The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-12-09
Ftuamctal.

Market Opens With Tremendous Show IF
Animation and Vigorous Upward Ten
dency.
New York, Dec S.-1The stock market
opened this morning with q tremendous
show Of animation and vigorous upward
tendency, gains being uniform pretty
much throughout the list 1t was evil
dent that the strength displayed yester-
day had brought orders to the commits
siou houses in the morning mails to buy
stocks. There was also buying for Lon
don account for the first time in several
days, the advance in prices here APP
parently failing to tempt arbitrage
brokers to sell. Their purchases of st.
Paul were on quite a large scale, and
they also bought Union Pacific, but
there were sales of Louisville and Atch-
tson for London account. Sugar was
the one exception in the strength of the
market at the opening, but it's loss soon
Widened and heavier liquidation in the
stock set in, offerings being very heavy
and active support being of no avail to
recover it's losses. Yesterdays rumor of
an extra dividend was thoroughly dis
credited this morning and yesterdays
gain was in consequence completely
wiped out before the announcement Of
the regular dividend. The stock was
very feyerish all day and f1uctuated
widely and frequently, but worked con-
stantly towards lower lever and clos
ed near the lowest at a net loss Of 48s,
on total sales of nearly 100000 shares.
Consolidated Gas was also a mark for
the reactionists and dropped at one time
Az points.
The consequence was that the market
was kept unsettled all day. When the
general advance came to a stop dullness
interviewed and there We're frequent raj
lies. Early in the final hour prices of
many stocks We're at the best but the
final drop in Sugar again weakened the
stocks all around and left net gains
confined to fractions in almost all cases
and there was fair sprinkling of loss
es all through the list. One of these
losses occurred in Minneapolis and St
Louis second preferred, which had been
advanced in the morning on a rumor
that the dividend was to be increased
and which reacted on the announcement
"a TUG IES ullt SllNluGiINt lulCIl L cClllC
also was heavy bntaccount of the steps
taken by the government to quality as
a bidder at the Kansas Pacific sale
Other stocks inclined to heaviness We're
Western Union, Manhattan, Metropoli-
tan Street Railway and New York Cen
trail Southern preferred continued the
advance which was begun yesterday on
rumors of an approaching dividend and
rose at one time 1Ss per cent Tobacco
| also developed late strength, but react
ed before the close. Cleveland, Column
bus, Cincinnati and st. Louis enjoyed
the benefit of a favorable statement of
earnings for the fourth week in Novem-
| Der.
The activity displayed by the bond
| market was quite remarkable, sales for
| the first hour approaching one and
| three-quarter million dollars in par val
ua and, it is said, breaking the record
for one hours business. There was
| some decrease in activity later in the
| day, but the tone of the market con-
| tnued strong and prices of a number
| of bonds of the middle grade moved up
from one to two points. Some of the
| high grade bonds showed heavy gains,
Michigan Central flves of 1881 rising Sc
| per cent Milwaukee and Northern con-
soils of 1881 gaining 33s, Louisville and
Nashville P. and A. division fives and
| Northern Pacific Terminal firsts g Mis-
souri, Pacific collateral fives also gained
| 80 points. The total sales aggregated
! 81 $50, 900.
United States old tours registered de-
clined X and the coupon 4 bid, but the
fves rose y bid. The new tours coupon
sold at 129, which is higher than ever
| before.
Following are the closing prices re-
ported by Prince & Whitley, bankers
and brokers' 46 Broadway, New York,
and Is Center Street, New Haven:
| Bid. ASxe1