The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-15
A STOCK MARKET
WITH RESILIENCY
Bank Losses Offset by Gains From
Local Sources.
A SQUEEZE WAS FEARED.
But This Intination, Coming onTop of
Favorable Development. Threw
the Market Into n State of
Boiling Animation.
A SQUEEZE WAS FEARED.

tBy Associated TrrSS1
NEW YORK. Dec. 1f.-Jhc stock mar
ket demonstrated to-day again its aston
fishing reSlliency=cf underlying apSoit'-
tive power. The faith OF capital IN inc
intrinsic merits OF securities ana N tliS
country'S prosperity could not nay nS,s..
more SrrikIngIy demonstrated thdn pF
such a movement as to-day
Wall Street has lived Tor some time past
in Astounding confidence that the Sechf1-
Lies We're bound to go up alter the eNlSfi-
cics of the yearly settlements had peer,
met and the money supply rePienlShea ny
q refIllS OF funds by disbursements oil diN-
idends and interest. but the large Gu
sroaclment making on The money plaIfhcI
has caused a haunting dread that prices
in the stock market were IiabIc 10 .!s ~ ~,
piled over by a squeeze in IN" money 1i,5i-
lfet and d forcing OF speculative L1ulu@-
lion.
1t was not until late to-day that a Soiu-
zion OF the market enigma was offered
in intfruafion that the losses by the banks
during Tho week, which are conciusiNely
shown by the known movements OF
money, had been offset by a gam OF over
$4.ro0.0oo from some local source.
This intimation coming on top OF a
series OF favorable Developments thre" the
market into Il state of boiling animation
and huoydncy-
The eager buying demand came from all
sources. professional bears, who We're
short OF the market competing anXiously
with the rampant bulls, who distributed
their buying orders with lavish hand
all through the list. The contrast was q
striking one, with the conditions at the
close last night, when not even the phe-
nofnenal advance in the Erie stocks was
able TO overcome the nneaSinesS OF Specu-
lators over the palpabie showing 4f the
absorption by the Sub-Treasury of 'prac-
tically enough TO completely wipe out the
surplus reserves OF the banks.
The misplaced confidence of bear opera
tors III last nights selling movement was
an important factor in emphasizing to-
days advance. The full strength OF the
market WAS by no means manifest in the
early dealings. although the outburSt in
the Wabash securities had fordfyinS
effect The absorption OF the PennSyl-
Nailia Coal Company in behalf OF The
anthracite group was q continuing lnfiu-
-nce, and was helped by the morning S
announcement Of accession OF q Very I'M
I-ortant representative 10 the Erie Board
OF Directors. The effect was not directly
manifest IN the Erie stocks, which We're
TeaCtiOnary on Profit-takIng, but the clear
evidence afforded Of the persistent policy
among the controlling interests OF inpor-
Iant railroads towards consolidation and
extension OF influence and representation
had = stimulating effect throughout the
list.
most Immediately concerned, and then the
movement spread TO the central traffic
connections of the trunk lines and to all
minor or connecting railroads in which
any community of interest or ownership
could he traced 1t would be useless to
try to specify or classify the final deVel-
uprnent Of the movements, as practically
the whole market responded Even the
jnduStTialS and SpecialtieS, which hung
back in The earlier dealings, recovered
huoyantly To about last nights close. St
Paul rose nearly points, and long list
OF railroad stocks advanced from l to )
points.
Just what is the source OF the special
movement of cash which has offset The
weeks oUtgo to The Sub-Treaslry is not
definitely disclosed but the belief is gen
cral that it is connected with the payment
OF the Standard Oil dividend. which is
and which amounts
$40 0No Csc The fact that Amalgamated
Copper WAS almost alone in maintaining
weak tone did not seem to alter this
superstition.
The conviction that some Of the most
powerful financial interests in the country
intended 10 foster easy conditions IN the
money market and the expectation of ben
Gifts next week from the payment Of an
1icipated Government interest were the
final effective Influences in the fuoyant
ouI burst which ended the day.
The bond market showed IA large volume
Of dealings and prices advanced the Sc
Curitics most notably affected being of
the same companies as those in the stock
market. Total sales. par value 50 i3o. 900:
United States bonds were all unchanged
on the last call
To-day's sales of stocks were %, 800
shares.
NOME. AND NEUTRALITY-SUSPICIOUS. on
call steady at 4GiS per cent; prime mer-
camille paper, iQ212. Sterling exchange
bills at 81 S412 for demand and at 81 So&1
! SOS for sixty days; posted rates, Si-Sl1@
G4S2 and s.. S51a6i. Sc: commercial bills.
81 S0G4. SOI4 Silver certificates. G4@65;
bar silver. Gag: Mexican dollars. 5Ols.
Government bonds steady: Stale bonds
strong; railroad bonds strong.
BANK CLEARINGs.-The total bank
clearings at the principal cities in the
United States. as compiled by Brad
streets for the week ended yesterday
were 81. 01:i. 800 COS. an increase of % per
cent, as compared with the corresponding
week last wear. Totals outside New York,
s7l4. los ass, AN Increase of - per cent.