The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-12-28
THE MARKETS.
Wall Street NsviaN.

New York, Dec e7.-1he market dise.ted an
enormous amount Of stocks on profit taking to-
day. These heavy offerings were not without
effect on prices and in fact. there was a period
again demonstrated its marvellous rec'iperate
power and the speculative enthusiasm, was shifted
into new quarters. where the buying was resumed
w,,s saasra ioatea confidence con In a'rss part Of the
wide at any time anr the large volume OF bus
iness was accomplished without making an in
road on the market valuc or increasing 1t. n
other stocks the days price range was very
wide, while changes were quite unin,portant. In
this list were stocks which yielded sharply 10
the profit taking movement and then recoveed
strongly in sympathy with the strength which
developed at new points. The Changers and Pa
cifcts are examples. The distinguished feature
OF the days trading was the development Of ag-
eressive strength in a large group Of low priced
stocks both in the railroad and miscellaneous de-
partment. The advance in Denver and Rio
t,rande common gave the cnc for this movement.
The strength In the Rio Grande stock and the
large amount OF the absorption gave rise to the
conjecture that process had began Of transpo-
sition OF interests between the railroads In that
region looking 10 asettsment Of obstinate rate
problems. similar to the exchange OF holdings
which has occurred between railroads in other
Southwestern railroads but among low priced
stocks scattered all through the list. After Den
yer and Rio Grande had risen az there were
successive rcspomises in owa Central, Norfolk
" NVs'eiH, rUTt worth anu NlO tHc
Wabash stocks, United States Leather, Hooking
Coal. North American, Reading second preferred.
Mexican Central Ann Arbor and Ontario and
Wester moi from, 1 10 asa This diversion Of
speculative activity from high priced dividends
to low priced is very usual accompaniment of
a long sustained bull movement OH the theory
that the low priced stocks are entitled to
rise to adjust the values to the dividend payers.
AT this time there is the additional argu-
nient. which gains force from lingering fear Of
possibility OF u money squeeze incident to the
early settlement that the low priced stocks nre
safer to hold on margin, as the margin represents
in some cases nearly the full value OF the stocks.
II addition 10 these features Of strength in to-
days market there was an opening rush to buy
Peoples Gas which made the price 40, or 3a1
above last night. Although II fell back nearly
points II was well sustained at the lower level
and closed with n net gain Of Ia on the strength
Of the reports of vanderbilts requirement of
the stock. Sugar was very feverish over wide
iange, rallying very strongly after an early de-
cline and closing with net gain OF 3i4. st.
Paul moved up in the late dealings pretty near
to 14l. coming within lees than point Of bur-
lington. Total sales. 1,411. 300 shares. Business
in bonds continued large and the market gained
in strength as the day progressed. Total sales.
par value, 80 200. United States old Is and
6s advanced u. refunding 2s IS, and IS y per
cent. on the last call.