The times., 1900-12-19
A DAY OF HEAVY BUYING
Transactions in Great Volume and
Well Distributed.
Fractional Declines in the Railway
Toward Higher Prices - Jrregu-
lnrity Among Industriais - Lon
don's Bcnrish Influence Overcome.

NEW YORK, Dec. 1S.-This was an
other day of broad and active stock specu-
lation, in striking contrast 10 the panic of
one year ago today. While the volume of
trading was not conducted on so large
scale as yesterday, it was so heavy that
the quotation companies found II neces-
sary to discontinue printing the sales of
fractional lots of stocks until further no.
tice.
The early news was of a negative char
acter except that from London, where the
markets were depressed by the aggres-
sive operations of the Beers. Consols de-
clined fractionally, and there were appre-
tensions that the Bank OF England would
advaHce its rate OF discount later in the
week. Americans opened irregular, and
subsequently small declines became gem
eral Here there were an erratic open
ing and some irregularity.
Fractional declines were noted in the
railway list but there were exceptions
notably among the fractions. which were
very strong on rumors of possible COM
binations The Nickel Plate shares were
also sharply advanced, the common and
second preferred rising and per cent
respectively. This was partially attributed
to expectations that the second preferred
will shortly be added to the list of divi-
dend-paying stocks. London, during the
first hour, was a seller of about the same
amount as this account bought yesterday.
Professional traders were disappointed
by the change of front at London. and
sold stocks freely, forcing many moderate
reactions The market, however, exhibit
ed a great deal of resistance. Southern
Railway preferred, Canada Southern, the
Northern Pacific Union Pacific, and Kan
sas and Texas issues We're well bought.
The Eries and coalers generally were firm.
Ontario and Western was favorably in
fueRced by the report that the independ-
90 coIlieries recently acquired by its coal
Experiment lad been combined as enc
Snmpany, with an aggregate production of
2,000,0o0 tons. Reports OF railway earn
ings were excellent, especially that of St.
pa6l
In the industrial quarter of the market
there Wa early irregularity, but Sugar
became The feature on a sudden rise at
tributed 20 reports leading to the belief
that the chief refining interests are to
become less antagonistic. 1t was stated
that the Arbuckles had withdrawn their
suit against the Woolson Spice Company
but the story was accompanied by denials.
That several traders seized the opportu-
outstanding short interest in the stock
was a more reasonable explanation. The
steel stocks were strong particularly Fed
eral Steel. Tin Plate common made a
pronounced gain, which was accompanied
by talk of a lump dividend in the near
future. Amalgamated Copper and the
Tobacco issues were also strong.
Money was loaned freely at per cent
and many renewals were made at that
rate. Later IL per cent rate was
quoted with bankers expressing the view
that the period of money tightness is over.
There were no apprehensiOns regarding
the future. and satisfaction is derived
from the phenomenally heavy interest and
dividend disbursements to be made on
January /. The tone of the foreign cx-
change market was easy and this led to
talk OF importations of gold. which is
probably premature. London's selling on
balance during the morning was esti-
mated at 600 shares.
In the early afternoon the market har-
dened on good buying and the removal of
selling pressure from abroad. The actiy-
ity and strength was especially notice
able In the Vanderbilts. particularly Big
Four and New York Central. Sharp ad-
vances were quite general Among the in
dustrials there was increased activity
with the price movement upward. On IA
vorable trade reports the steel stocks
made further gains. which were well dis
tributed throughout the group.
The market in the late trading exhibited
strength and buoyancy. The dealings were
heavy and we'll distributed. Important
financial interests. said to be committed
TO the bull side of the market. were again
accredited with heavy purchases Consid-
cradle importance was attached to the
forthcoming Vanderbilt meetings, when
favorable developments affecting values
are expected The market closed very ac-
tive and strong.