Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-01-03
REVIEW RI Y Oh MARKETS
FINANCIAL And COMMERCIAL
Stocks, Money. Exchange. Bonds, Grain,
Cotton, Provisions, Etc.

New York, Jan. 1.-The strength de-
veloped in to-day's stock market IN inc
degree to which it extended, was a sur
prise to traders.
IS Last weeks very considerable adj
vance III prices offered Inviting pronts'
and It was expected that selling on
this account would be sufficient to feed
the new demand. The selling 10 take
profits in the first hour Of the tradins
was, III fact, OH q very large scale,
sharp advances at the opening helping
along the process. Last weeks persist
ent demand and the large gains IN
4priccs were paradox in Wall street
eyes. and the professional traders were
very persistent i'll selling the market
on any advances. This element was
watchful to-day for any opportunity 10
swoop upon the market and break
prices to q point at which they could
buy in at profit. When the proiit-
talking became manifest they made a
vigorous attack on Brooklyn Rapid
Transit, forcing It down over three
points and bringing the rise in the
general market to n halt. So far the
course of the market was about rs had
been expected The tone of the money
market was firm at the opening, ana
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
expectations OF the reactionists. who,
however. failed entirely to properly
gauge the outside demand for stocks.
This absorbed the sales to take profits
and then proceeded to swallow up all
other offerings available. The bear
party became alarmed at the proper
ffnnS of fhn hncfpnNd fn
cover The money rate ran down late
In the day to 3 per cent, and the tone
of stocks became buoyant.
The most striking gains and the
greatest activity were shown in the
iIndustrials. OF which Sugar was the
leader. The Iron and Steel stocks, es-
pecially the common, were also in
eager demand at advancing prices, and
the strength spread TO other indus
trials. At the same time there was n
confident and well-distributed demand
for the railroad stocks. The Changers
showed the largest advances. owing to
their rebound from last weeks weak
ness due to the st. Paul and Burling-
ton statements of earnings. and tho
trunk lines, including Baltimore and
Ohio and Norfolk and Western, were
all notably strong. The striking de-
clnes in, discount rates abroad aroused
some confidence that tho export move
ment of gold will not extend much
further, though the financing of the
South African war expenditures must
be reckoned with, and may have been
the motive for the strenuous efforts
that have been making to bring about
easier conditions in the London money
market. As for the domestic situation
me movement Of money has evidently
turned In favor of New York An ac-
ccpted authority estimates that the to-
tai disbursements for January, this
year, taking into account securities OF
banks. insurance companies and such.
will foot up $40 100000.
There were sufficient points OF weak
ness In the bond market to give an ir-
regular appearance, although the gen
cral tone was strong. Total sales, par
value, s1,a55.00O
Y. S. 3's declined ,sc. in the bid price.
The total sales OF stocks to-day were
650,100 shares.
New York, Jan. a. Standard Oil,
t.72M4.74.