The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-12-08
EtnnMcrul.
THE STOCK M1RKET.


New York, Dec 1.-THE prospect of a
decline in cash resources of the banks
of upwards of $7,00O,0O0 proved too much
for the fortitude of spectators to-day,
and they sold stocks, reversing the
movement of yesterday. They had the
advantage of new points of strength in
number of individual stocks among
the low priced railroads, but demon
allied tone in one or two of the indus
trials more than offset this advantage.
The sub-treasury alone has taken up
from the banks during the week $780,
900, including the deposits at the sub
treasury for Geographic transfer to the
| interior The direct movement by eX-
press, although supposed to be small on
balance, is certainly in favor of the in
terror There is suspicion also that
| the local movements of cash which have
helped out the showing of the banks for
| the last few weeks is not to be relied on
this week. These gains have been due,
| to a large extent to the operations of
a single bank in which is ceutered some
of the most important interests in the
financial world, including large inter
ests in copper mining stocks. The
course of Amalgamated Copper during
the week has given rise to the appre1
hension that interests identified with it
need not be expected to have taken
measures to conserve the general money
market situation. The loan item also Is
the subject of much perDlexed surmise.
While there has been some speculative
liquidation in the stock market, there
has been some large borrowing for out
side financial operations, including sub
scriptions to a 10000, 900 issue of Third
Avenue railroad bonds, which was clos
ed to-day with the announcement that
it had been largely over-subscribed. II
there has been any considerable loan
eXpension the double effect on the sur
plus reserves may prove somewhat sem
sational especially with the most try
ing period of the year on the money
market to be, Immediately faced. Liqui-
dation was not urgent in the stock
market, but was quite general Even
the Erie securities yielded temporarily
on the denial of a story attempting to
explain their movement by alleging
that the company had purchased the
Pennsylvania Coal company Both the
stocks and bonds, however, rallied sub
sequently to top prices. Besides this,
strength was shown by the st. Louis
and San Francisco stocks. led by the
second preferred with an advance of 2a
and the New York, Chicago and St.
Louis stocks, led by the second pre-
ferred with an advance Of AS. On the
other hand there was continued weak
ness in Tennessee Coal on the persist
ant rumors that the dividend would be
passed. The stock fell at one time az
and after fiuctuating feverishly closed
within * of the lowest. Coincident with
the meeting of the directors of the
United States Rubber company, the
common stock broke points and the
preferred stock 5% without meeting any
effective support. 1t was reported after
the meeting, without official authority,
that the company had reduced the
price of its goods rs per cent. and
doubts We're expressed Of the mainte-
nance of dividends on the preferred,
Pacific Mail broke nearly 4 per cent. on
the large decrease in net earnings re-
ported for October The unsatisfactory
results of the meeting Of western rail
road presidents to enforce the observ-
ance of freight rates helped to depress
the railroad list There was weakness
In Peoples Gas, Tobacco and the local
fractions The closing was moderately
active and easy, and many stocks were
at the low point.
Business in bonds continued large
There was profit taking in some of the
speculative issues, but there was not
able increase in the demand for high
grade bonds, which made the market |
very broad.
Total sales par value, $4135, 900.
United States IS and 5s declined 4
per cent. on the last call.