The daily morning journal and courier., 1900-12-15
Etnamc,ui.
 IliE STOCK 4M.IRkLI.
Again Demonstrates It Astonishing Ab-
 sorptfve Power.

Again Demonstrates It Astonishing Ab-
 sorptive Power.
 New York, Dec. 14.-The stock market to-day demonstrated again its astonish- ing absorptive power. The faith of cap ital in the intrinsic merits of securities and in the countrys prosperity could not have been more strikingly demon strated than by such movement as to-day. Wall street has lived for some time past in an abounding confidence that prices of securities were bound to go up after the exigencies of the yearly settlements had been met and the mon- ey supply replenished by a reflux of funds by disbursements of dividends and interest.
 But the large encroachment making on the money market has caused a haunting dread that prices in the stock market were liable to be toppled over by squeeze in the money market and forcing of speculative liquidation. It was not until late to-day that solu tion of the money market enigma was offered in the intimation that the losses by the banks during the week, which
 
 movements of money, have been offset by gain of over $4,000Ooo from some local sources. This intimation, coming on top of a series of favorable develop ments, threw the market into a state of boiling animation and buoyancy. The eager buying demand came from all sources, professional bears who were short of the market competing anxious ly with the rampant bulls, who distrb uted their buying orders with a lavish hand all through the list. The contrast was a striking one to the conditions at the close last night, when not even the phenomenal advances in the Erie stocks were able to overcome the uneasiness of. speculators over the palpable showing of the absorption by the sub-treasury of practically enough to completely wipe out the surplus reserves of the banks.
 The misplaced confidence of bear op- orators in last nights selling movement was an important factor in emphasizing to-day's advance The full strength of the market was by no means manifest in the early dealings, alohtugh the out burst in the Wabash securities had a fortifying effect The absorption of the Pennsylvania Coal company on behalf of the anthracite group was continu- ing influence. The clear evidence af- forded of the policy among important railroads towards consolidation and ex- tension of influence and representation had stimulating effect throughout the list The coalers were first affected, but the movement spread to the central Tin pf bn and to all minor or connecting railroads in which any community of interest or ownership could be traced
 Practically the whole market respond ed. Even the industrials and special ties recovered buoyantly to above last nights close. St. Paul rose nearly 4 points and a long list of railroad stocks advanced from to points. Just what is the source of the special movement of cash which has offset the weeks out go to the sub-treasury is not definitely disclosed but the belief is general that It is connected with the payment of the Standard oil dividend, which is due to- and which amounts to $10,G00 )00 Amalgamated Copper was almost alone in maintaining a weak tone. The conviction that some of the most powerful financial interests in the eoun- try intended to foster easy conditions in the money market and the expectation 1f benefits next week from the payment )f anticipated government interests were the final effective influences in the 1uoyant outburst which ended the days .rading.
 The bond market showed large vol lme of dealings and prices are advanc | ed. the securities most notably effected | being of the same companies as those in | he stock market. Total sales par value | 5 330,000.
 United States bonds were all unchang- l d on the last call.