Evening star., 1900-12-11
FINANCE AND TRADE
Erie's Purchase of Coal Stocks
Strengthens Whole List.
ADVANCE In NORTHERN PACIFIC
Good Mixed Buying in Nearly All
Departments.

Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star
| NV YORK, December 1.-THE an
| nouncement of Erie's purchase of the
Pennsylvania Coal Company, and the oon-
| sequent relief from the fears of the indie
| pendent companies factor In the an
| thracite trade, was responsible for a buoy
! ant stock market today. The transaction
Is thought to be merely a forerunner of a
| gigantic coal deal in which practically all
| of the coal carriers are concerned 1t is
| significant that the present transaction Is
credited to Erie, the property most inter-
ested in defeating the construction of the
new Delaware valley line.
| In defending its own territory however
IL mas helped all its neighbors, and the pre-
s, mption is that Erie assumed the trade
merely as a step toward a combination in
which all will benefit. Ontario and Western
advanced sharply. Delaware and Hudson
gained 3 per cent under moderate dealings
and the Reading collection all gained sub
Stantlaily. Somewhere in the backeround
PENNSYLVANIA and New York Central are
thought to have stood as joint guardians of
me negotiations which resulted in today's
announcement.
The trading in Erie issues was again on
a large scale. one order for 25 O,n shares
having been executed during the morning
"hlle IN ontario and Western an order
ABOUT half as large was filed during the
same period The demand for Reading
nrst preferred was decidedly confident
curing the latter trading, and rumors of an
important deal to be announced after the
nrst OF the year were numerous
Inc activity in the coal shares resulted In
sympathetic rise in all parts of the
market, the short interest covering and the
buying by commission houses improyinp
as the day advanced. London bought
southern Pacific and local houses seemed
TO nave orders from inside sources in the
same stock. Union and Northern Pacific
| rallied under a mixed demand in which
some very good buying was reflected The
declaration of the dividend on the latter
may take place tomorrow, and while moth
ing new as to the rate is likely the event
mad sentimental influence on the stock
All of the investment issues including
the various preferred stocks, were in good
demand
The steel stocks were strong and the
traction shares were confidently bought by
strong houses. The strength of the market
was remarkable in view of the fact that
call moLey ruled at 5l2 to q per cent during
the active borrowing period. 1t is now
clearly demonstrated that the big things in
the market are superior to a temporary
hardening of the call money market
AS previously stated, the only thing the
present market has had to fear is the
forced selling of weakly margined accounts
III the presence of per cent money The
aEte holiday period is not productive of
speculative boldness and the very satis-
factory surface condition of TODAY NAV
y,eld to more conservative action at any
moment. No matter that the money market
Is acting naturally and gives increasing
evidences of prosperity. the fact remains
that the bank statements are for the time
being, out of sympathy with new UNDER
takings.