The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-12-21
Eluanctal.
THE STOCK MARKET.


Profit Taking ON an Enormous scale
New York Dec 20.-The stock mark
ct to-day did not vary materially IN
character from that which has prevail
ed for many days. Profit taking was on
an enormous scale and was not without
effect on prices, but the inroads made
were not serious and the offerings were
easily absorbed while this partial weak
ness in the market did not in the least
impair the eager rush to buy stocks
which showed any disposition to ad-
vance. The day ended with the market
more generally reactionary than for
some time past under flood of selling
to take profits in Northern Pacific and
other stocks which had shown the most
aggressive strength during the day
The rush to sell Northern Pacific was
caused by the publication of a state
ment that a plan had been perfected
for the voluntary retirement of the pre-
ferred stock in January by exchange
for general lien per cent. bonds 1870
per cent. of the bonds being given for
the preferred stock. This statement was
not vouched for as by official authority,
but it caused a sudden drop in North
ern Pacific to S1h, after having sold at
S5h, an advance of 6% points over last
night This was the main feature of
the market, but there were various 9TH
er important movements which seemed
to have relation to it, including the
Wisconsin Central, Pere Marquette Erie
and st. Paul shares. In the Northwest
ems the gains extended all the way
from points up to So in Northern Pa
cific. There was besides q vigorous
upward movement in Missouri Pacific,
which carried 1t Az points over last
night and caused revival of many old
rumors of plans for extensive CONSOLE
dation amongst the Gould Southwestern
Railroad companies. A rise in Union
Pacific to rs seemed to be due to an at
tempt to adjust the decrepancy in value
between that stock and Northern Pa
cifc. Illinois Central rose buoyantly
in the morning 3A per cent. on be-
lated demand to secure the rights OF
subscription at part to the proposed
new stock issue, which are limited to
stockholders of record to-day Sugar
was the one feature amongst the spec
ialties with a rise of 33s, which was at
tributed to a turn against the shorts
by the calling in of long stock A rise
of in General Electric and full re-
covery of yesterdays violent decline in
New York Air Brake were on very light
dealings and attracted very little at
tention. Quite number of obscure low
priced stocks moved upwards from to
a points, with no other apparent reason
than to adjust the prices to the higher
level recently attained by the general
list. The market continued very broad
but the reactionary tendency was quite
marked through a large portion of the
list, including the Vanderbilt group
The directors meetings for the various
companies in this group to-day failed to
bring any confirmation Of the recent
varied rumors of stock establishments
and retirements The maintenance of
the Bank of Englands discount rate at
a per cent. had a bracing effect on the
market as 1t did on the other securities
markets of the world, and the contin- |
ued ease of money here failed to offer |
and check to the active speculation,
The market for railroad bonds con-
tinued active and strong without i'm
portant exception. Total sales par
value $4,o15,0O0
United States 3, old as and IS advanc- |
ed u and new As declined a per cent.
on the last call.
NEW FORK STOCK MARKET