The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-12-20
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TIL Il STOCK MARKET.
No Let Up In the Furious Activity

New York, Dec. 19.-There was no APP
probable let-up in the furious activity
in the stock market to-day and in the
exceedingly broad and varied trading.
A quick market was offered for almost
any volume of stocks and very notable
strength continued at various points in
the list But the burden of the profit
taking sales proved rather heavier than
for some time past and made more gem
eral inroads upon prices. The market
fairly turned reactionary throughout at
one time. under the influence of some
rather violent breaks in special stocks.
Tin plate was the most effective of
these when it suddenly slumped 81 af-
ter show of early strength. A drop
of fourteen points in New York Air
Brake was impressive in its way, but
had little effect on the market. The re-
dictionary tendency developed in some
of the junior Vanderbilts showed that
spectators had been taking rather too
sanguine a view of possible readjust-
ments of securities of these compan-
les. Cleveland, c., c. and st. Louis
and the New York, Chicago and St.
Louis stocks fell back heavily although
some of them went up briskly in the
claim the bull position in the final hour
by sudden advances in Northern Paci-
fic. Sugar Illinois Central, General
fer stocks and the Wisconsin Central
stocks. The advances in these above
the low point ran from to 61a points.
Prices did stiffen in sympathy but the
speculative enthusiasm was not fully
renewed and the market closed very
feverish and unsettled with a point or
more lost of some of these sudden
gains. Even the Erie stocks. which
have been the real backbone in the
market for several days, came to a
pause to-day and the first preferred, af-
ter rising 21s reacted ~, with a final
fractional rally. There have been such
reactions from top prices many times
before in the present movement of
stocks and the real tack in to-day's
market seemed to be that the new
stocks which are available to be rushed
upwards as sustaining forces in the
market are growing exceedingly scarce.
Pretty much the whole list has been
exploited in the course of the present
speculation. The character of the mark
ct, otherwise than in these technical
particulars, was not materially chang
ed. Professional operators are con-
stantly on the lookout to take the bear
side of the market with the elimination
of the rise, and they sold freely on the
short side to-day, as they have done for
several days past, but they also covered
largely before the close. The general
bullish enthusiasm up to this time has
proved too much for any restraining in
fluence. A sustained bull movement
always means prosperity for the large
stock market contingent, whose trade
1t is to operate in stocks and coming
at the holiday time the present move
ment Is especially popular. The de-
mands of stock speculation have made
no impression yet upon money rates.
London was quoted as a buyer of so 900
shares of stocks on balance here to-day.
The true origin of this buying is open
to doubt, however, in view of the adj
money market in London and
the failure of the dealings to affect the
sterling exchange market in New York.
The initial dealings here in stocks were
on an enormous scale. In Southern
Railway 10000 shares changed hands at
once at the opening, in Southern Pacific
5000 shares, in Kansas and Texas pre-
ferred 1890 shares, and in Erie first
preferred 1000 shares. The higher
money rate in London to-day was eff
fective in turning the continental ex-
changes in favor of London, but it is
The common expectation that the Bank
Of England discount rate will be adj
vanced tomorrow, as the open market
rate has risen well above the bank rate
and borrowers are restoring very large
" to that institution.
The bond market was active and
strong. Total sales par value, IS, 26O 0oO |
United States refunding Is advanced |
y and new As declined Il per cent. on |
he last call.
NEW YORK STOCK HfRKEr
Opening, Highest, Lowest Quotation
IN the New York Stock Exchange, reported
by Prince & Whitley, Brokers, IS Center
No