The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-19
STOCK MARKET
WAS UNSETTLED
lrreguIarity Due to Influence Of Var
ious Conflicting Causes.
HEAVY SELLING FOR PROFITS.
This Movement Continued Side by
Side With Extraordinary Ae
rances In Special Stocks
Bonds Irregular.
nv Associated rress.)

(By Associated Press.)
NEW YORK, Dec. 1S.-Thc irrcGuiarity
and unsettled condition of the stock mar
., to-day was due to various conflicting
causes There is still some evidence OF
the important buying which has oeen ~
evidence for many days now. ana "HiIii
Is commonly attributed to operations ny
large banking interests. looking TO me
consolidation of control OF many com
petinE and connecting railroad systems
The buying of this kind was. ho"cVei'
distinctly less than for some time pas.
Efforts were made by professional ole
rators TO give an appearance OF n cor
tinuance of this class OF TRANSACTIONS.
But the manpulative character OF many
movements designed to give Ihs impress
sion became rather obvious and begot
some feeling of doubt and dist!uS': Le
cro,, OF rurnors regarding additional Pia!s
for such consolidation Stiii TO De put III
effect showed some Tasueness an" W" ~,
probability In spite of the credulouS
mood which has recently preFai'cd IN
Wall Street regarding anything that
pointed to consolidation. the influence OF
these movements and stories, therefore,
lost some of their force
Another consideration was that the
opinion has become well settled in " all
Street that the surprising decrease IN
loans In last Saturdays bank statement
was due primarily to the movement OF
the deposit account The banking inter
ests and financial institutions. when
have had SO large A part In the recent
buying of certain stocks, have evidently
been drawing down the deposit accounts
of the banks to do So This necessltates
a contra ction of outside loans
While the bankers buying, therefore. IL
a strong sustaining force in the stock
market. it is equally strong as q depict
Ing force in the money market, upon
which spectators are dependent Tor their
resources Another unsettling influence
was London's change OF front. After
buying actively here yesterday that cen
tire sold freely to-day This was, OF
course, the outcome OF the monetary sit
,1ation in London With further military
reverses in South Africa and the foreign
exchanges running against her, it Is the
common expectation That the Bank OF
England discount rate VIII be advance"
TOMORROW. Such condition is always
sufficient to cause liquidation OF foreign
securities from London in the interest of
the money market, but it is not clear that
the more conservative class OF investors
IN Angland are not attracted by Ameil-
securities.
The decline OF trade activity there and
the continued high earnings here make
the American securities relatively more
attractive for Investment. No uneasi-
ness is apparent over the money market
outlook so far the immediate future is
concerned
market by reason of large pension pay
1ncnts increased premiums on Govern
ment bonds. which are being rushed in
Cor conversion into the 2's before the re-
funding period expires, and some pay
ments on Assay Office checks for gold
deposited at Pacific coast points. While
these conditions make for the safety Of
the money market the possibility is rec
ognized of a pinch in the last week of the
wear. especially II undue speculative COM
Initments are allowed to eat up the re-
sources of the market. These various
conditions are. the explanation Of the -eX-
.ali ~, e-iv va VII y stacks. Heavy
selling to take profits continued side by
side with extraordinary advances in spe-
cial stocks.
or the days special movements by far
the most impressive was the sustained
advance in the Erie stocks, the common
rising to o4l4, the first preferred to Jshs
and the second preferred to "JtS, There
were some wide movements among the
minor Vanderbits and connecting lines in
central traffic territory Lake Erie and
Western rose 524 New York. Chicago and
ST. Louis second preferred ~. and the
common and the first preferred about 3
points each There was an active up
ward movement In the steel group. in
Sugar. ANA Sramated Copper. Missouri
Pacific and the Southern Railway stocks.
but none of these We're Well sustained.
The market closed furiously active and
surprisingly steady, considering the large
volume OF dealings.
The bond market was as varied and
irregular that in stocks, and large
realizing at some points contrasted with
an advance in prices at others. Total
sales, par value. 81 $4,000.
Total stock sales were 1,543,3o0 shares.
MONEY AND 'EXCHANGE.-Money o.
call steady at 4I3 per cent; last loan at
= per cent; prime mercantile paper. 42,@
80 per cent. Sterling exchange firmer,
with actual business in bankers bills at
81 S4a. for demand and at $780, for sixty
DAYS: posted rates. S4.S1i@ and $4.S5GD
4.S515: commercial bills. S4.I32 sou.
Silver certificates. 64Ge': bar silver, "a:
Mexican dollars. aGlt- Government bonds
irregular: State bonds Inactive railroad
bonds steady