The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-12-04
Etnanrtal.
THE STOCK MARKET.
Speculative Activity Depressed.

|
New York, Dec. 3,-Speculative activ-
ity was rather depressed in stocks to-
day and business was on diminishing
scale The opening Of congress and the
presentation of the presidents message
are looked to by tradition to supply mo-
tives for moving prices. 1t can hardly
he said, however, that any general in
Auence was exercised on prices by these
to-day. The message was made a de-
vice by the professional traders to eff
feet some movement in the steel stocks.
That is to say, alarmist rumors were
current before it's appearance of the
stand taken on the trust question.
The stocks proved vulnerable to the
bear attack, and considerable long stock
was brought out, the decline at one
| time in Tennessee Coal reaching Az
and 81 in Steel and Wire. These We're
the weakest stocks and they rallied on
short covering IL and u, respectively.
On the other hand, Sugar, which is the
leading trust stock in the market,
was fairly buoyant, rising 3as and clos
ing with net gain of 23s. In the out
side market also Standard Oil sold at
$40, leaving all previous records far be-
hind it.
The upward rush of over G points in
Pacific Mail was made at the opening
and was prompted by the general con-
currence in the views reported from
party leaders in Washington as to the
y,1aoa oi1ynp nv the shin STn-
sidy bill in the party programme for
the session. A large short interest was
caught in the stock, which emphasized
the rise The same thing was true OF
Sugar, which recovered it's Saturday
loss with the approach of the dividend
meeting The meeting, however, was
postponed and the stock became quiet.
The railroad list was extremely irregu-
lar Baltimore and Ohio suffered sharp
" on account of the legal proceedings
to enjoin the payment of the dividend
on the common stock, pending the de-
cision of the rights of the preferred
stock to share equally with the COM
mon stock in dividends over per cent.
Other conspicuous stocks in the rail-
road list gained sharply, with Pennsyl-
vania as the leader Notwithstanding
the reduced activity, there was sharp
hardening in the call money rate to 6
per cent late in the day, at which fig
ure It required a million dollars to meet
the needs Of belated borrowers who had
held out for better terms. This served
to emphasize the effect of Saturdays
bank statement. Nevertheless, it is the
common belief that the important feat
Of ho ca fa,,, md It,n m thn
temporary provision for the December
first payments, the trust companies
calling loans for that purpose thus
driving borrowers to resort to the
banks, while the trust companies also
increased their cash deposits with the
banks in order to draw on them. 1t is
believed that the disbursement Of De-
cember dividends will soon come back
to the market.
The renewed large demand for cur
rency from the interior is very impor-
tant. To-day $350O00 went into the !
sub treasury for transfer to New Or
leans and 100000 for transfer to Chi
cago. Such a rate of depletion of cash
of the banks is certain to have |
a marked influence on the money mar
ket.
The absorption of bonds continued |
large and important, and prices We're
generally higher. Special features We're
Chicago and Alton 31as, Kings County |
Elevated fours and the per cent is
sues of Norfolk and Western, Union
Pacific and Reading, Total sales par
value s4,505 600
United States new tours declined 4
per cent. on the last call.