air Brake Were on very light deal
lnSS and attracted Very little attention.
Quite d number of obscure low-priCed
stocks were awaked from a long dormant
state and moved upward from / to
points. with no other apparent reason
than to adjust their prices to the higher
level recently attained by the general list.
The market continued very broad, but
the reactionary tendency was quite mark
ed, though large portion of the list, in
Guiding the Vanderbilt group. The d.
rectors' meetings for the various com
panieS in this group to-day failed to bring
any confirmation OF the recently varied
rumors OF stock readjustments and retire
ments. pointing conclusiVely TO The ma
nipuIatiVe character OF these rumorS But
this seemed TO have very little effect on
The credence given to to-day,s extensive
crop of ncw rumors. The maintenance Of
the Bank of Englaud's discout rate at
per cent had a hracinS effect on the mar
ket and the continued ease of money
here failed 10 offer any check TO the aver
age speculation.
The market for railroad bonds continued
active and strong. without important ex-
ception Total sales, par value, S4,91o,CVo-
United States SIS, old 4 and 5's advanced
Il. and new As declined Il per cent. on
the last call.
To-day's total stock sales We're 1,5s35oo
shares.