The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-12-12
EtmaMcrAl.
THE STOCK M4RKET.
Motives of Buying and Strength Mys-
teTiOuS.

motives OF Buying ana strength Mys-
terious.
New York. Dec. 1.-THE demand for
stocks to-day was so large, urgent and
so widely distributed as to suggest a
Troublesome of the bullish enthusiasm
! of the period Immediately following the
election. The motives of this buying
and strength of the whole market were
somewhat mysterious. The anthracite
group had its own particular causes of
strength in the circumstantial asser-
tons of the passing of control of the
Pennsylvania Coal company to the Erie
railroad and the consequent Illustration
of the plan for a new railroad from the
coal region to tide water to satisfy the
independent operators regarding trans
portation rates. The threatened con-
struction of this road has long been a
buSbear to the anthracite companies
and the adjustment Of anthracite affairs
involved in the abandonment Of this
plan would be of great importance, as
was plainly shown by the buoyancy of
all the stocks in the group. No author
itative confirmation could be had of the
reports current, but the record of the
tape was strongly confirmatory. New
Jersey Central was an early exception
to the strength of the group, but recov-
cred later. The Erie stocks and Onta-
rio and Western, as the most affected
by threatened competition, led off in the
movement
Later in the day the Reading stocks
assumed the leadership and were alb
| CIR NN1 tn, l.
close of the market. The gains in the
group ran from to points This
movement was the mainstay of the
market. But the general strength was
too striking to be explained as the sym
pathetic movement There was some
demand for London account on the
opening of a new account incident to
the settlement. But this buying is call
ed professional arbitrage operation and
may originate either in New York or In
London. The most market effect was
produced on Southern Pacific, which
opened up Il and advanced later to 43,
closing at the highest The speculation
also extended into the steel stocks. The
bear account in the latter group has
been aimed at by the advance this week
and may have been reached in the rail-
road group to-day.
The money market outlook continues
threatening, SO that the suspicion arous-
ed that to-day's buying is for the ac
count of financial interests which are
independent of the ordinary resources
of the money market. The transfers Of
currency through the sub-treasury to
New Orleans reached $550,000 to-day
which is the largest sum of any day in
the recent movement. The sub treas
ury has already taken from the market
this week the sum of $2,20S,000, so that
the inroad on the resources of the
banks promises to be as great this week
as it was last week. The mid-monthly
disbursements for pensions and the an
ticipatory payment of government in
terest cannot affect the money market
until next week or the latter part of the
month.
The London money market was not
affected by yesterdays sharp drop in
the sterling exchange here, and eX-
change rates fell a further fraction.
This may foreshadow and acquiescence
in New York demand for gold The
shipment from India to London of 3d.,
100000 in gold in payment for silver
may be intercepted and diverted to the
New York market as was done with the
last similar shipment. But its arrival
in New York would be too remote to af-
feet the present situation. Whatever
the motive, the strength in stocks was
we'll maintained to the close, except in
the steel group.
The bond market was irregular. The
n n
900.
United States refunding twos coupon
advanced Is per cent. on the last call.