The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-12-22
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TIE STOCK MARKET.
Trading Continues ON Large Scale and
the Tone IL Strong,

New York, Dec. 31.-There was no al
teration in the character Of the stock
market to-day. Trading continued on
a large scale. and the tone of the
market was very strong. Possibly the
interest was a trife less broad than
on some previous days of the week The
buying showed tendency to become
congested in certain stocks and the
specialized strength of a few stocks
was a dominant influence in sustaining
the whole market. The expectation was
rather general that movement to take
profits would develop during the day
owing to the prolonged rise in stocks
and the approaching holiday The Lon
don market this morning showed de-
preston the eve Of the holiday and
! this emphasized the impression of yes
terday's rather sharp selling movement
near the close here. Professional OPP
orators, therefore, fell upon the market
at the opening. But they made scarce
~ HOIt lildi a iiiOliieiltciy
Powerful support was Forthcoming at
the decline and before the end OF the
day the tide of prices had turned
strongly upwards again. The existence
of a short interest formed yesterday af-
ternoon had something to do with the
resiliency as the bears were very timid
about leaving open over the holidays
The continued ease of miney in spite
of the carrying over of loans until We'd
nesday and the favorable forecasts of
the bank statement gave the final flip
to the close, animated and strong at
about the top level, the late profit TAX
ing sales being confidently absorbed.
Northern Pacific sold ex-dividend and
recovered strongly from yesterdays
late reaction, but the top price was 81,
which was short of yesterdays price
by a half point. The extraordinary
speculation in Northern Pacific is bas-
ed on the benefit to accrue from the re-
tirement of the preferred stock, cancel
ing it's privilege to share net earnings
in excess of per cent. on the common.
This called attention to various other
stocks whose preferred stocks
are limited by the terms of their issue
in their dividend rights Atchison com
mon and Denver and Rio Grande com
mon, Union Pacific, and Southern Rail-
way were thus affected. There was
q renewal of the advance in st. Paul
and Southern Pacific was lifted above !
It's former record price to near as. |
Sugar had it's period of strength and !
Brooklyn Transit rallied strongly after
early weakness on account of the state
ment of earnings for November. All |
Of these movements were more or less
but the speculation show
ed the same readiness as for some time
10 follow quickly any marked leader
ship. The indications are that the
of currency this week has
urned strongly in favor of New York
md the estimates of the amount re-
,eived balance from the direct move
nent by express run up to over 2O00,-
100. In addition the banks have gained
i $4,000 on sub-treasury operations.
The banks outside of New York are
,nown to have continued to lend heav-
ly on the stock exchange during the
week. This gave rise to the belief that
he bank statement Tomorrow would
how another heavy decline in deposits.
S the outside banks in placing loans
ere draw on their deposits in New
'ork banks. A decline in the deposit
.em would of course resul. in
hrinkage of reserve requirements to ,
he benefit of the surplus.