The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-12-19
STOCKS AND BONDS.
The Market Closes FurIousIy Active
Rng Very steady.


New York Dec is-The lrrcgularity
and unsettled condition Of the stock mar
ket to-day were due to various conaictiny
causes. There was stnl some evidence Of
Important buying. which has been ia evil
dence for many days now ana which Is
co@monly attributed 70 operations by
large banking interests. looking 20 the
consolidation OF control Of many compot-
Ing and connecting railroad systems. The
buying OF this kind was. however. dis
tlnctly less than for some time past
Efforts were INSIDE by professional opcr-
aiors TO give an appearance Of a coutin-
uance OF those class transactions. But
the maninuiative character OF many
movements designed Co give this impress
sion became rather obvious. and besot
some feeling 81 doubt and distrust The
crop rumora regarding additional plans
for such consolidation stili 20 be- put la
effect showed some yagueness and We're
not free from Intrinsic evidences Of i'm
probability In spite OF the credulous
mood which has recently prevailed IN
Wall street regarding anything that
pointed 10 consolidation. the influence OF
these movements and stories. therefore
lost some Of iheir force.
Another consideration was that the
oninion has become well settled IN Wall
street that the surprising decrease IN
loans la last Saturdays bank statement
was due primarily to the movement OF
the deposit account The banking inter
ests aud financial Institutions which have
nod 90 large part In the recent buying
Of certain stocks have evidently oeen
drawing down the deposit accounts OF the
hanks 10 do 80. This necessitates con
a
buving. therefore is strong sustainins
force in the stock market. Il s. equally
strong as a depleting force Lea the money
market. upon which spectators are de-
pep,ient Cor their resources.
Another unsettling Influence was Lon
Aon's change OF front. After buying ac-
lively here yesterday. that center sold
freely to-day This wac, OF course the
outcome of the monetary situation N
London. with further military reVer-es
In south Africa and the foreign *
changes running against hcr. y y W.
ror,unou expectation that The Bank or
t,n,l,nd discount rate will be advanced
~ marrow Such condition IS Away
snairient 10 cause liquidation OF foreign
securitiee from London Ia che interest OF
tha money market. but 1t u not clear
that IN. more conse rvative class Of IN
ye.fora In England are not attracted by
American securities. The decline Of trade
activity there and the continued high
earnings here make the American securl-
ties relatively more attractive Tor invest
meut
No uneasiness Is apparent over me
money market outlook 80 far as the I'M
mediate future is concerned. The SUB
treasury Is contributing to the market by
reason OF large pension payments. m
creased premiums on government bonds
which are being rushed in for conversion
into the q before the refunding period cN-
hires. and some payments on assay once
rhc,ks for gold deposited al the Pacinc
coast uolnts. while these conditions make
for the safety Of the money market the
feasibility b. recognized OF pincn ~ the
last week OF the year. especially VI unnuo
s,,scuiative commitments are aiioNe1 10
e,f an the resources of the market.
These various conditions are the eApis-
,sf,on OF the exceedingly varied market
Tor stocks. Heavy selling 20 take profits
continued side hy side. with extraordinary
advance In special stocks. OF the days
speclal movements b. far the most I'M
excessive was the sustained advance IN
the Erie stocks. the common rising 70
sr. the first preferred 20 55& aud the
se~ond preferred 90 3gik. There were
soune wide movements among the minot
Vaudefbilts and connecting lines IN cen
trai Traffic territory. Lake Erie ana
western rose ~ New York, chicago sn1
e, ro,,is second preferred. IA aud the
eomnon and the first preferred about
rotnts each. There was an active up
ward movement la the steel group. 10
cuvar Auaigamated Copper, Missouri
pacific and The Southern Railway stocks.
bns none Of these were well sustained.
IN. market closed furiousy active and
surprisingly steady. CONSIDERING the large
volume Of dealings
The bond market was - varied and IT.
regular as that IN stocks, and large real