The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-20
STOCKS WERE
FURIOUSLY ACTIVE
Burden of Profit Taking Made
Inroads on Prices.
MARKET TURNED REACTlONARY.
Prices stihcncd Somewhat III Final
Hour in sympathy With Sudden
Advances III special Stocks. but
the Close Was Unsettled.
fnr Assoc!ntcd Press. }

NEW YORK Dec. J9.-Thcrc was no
apprcciable ieI-up IN the furious activity
IN the stock market to-day or in the OK
cceuIngiy pToau and VARIED trading y
quick market WAS offered Tor almost any
foIune or stocks. and very notable
strength continued at various points III
The list. but the burden OF the proiit-tak-
Ing safes proved rather heavlert than ior
some Time past, and maue more seieiai
lnroadS upon. prices
The maIEt, Iairiy turned TeactonafE
throughout at one. time under the 1hllu-
once some rather yiulent breaks III Spe-
cal stocks. I'm Plate was the most ei
iective of these, when it suddenly siuinpeu
"a after a snow OF strength. A crop o.
IA points in New York Air Brake was I'M
pressiVe III its way, but had htlie eiIecI
on the market. The reactionaTN tenGehcs
of the Junior TandcrbiItS developed .ilAl
Spectators had been taking rather 100
S.inguine a view OF possible read1ustInents
OF securities of these companies: cieNs-
land. Cincinnati. Chicago ana st LOUIS
and the New York, Chicago and St Louis
stocks fell back heavily, although some
Went UP briskly in the morning
An effort was made to reclaim the bull
position In the final hour by sudden ad-
rances in Northern Pacific. Sugar, ILL
no;s Central General Electric. the Chi
cago Terminal Transfer stocks and the
Wisconsin Central stocks The advances
in these above the low point ran from :
to ~ points. Prices did stiffen in sympl-
thy, but the speculative enthusiasm was
not sustained. and the market closed few
e-ish and unsettled, with a point or more
lost OF some OF these sudden gains Even
the Erie stocks, which have been the real
backbone for some days. came to a pause
to-day, and the first preferred, after r1s-
ing c1k. reacted 13s, with a final fractional
rally.
There have been such reactions from
top prices many times before in the pres
ent movement of stocks, and the real lack
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 pres
ent speculation. The character of the
market otherwise than in these technical
particulars was not materially changed
Professional operators are constantly on
the lookout to take the bear side of the
market with the elimination of the 11se,
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 10 this time has proved too much for
any restraining influence A sustained
bull movement always means prosperity
for the largo stock market contingent,
whose trade II is to operate in stocks,
and coming in the tide of the holiday pc
Rod the present movement is especially
popular
the money market have made no impress
ment which would prove an cfectual
check upon excessive speculation. London
WAS quoted as a buyer Of 10000 shares OF
stock on balance here to-day. but the true
origin OF this buying is open to doubt, in
viaw- Of the advancing money market IN
London and the failure of the dealings to
affect the sterling exchange market in
New York The initial dealings here in
the stocks which were most affected in
the early London trading were on an
enormous scale In Southern Ralirfay
lnOg shares changed hands at once at
the opening. In Southern Pacific 5000
shares: in Kansas and Texas preferred
100 shares, and in Erie first preferred
1890 shares
The higher money rate in London to-
day was effective in turning the CONT
mental exchanges in favor of London, but
il is the common expectation that the
Bank of England discount rate will be ad-
Vanced tomorrow as the open market
rate has risen we'll above the bank rate
and borrowers are reSorting very largely
to that institution
The bond market was active and strong.
Total sales. par value. $o.26o.pp. United
States refunding rs advanced Is and new
Is declined X per cent. on the last call
To-day's total stock sales were LILA, 100
Bharez.
MONEY AND OBSERVATION-DISCLOSURES on
call steady at 4G:' per cent; last loan at
AZ per cent; prime mercantile paper,
ta,@.r. per cent. Sterling exchange
steady. with actual business in bankers
bills at 81 81 ? for demand and at S4.Su!2
for sixty days: posted rates, $i.S1MiSli
and 81 .S5G1i .S-l:.: commercial bills. S4i9it2
"a 1AS, Silver certificates. 64dNh; bar Sli-
yer "a: Mexican dollars, 80. Government
"a