The daily morning journal and courier., 1900-01-03
Degree to Which Its strength Extended
 Yesterday n Surprise.

|" 'NH PA 'SN'
 New York, Jan. 2.-The degree to | which strength in the stock market ex-
 tended to-day, was a surprise to traders.
 Last weeks advance offered inviting
 profits, and it was expected that selling on this account would be sufficient to feed the new demand and such selling in the first hour of trading was on a | very large scale. Last weeks persist ent demand and the large gains in
 prices was a paradox in Wall street
 eyes and the professional traders were very persistent in selling the market on any advance. This element was
 watchful to-day for any opportunity to
 swoop upon the market and break prices to a point at which they could
 buy in at profit. When the early profit taking became manifest they made a vigorous attack on Brooklyn
 Transit, forcing 1t down over three points and bringing the rise of the general market to a halt So far the course of prices was about as had been expected. The tone of the money market was firm at the opening and the demand incident to the active spec ulation in stocks pushed the money rate up to II per cent. during the day. Thus all things seemed to confirm the ex- plantations of the reactionists but it turned out that they had failed entirely to properly gauge the outside demand for stocks This absorbed the sales to take profits and then proceeded to swal- low up all other offerings. The bear party became alarmed at the propor- tions of the advance and hastened to cover. Money ran down late in the day to per cent, and the tone of stocks became very buoyant The most striking gains and the greatest activi- ty was shown In the industrial group, of which Sugar was the leader The Iron and Stell stocks were also in de- mand at advancing prices and the strength spread to other industrials. At the same time there was confident and well distributed demand for the railroad stocks. The grangers showed the largest advances, owing to the re- bound from last weeks weakness due to the St Paul and Burlington's state ments of earnings, but the trunk lines, including Baltimore and Ohio, Norfolk and Western, and the great trunk lines were all notably strong. So were the central traffic lines, such as Pittsburg, Cincinnati, Chicago and St. Louis, Cleveland, Cincinnati, Chicago and St. Louis and the Lake Erie and Western stocks. Chesapeake and Ohio failed to respond. The striking declines in dis count rates abroad aroused some confi- dence that the export movement of gold will not extend much further though the financing of the South African war must be reckoned with and may have been the motive of the strenuous efforts that have been making to bring about easier conditions in London. As for the domestic situation, the movement of money has evidently turned in favor of New York New York exchange at Boston went to a sharp premium to- day An accepted authority estimates that the total disbursements for Janu- ary this year, taking into account se- curlties of banks, insurance companies and such will foot up S1S0, 0000 000
 There were sufficient points of weak ness in the bond market to give an ir- regular appearance, although the gen eral tone was strong. Total sales par vale $1,255000. United States 3s declin- ed 1s in the bid price.
 NAU iOnh STOCK KiRnhr.
 Opening. Highest, Lowest Quotations On the New York Stock Exchange, reported
 by Prince X Whlteiy, Brokers, 15 Center
 Street, New IIaven.