The times., 1900-12-21

as only the logical development of bis
| bull movement. Some people look for
| further advances of Importance today.
Others who have been bullish until now
| sold stocks short for the first time yes
| terday in the belief that the advance is
| over for the year. The market is a wild
one and up to the present time there can
be no doubt that it should be called over
whelmingly bullish. Just as certainly,
however, turn may come at any time.
Careful people Will take profits on the
bulges. They may find that they have
not nearly got out at the top, but the ad-
vance has been fine one and those that
have followed it up to this time should
not be disposed to find fault If they do
not secure the last eighth of possible
prohts. On sharp reactions people with
good margins will buy stocks in again, in
the confident belief that whatever the
immediate market may be there will be
further advances during the first quarter
of the new year.
Inc big advances were all made in the
early part of the day and during the last
hour there was q sharp reaction in most
securities that had been especially strong.
one theory regarding this break is that
1t denoted the beginning of a selling
..
Money borrowed today will have to be
paid for until next wednesday. and even
although the call loah rate has continued
easy the prospect of this will induce many
to sell out. Aside from this one factor
and the sharp advances already made this
week the situation is bullish everywhere.
Intrinsic conditions are well nigh per-
feet. London is bullish and was heavy
buyer of stocks yesterday. The Bank OF
England discount rate was not advanced
yesterday, as many had expected The
bank statement tomorrow is expected to
be good one as the banks have not lost
any money this week. The Vanderbilt
meetings this week have not as yet devel-
oped anything startling. but they have all
disclosed an excellently sound condition
of things. The outlook for money at the
beginning of the year is excellent. Rail
way earnings continue to increase. The
reports of the steel companies at the be-
ginning of the year will be fine. The COM
pleted foreign trade statistics for 1900 will
be the most wonderful on record. So the
story might be continued Indefinitely.
Sugar was a new asprant for sprint
ing honors in the present market. II was
more active and buoyant than at any time
since the dividend was reduced. The
opening was at 49, and ON immense buy
ing it was shot up 10 1873 7-S. During the
last ten minutes of the day it fell back to
below the opening price. 1t would seem
entirely likely that the movement once
begun N Sugar might continue, though
it is a stock governed by no rules ex-
cept the whims of the Havemeyer crowd
Some announcement regarding the ending
of the Sugar war would not surprise the
street.
st. Paul was buoyant, apparently in
4.
a certain extent, though an upward move
ment has been looked for at any time.
The top price reached was 1874, at which
there was a gain of more than 1-2 points
from the opening. The close was a,
1873 Is. Burlington advanced to above |
40, and Rock Island to f19. The Atchi- |
sons made small gains early in the day, |
but closed with no advance They were |
a distinct disappointment. There is talk |
of valuable rights soon TO be given TO |
Burlington.
The steel securities we're one of the
few groups that failed to take any part |
in the upward movement. They even
closed with small losses for the day
Many careful people express the opin-
ion. that the boom is not likely 10 culmi- |
nate until this group has had an aa"ance
Some of the stocks in 1t are among the
best in the entire lis; as far as intrinsic
merit is concerned. The January re-
ports of the companies will be fine.
Amalgamated Copper tumbled from
as to 92 1-2.
General Electric advanced to 1873. an
other new high price, and closed at the
.op.
The usual dividends are declared on the /
Vanderbilt stocks in general.