Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-27
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Slocks, Honey, Exchange, Bonds. Grain,
Cotton, Provisions, Etc.
These Are Closing Sales
~ Each Day.

New York, Dec. 26.--The stock mar
ket went through some astonishing
vicissitudes today, but Its most aston
ing phase was the final recurrence of
the undertone of strength which has
come into support the market SO per-
sistently of late and driven off all
moods Of depression. After opening
with sky-rooket advance in prices
followed by q drop very like the sky
rocket sticks, the market gathered it.
self together again and ignoring the
continued pressure of liquidation which
continued in force at some points, it re-
sumed its irregular show of strength,
the struggling new points of strength
being unaffected by the weakness at
others. The sharp reaction at mid-ses-
sion was due more than anything else
to the extremely doubtful character
OF some OF the opening advances. The
character of some stocks affected and
the violence OF the jump in prices gave
a suggestion of speculative debauch
such as Is the invariable accompani-
ment OF the elimination of bull mar
ket Professional traders have been
constantly on the lookout for the signs
of such elimination, and they sold
the market eagerly on the opening
rise.
These offerings were supplemented
by the very heavy profit-taking of in
terests long of the market. At this
pearance of general weakness, prices
crumblinS throughout the list. The
surprising opening gains in a number
OF industrial specialties and a few rail-
road stocks had fallen from a fraction
to 81 point below Saturdays closing
level. The violent break in the North
ern Pacific stocks had a large influence
j In the decline. as the unbridled specu-
lation in the same issues has been the
salient point of the market for days
past. A published statement that the
\ preferred stock would not be retired
on the coming first of January is the
ground for the break, as 1t would take
away the reason for the recent specu-
lation. The common stock was carried
down an extreme three and a quarter
and the preferred nearly three points.
IL SIX per cent. call money rate empha-
sized the cautious feeling and the re-
lapse to five per cent. later in the day
was an important element in the rally.
The substantial character of the buy
Ing orders encountered at the decline
discouraged the bears and their buying
to cover helped the rally. Tt had it's
inception in the local traction stocks.
which were all very strong with &c
control. Missouri Pacific. Reading
first preferred, Peoples Gas and Sugar
were also conspicuous features of the
late recovery. The closing was very
irregular, but with the undertone
strong. The opening outburst was pal
pably due in large part to manipula-
ton and was explainable by the busy
operations of speculative cliuues dur
ing the holiday interval in making de-
monstrative bids for almost any
amount of the stocks affected without |
any actual transactions being involved |
as restraining influence. The open
ing of prices in Brooklyn Transit va |
ried nearly three points on an extreme
advance of SIS, and there were wide
openings on running sales in Tennessee
Coal. Sugar, ST. Paul. Erie first pre-
ferred and Atchison. The extreme
gains in these stocks ran from 2 to
over 8 points except Erie first prefer
red. which was at no time more than a
fraction over Saturday. There seemed
to be plenty of funds available for Dor
rowers. and lenders show themselves
anxious to put out money on time. hav-
ing in mind the coming Disbursements
of the yearly dividends and interest
and the promise of lower rates. while
borrowers show a preference for call
loans. The turn of the interior cur
rency movement in favor or New York
and continued gains by the New York
banks from the sub-treasury on nc
count of large premiums on govern
mene bonds and anticipatory payment
of government interest give a feeling
OF assurance that the year will be
turned without trouble in the money
market.
The railroad bond market was active
and showed only a few weak spots.
lTCtal sales, par value, S4,310.000.
All United States bonds advanced u
per cent. on the last call.
The TOTAL sales Of GtnGleS- tada