The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-12
STOCK MARKET
WIDE AND ACTIVE
Strength Well Maintained Except in
Steel Group.
BONDS WERE QUITE IRREGULAR.
Tho Urgent Demand for Stocks Was
Somewhat of Mystery, us
Money Market Outlook
Continues Threatening.
(Ry A.soc!.t.u rec...,

NEW YORK. Dec. 1.-THE demand for
Stocks to-day was so large, SO urgent aiio
SO widely distributed as to suggest
recrudescence OF the bullish enthusiasm
OF the period Immediately following the
election. The motives of this buying and
strength OF the whole market were some
what mysterious. The anthracite group
had its own particular caLse of strength
in the circumstantial assertions OF the
passing control of the Pennsylvania Coai
Company to the Eric and The consequent
Illustration of the plan for II new railway
arrangement from the coal regions 70
tiaewater to satisfy the ideas OF The moe
pendent operators regarding transports Ia
lion rates. No authoritative confirmation
could be had of the reports current but
the record of the tape was strongly cou-
iirmatoTy. New Jersey Central was an
carly exception to the strength OIL Inc
group. but recovered later.
The Erie stocks and Ontario and west
ern, being most Immediately ahecteo
by the threatened competition, icd OH ih
the movement Later IN the DAY the
Reading stocks assumed the leadership,
and Were absorbed in enormous blocks up
TO the close of the market. The gains IN
the group RAJ. from to 3 points
This movement was the malnStaE OF the
market. but the general strength was too
striking TO be explained as sympathetic
movement. There was some demand Tor
London account-opening OF a new &C
court incident to the settlement-but this
buying is called professional arbitrage
operation. and may originate either 10
effect was produced on Southern Pacific.
which opened up IL. and advanced later
to a}. closing at the highest
The belief has prevailed in Wall Street
that there was q very heavy short ac-
count in some of the railroad stocks, for
which western SPECTATORS We're liable,
the speculation extending also into the
steel stocks. The bear account in the
latter group has been aimed at an adj
vance this week. and may have been
reached in the railroad group to-day
The money market outlook continues
threatening so that the superstition is
aroused that to-dav's buying is for the
account of financial interests which are
independent of the ordinary sources OF
the market. The transfers of currency
through the Sub-Treasury TO New Or
leans reached 50,oGo to-day, the largest
sum OF any day in the recent movement.
The Sub-Treasury has already taken from
the market this week S2..OS,000. so that
the inroad on the resources of the banks
promises this week to equal last week.
The London exchange rates fell further
fraction. This may foreshadow an acqui-
gold. The shipment from India to Lon
don of S2,5G0.oo0 in gold in payment for
silver may be intercepted and diverted to
the New York market as was done with
The last similar shipment
The strength in stocks was we'll main
tanned to the close, except in the steel
group.
sales par value S4,0iJ0o0.
Total stock sales were SSo,11 shares.
MONEY AND TcNCHANGE.-Moneyo on
call firm at 4i.GG per cent: last loan at
sla per cent; prime mercantile paper,
.i2G;, per cent. Sterling exchange weak,
then steadier. with actual business in
bankers bills at Si.S4asd4.Sll for de-
mand and at S4.S05s for sixty days; posted
rates S4.S1i4G4.S2 and S4.S5l4G4. Sc; com
1nercial bills s.. S0di. S0I@. Silver certifi-
Gates. 64d65; bar silver, 6iN; Mexican