The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-12

OlOS6. Day.
Bar silver, New York. ........ 64ss 64h
Call money, New York........E1S 4h-S
NEW YORK, Dec. 1.-THE demand for
stocks was so large and so, widely dis
tributed as to suggest recrudescence Of
the hulliSh enthusiasm of the period i'm
mediately following the election. The
motives of this buying and the strength
of the whole market was somewhat Inys-
terious. The anthracite group had its
own particular cause Of strength in the
circumstantial assertions of the passing
control of the Pennsylvania Coal COM
pany to the Erie railroad and the conse-
Quent Illustration of the plan for a new
railroad from the mines to tidewater, to
satisfy the idea OF the Independent OPP
orators regarding transportation rates.
The threatened construction of this road
has long been bug-bear to the anthra-
cite companies, and the adjustment OF
anthracite affairs involved In the aban-
donment of this plan would be OF great
Importance, as was plainly shown by the
buoyancy of all the stocks In the group.
No authoritative confirmation could be
had of the reports current, but the report
of the report of the tape was strongly
confrmatory. New Jersey Central was
an early exception to the strength of the
group, but recovered later. The Erie
stocks and Ontario & Western, as being
most Immediately affected by the threat
ening competition. led off in the move
ment. Later in the day the Reading
stocks assumed the leadership and were
absorbed in enormous blocks up to the
close Of the market. The gains in the
group ran from to 3 points. This move
ment was the mainStay Of the market,
but the general strength was so striking
to be explained as a sympathetic move
ment.
There was some demand for London
account on the opening of new account
incident to the settlement, but this buy
ing is called professional arpltrage opera
tions and may originate either in New
York or London. The most marked eff
feet was produced on Southern Pacific,
which openel up IA and advanced later
to 43, closing at the highest. The -hellef
has prevailed in Wall street that there
was very short account in some Of the
railroad stocks for which Western spec
ulators were liable, the speculation eX-
tending also into the steel stocks. Tine.
bear account in the latter group has been
aimed at by the advance this week, and
may have been reached IN the rallroad
group today.
The money market outlook continued
threatening, so that the superstition is
aroused that today'S buying IS Tor the
account of financial interests Which are
independent of the ordinary resources OF
the money market. The transfers OF cur
rency through the subtteaSury to New
Orleans reached $550,O00 today, Which Is
the largest sum of any day IN the recent
movement The SuhtreaSuTy has already
taken from the market TINS week the
sum of 81, 600, so that the lnr0ad on
the resources of the bank promises to pc
as great this week as 1t was last week
sions and the antictpatory payment or
government interest cannot affect the
money market until next week or the lat-
ter part OF the month. The LONDON
money market was not affected today by
yesterdays sharp drop in the, sterling
exchange here, and exchange rates ielt
further fraction. This may foreshadoW
an acquiescence in the. New YORK oe-
mand for gold. The shipment from lndla
to London of 2,Oe0000 in gold in payment
for silver may be intercepted and d1-
verted to the New York market, as was
done with the last similar sh1pnent.
But it's arrival in New York would De
too remote to affect the present sItua-.
ton even if it were ascertained. w nat
ever the motive, the strength in stocks
was well maintained to the close, except
in the steel group.
The bond market was irregular: Total
sales, par value, $4,O45, 900. United States
refunding rs coupon advanced Is per cent
on the last call.
A petition requesting the, governing 1g
committee to close the stock exchange
on Monday, Dec; "a, has been passed
unanimously by the members
STOCK QUOTATIONS..
Furnished by Charles III. f: smith q
Co. members of the New York Stock
Exchange Exc Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid: ..--