The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-12-21

New York. December fs.-There was
mo appreciable let mp IN the furious ae-
Itivity In the stock market today or in
The exceedingly broad and TSried trad
ling. A quick market was altered Tor
Iaimost any volume OF stocks. and very
notable strength continued 1t various
points in the list. but the burden OF the
Iprofit-fakfng sales proved rather neav-
Ter than for some time pass and MADE
more general inroads upon prices. Inc
market fairly turned r~eactionaTJ
Ithroughout At one time. under the M
l~iuence Of some rather violent breaks
In special stocks. Tin Plate was the
most effective Of these when IL sudden
lly slumped 50 after a show OF early
strength. A drop OF IL points in New
York Air Brake as impressive in Its
way, but had little effect on the mar
ket- The reactionary tendency OF the
Junior vanderbilts developed that
Spectators had been taking rather too
sanguine a view OF possible re-adtust-
ments Of securities OF these companies.
Cleveland. Cincinnati. Chicago and St.
Louis and the New York. Chicago and
St. Louis stocks fell back heavily al
though some went up brfskly in the
morning. An effort was made TO re-
lclaim the bull position in the final
hour by sudden advances in Northern
Pacific. Sugar. Illinois Central. General
Electric, the Chicago Terminal trans
fer stocks and the Wisconsin Central
stocks. The advances In these stocks
above the low point ian from . to Ga
points.
Prices did stiffen In sympathy. but
the speculative enthusiasm was not
fully renewed and the market closed
very feverish n unsettled with a
lpoint or more lost OF Tome Of these sud-
den gains. Even the Erie stocks,
which have been the real backbone for
l2nv7a III IO "a n IN n tn1nN a-l
the first preferred, after rising 2is. re-
acted Ia with a inal fractional rally.
There have been such reactions from
prices many times before in the
present movement of stocks. n the
real lack In today's market seemed to
be that the new stocks which are avail
able to be rushed upwards as sustain
ing forces in the market are growing
Exceedingly scarce. Pretty much the
whole list "a been exploited in the
course OF the present speculation
The character of the market. other
wise than in these technical paTticu-
liars, was not materially changed. Pro-
IfeSSional operators are constantly on
1.-THE lookout to take the bear side of the
market with the elimination OF the rise
and they sold freely on the short side
today, as they have done for several
days past, but they also covered large
fy before the close. The general bullish
enthusiasm up to this time la proved
too much for any restraining influence.
A sustained bull movement always
means prosperity for the large stock
market contingent. whose trade IL Is
to operate in stocks. and. coming In
the tide of the holiday period. the
present movement is especially popu-
liar.
The of speculation upon the
money market have made no impress
sion yet upon money rates. a develop
ment which would prove an effectuai
lcheck upon excessive speculation. Lon
don was quoted as a buyer Of $4,000
shares of stock on balance here today,
but the true origin of this buying is
leperi to doubt. in view OF the advanc
ling money market in London and the
failure of the dealings to affect the
sterling exchange market in New York.
The initial dealings here in the
stocks which were most affected in the
learly London trading were on an enor-
mous scale. In Southern railway IL. 900
shares changed n al once at the
Opening, in Southern Pacific 5000
shares, in Kansas and Texas preferred
4 300 shares. and in Erie first preferred
a, 900 shares.
The higher money rate in ndo to-
day was effective in turning the con-
tinental exchanges in favor OF London.
but it is the common expectation that
the Bank of England discount rate will
be advanced tomorrow as the open
market rate has risen we'll above the
bank rate n borrowers are resorting
very largely to that institution.
The bond market was active and
strong. Total sales. par value. were
advanced Il and new As declined Is on
the last call. Today's total stock sales
ere 1,414.7 200 shares.
tanda Oil as $50 to s24.