The times., 1900-12-28

NEW YORK. Dec. 2f.-Wide fluctuations
and irregularity of movement were two
conspicuous factors Of todays stack mar
ket. While the volume of dealings was
heavy, yet there was a perceptible falling
off in the early dealings and in sustained
activity. For the first time Oh this move :
ment there were times when the ticker
Iapsed into romentary silence. Evidences
of manipulation multiplied today. and
traders did not have TO look below the
surface TO find them
After a burst of activity at the opening,
with Peoples Gas scoring a sensational
gain and the remainder of the list show
ing small irregular changes, the market
reacted moderately. At the decline there
was excellent buying which developed
frmness and a few notable advances. In
view of the fact that several million dol
lars were loaned on call at 6. per cent and
general expectations of a slight strin-
gency incidental to the January / dis
bursements. the strong undertone was
gratifying to holders of stocks.
London was also a moderate seller on
balance. There were no important deyel-
oFments abroad. the Bank OF England re-
tanning its rate of discount at per cent
with Berlin renorting slightly easier mon
etary rates in that market. Here the
price of sterling stiffened a fraction but
the sum total of dealings was not partic-
ularly heavy. There were no changes in
the line money market bankers repor, in 2
inactivity in that quarter. The exchanges
at the New York Clearing House today
were phenomenally heavy, while the
banks continue TO join in the operations
with the Sub Treasury.
number of fine returns were made by
the railroads for the third week of De-
cember. Missouri Pacific exhibited an in
crease in gross of $73, ,000. Southern Rail
way S3y.250. 1t was unofficially stated
that the Erie Will issue $4,000, ,00e of coll
lateral trust bonds TO f7anse the Penn
sylvania Coal Company purchase.
At the opening. the slightly lower Lon
don range of prices. discouraged traders
and the market encountered many SELL
ing orders. Those who traded for re-
action based their calculations on the pro-
longed advance, the probability of the
elimination of the foreign short interest
and expectations of higher rates for call
money. Prices were irregular, and the
leader Of the market in activity was Peo-
pies Gas, with a sensational opening
First sales were . points apart and the
d
Heavy realizing in this and other stocks
caused prices to yield sharply during the
first hours.
The rise in Peoples Gas was based on
a story of Vanderbilt control Among the
fractions Tennessee Coal and Iron Sugar
and the Rubber issues. the reactionary
tendency was more pronounced than else
where. Some of the railway shares. not
ably Missouri Pacific, the Denver and
in IRA nd Eria
particularly firm.
AT the recessions the market was very
steady. There was substantial falling
on in commission business. Good buying
In st. Paul led TO a rally in the market
and the leaders of the upward movement
were North rn Pacific, Rock Island Denver
and Rio Grande, Erie first preferred. On
tario and Western. ANA lga mated Copper
Consolidated Gas. and Sugar
The grangers easily recovered their
early losses. Norfolk and Western was
strong at an advance of per cent. An
aeonda advanced in sympathy with Anal
gamated Copper. The vigorous upward
movement in Consolidated Gas and Anal
gamated Copper pointed TO a renewal of
activity upon the part of powerful inter
ests. which have not been very active in
the market during the last ten days. Lon
don traded in about $4,000 shares and ac-
tivity wss reported on the curb in that
market. On balance the foreigners were
sellers
In the early afternoon the Atchison
statement for November was received
showing net gain of sl6i, 900 The lead
ers in activity and strength were ST. Paul,
Ontario and Western, and Sugar. Call
money was easier at per cent
In the afternoon the activity and
centred TO a considerable extent
in the low priced stocks and bonds 1t
extended to the Wabash and Mexican Gem
trail issues, which, with Ontario and West
ern and Norfolk and Western, were among
the leaders of the market Sugar and St.
Paul were the high priced stocks which
developed exceptional strength.
The market closed generally strong