The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-03
STOCK MARKET
BECAME BUOY
Despite Heavy Selling for Profit Dur
ing the First Hour.
THE TONE OF MONEY WAS FIRM.
Bears Became Alarmed AT Prorort ions
of the Advance AID fastened 10
Corcr-Mo>s Striking Gains
Shown by Industrials.

NEW YORK. Jan. 1.-The strength de-
welcomed in to-day,s stock marj<c: in the
dcsrec TO which il extended was sur
price TO traders. Last weeks very con-
siderable advance III prices offered invlt-
.nr profits, and il was expected that"seil-
Ing on this account would be sufficient
10 feed the new demand. The selling 10
take profits in the first hour of the trad
ing was. in fact on a very large Scaie,
sharp advances at the opening Heipiis
along the process.
Last weeks persistent demand and the
large gains in prices were paradox II,
Wall street eyes and the Pro!eSsioi,'l
traders were very persistent in selling the
market on any advances. This element
was watchful to-day for an opportunity
10 swoon upon The market and break
s,lccs 10 a point at which they could buS
in AT profit. When the proit-takinS pc
came manifest thcy made vigorous at
tack on Brooklyn Rapid Transit forcing
&, down over :; points and bringing the
rise in the general market TO hait.
So far .he course of the market was
about as had been expected. Inc tone OF
The money market was firm at the open
SnSI and the demand incident TO the active
speculation in stocks pushing the money
,sfe W, TO II points during the day Thus
sti things seemed to confirm the eXpecta-
sr1ions of the rcactionists. who. however,
failed entirely 10 properly snace the out
side demand for STOCKS. This absorbed
the sales 10 take profits. and proceeded 10
.Jw.lIlOW I'D all Ol!icl ii
The bear party became alarmed at the
propor,ions of the advance and fastened
10 cover. The money rate ran down late
in the day to , per cent, and the tone OF
stocks became buoyant. The most stllk-
Eng gains and the greatest activity were
shown in the industrials. of which Sugar
was The leader. The iron and steel stocks,
and particularly the common. were also
in larger demand at advancing prices, anu
the strength spread to other industrlais-
1t the same time there was a confident
and well distributed demand for he rail-
road stocks. The srangers showed the
largest advances, on account Oh the re-
hound from last weeks weakness. due TO
the St Paul and Burlington statements OF
earnings. and the trunk lines, including
Baltimore and Ohio and Norfolk ana
Western. were notably strong. The strik-
1nr- declines in discount rates abroad
aroused some confidence that the export
movement of gold Will not extend much
further. though the financing OF the Sou1h
African war expenditures must be reck-
oned with. and may have been the mo
tive OF the strenuous efforts that have
been making to bring about easier condl-
1ions in the London money market.
AS for the domestic situation. the move
ment Of money has evidently turned in
favor of New York An accepted author
fly estimates that the total disbursements
for January this year. taking into account
securities of banks. Insurance companies
and such. will foot up S13o.0o0.OoO.
There were sufficient points of weakness
In the bond market to give an Irregular
appearance. although the general tone was
strong. Total sales. par value. $1,000 on
United States IS declined Is in the bid
price.
Total sales of stocks were 5000 shares
including AtcEison preferred. 11.426; Bal
rimore and Ohio. 10S1o: Chesapeake and
ol1io1.7Go: Chicago Burlington and Quin
cy 1850: Louisville and Nashville, Is
go; Manhattan, 10.27u: minneapolis and
St Louis 4tOa Missouri Pacific. 1860:
Mobile and Chic. logo: Northern Pacific.
sos: Pennsy l,.ania $3.50: Reading first
preferred. $500. ST. Paul, l2.470: South
ern Pacific 2I.s3.: Union Pacific. 29.GSO:
do preferred. SIPS: American Steel and
Wire 81 QIN: American Tobacco. 26. 40:
Brooklyn Rapid Transit. 44,210: 'Conti-
mental Tobacco. $3.50: Federal Steel, L.
90: do preferred. $40: Pacific Mail.
5000: Gas. a.SH: Sugar, $500: Tennessee
Coal and Iron. ..oil; Leather, .1.GSo: do.
preferred. $3.50. Republic Iron and Steel,
1850.
MONEY AND ENC1ANGE.-NIoney on
call firm at :.mS per cent: last loan at )
per cent: ruling rate. per cent: prime
mercantile paper, 6 per cent Sterling
exchange firm. with actual business in
bankers bills at S4.S7A O.. S1la for demand
and at So Sd. "a. $i22i, for sixty days: posted
rates 81 s.; and Sf.SS!c: commercial bills.
s. S1G5 S1aI silver certificates. iSE049lh:
bar silver :,S;s. Mexican dollars 41lS.
Government bonds weak State bonds in
active: railroad bonds irregular.
a