The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-22
TRADING WAS ON
VERY LARGE SCALE
Buying Showed a Tendency 10 Con-
gest in Special Stocks.
The PRICES TURNED UPWARD
Market Closed Animated and Strong
ut Top Lerci-Noney Continued
Easy-Honus Active, bmS some
Reaction OH Pr"tit-Jakins.
ny Associated Press.)

NEW YORK. Dec. 21--There was no
alteration in the character ot the sloc..
market Trading continued on -!
large scale and the tone was sttott5.
Possibly the interest was 4 tTil-c 4t:97
broad than on some previous DAYS o. tle
week The buying showed Il tendency .
congestion in certain stocks ana me 9l'I
called strength Of a few STOCKS W'iS 4
dominant influence IN sustaining prices.
The expectation was rather general that
a movement TO take profits would HeNeIoP
7 during the day. The prolonged contllu"-
ton of the rise and the approach OF tLe
HOLIDAYS suggested the Likelihood o. d
profit-tallinE movement. Spectators, rs :.
.ue are averSe to leaving their money
tied up in the stock market over Il y!
longed holiday, and loans mace to-u.S
carry over until Wednesday next. ne
London market this morning showed de-
preston on the eve Of the holidays, aud
this emphasized the impression OF yes
terdav's rather sharp selling movement
Professional operators. therefore, fell
upon the market at the opening, but
they made scarcely more than q monlth n
3ary COMPRESSION. Powerful support was
forthcoming at the decline, and before
the end OF the day the tide OF prices had
turned strongly upward again. The eN-
istence OF 4 short interest formed ycster-
1av afternoon had something TO do Wltn
rho resii5grt.v the bears We're very
tir1lid about ic n@ accounts open over
4he HOLIDAYS he continued ease OF
money in spite er the carrying over OF
loans until Wednesday. and the favorable
forecasts Of the bank statement gave the
final film TO the market and 1t closed
animated aud strong at about the top
level. the late proft-taliing sales beng
confidently absorbed
Northern Pa cifiC sold cX-GlNldend' ana
recovered strongly from yesterday late
reaction, but the top price was 81, Whlch
was short Of Yesterdays price by a naIf
point The extraordinary speculation in
Northern Pacific is based on the benent
to accrue from the retirement OF the pre-
ferred stock cancellinG its privilege to
share net earnings in excess OF per cent.
the common. TINS called Afternoon "
various other common stocks whose pre-
ferrcd stocks are limited by ne terms
OF issue in their dividend receipts. Atchl-
son common and Denver and RIO GRANGE
common, Union Pa ific and southern Kali
way were thus affected
There was a renewal OF the advance II,
ST. Paul and Southern Pacific was lifted
above its former record price TO near a.;
Sugar had its period OF strength, ana
Brooklyn Rapid Transit rallied SlTchSiE
after early weakness on account OF t.!y
statement of earnings for November All
of these movements We're more or less
maripulatiye but the speculation showed
the same readiness as for some tune 10
follow quickly any marked leadership. me
indications are that the movement OF cur
1-..ncv this week has turned strongly IN
favor Of New SOrk and the estimates OF
the amount received on balance Tor the
movement by express run up to over
s. G10.0U1 In addition. the banks have
gained S11s&,ooo on Treasury opera
tons. The banks outside OF New York
are known to have continued to lend
heavily on the Stock Exchange during
the week. This gave rise to the belief
that the bank statement tomorrow will
show another heavy decline in deposits,
as the outside banks in placing loans here
draw on their deposits IN New York
banks y decline in the deposit item
would. OF course, result III a Shfinkage Of
reserve requirements TO the benefit of the
surplus.
The bond market continued active but
there WIS some reaction: on pront-taking.
Total sales, par value, 81 100000. United
States SIS. old As and IS declined II per
cent. The new Is advanced Il on the last
call.
Total sales today Of stocks were l172,-
200 shares.
MONEY! AID rrNCE4 anC;F2 Money OF
call steady at sac per cent; last loan at
. per cent: prime mercantile paper, 4l30
All per cent Sterling exchange steady,
with actual business in bankers bills at
81 Sax fot demand = d II 81 S01%m4. SOS
for sixty days: posted rates, St.S1i&4
4 SOL: commercial bills. $4.T9l4G14. Sa1i.
Silver certificates. GiGl65 bar silver 63&
Mexican dollars. 30. Government bonds
irr,nrIllaT. State bonds inactive. railroads