The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-01-03
THE MARKETS.
Wall Street Review.

New York, Jan. 1.-The strength de-
veloped in today's stock market in the
degree to which it extended was sur
prise to traders. Last weeks consid-
cradle advance in prices offered invit-
ing profits and 1t was expected that
selling on this account would be suffi-
cient to feed the new demand. The
selling to take profits in the first hour
of the trading was in fact on a very
large scale, sharp advances at the
opening helping along the process.
Last weeks demand and the large
gains in prices were paradox in Wall
street business and the professional
traders were very persistent in selling
the market on any advances. This
element was watchful today for any
opportunity to swoop on the market
and break prices to point to which
they could buy in at a profit. When
the profit taking became manifest
they made a vigorous attack on Brook
lyn Rapid Transit. forcing it down over
three points and bringing the business
in the general market to a halt. So
far the course of the market was about
as hard as expected. The money mar
ket was firm and the demand incl
dent to the active speculation in stocks
pushed the money rate up to II per
cent during the day. Thus all things
seemed to confirm the expectations of
the reactionists. who, however, failed
entirely to properly guage the outside
demand for stocks. This absorbed the
sales to take profits and then proceed
ed to follow u all other offerings
available. Inc bear party became
alarmed at the proportions of the ad-
vance and fastened to cover. The
money rate ran down late in the dav
to per cent. and the tone of stocks
became buOyant. The most striking
gains and the greatest activity were
shown in the industrial group, Of
which sugar was the leader. The iron
and steel stocks. especially the COM
mon, were Also in eager demand at
advancing prices, and the strength
spread to other industrials. The same
time there was confident and we'll
distributed demand for the railroad
stocks. The grangers showed the
largest advances. owing to the re-
bound from last weeks weakness, due
to the st. Paul and Burlington state
ments Of earnings and the trunk lines,
including Baltimore and Ohio, Nor
folk and Western and the Great Trunk
lines, were all notably strong. 30
were the central traffic lines, such as
Pittsburg. Cincinnati, Chicago and st.
Louis. Cleveland. Cincinnati, Chicago
and st. Louis and the Lake Erie and
Western stocks. Chesapeake and Ohio
failed to respond. The striking de-
clines in discount rates abroad :.rousei
some confidence that the expectation
movement of gold will not extend fur
ther though the financing of the
South African war expenditures must
be reckoned with and may have been
the motive Of the strenuous efforts
that have been making to bring about
easier conditions in the London money
market. AS for the domestic situation,
the movement Of money has evidently
turned in favor of New York. New
YO!k exchange at Boston went to a
sharp premium today. An accepted
authority estimates that the total dis
bursements for January this year,
taking into account securities of banks.
assurance companies and such, will
foot up $130,000.0O Total sales, $780,
100 shares.
There were sufficient points of weak
ness in the bond market to give :rreg-
ular appearance. although Ire general
tone was strong. Total sales par
value. $l.255,0UO. United States 3s de-
clined u in the bid price.