The San Francisco call., 1901-12-05
EASTERN MARKETS.
Ne7U York Stock Market.

NEW YORK, Dec 4.-The stock market open
ed with a firm tone to-day and gathered con-
siderable strength during the course Of the
day The rise did not embrace the entire list
however, and the exceptions to the strength
We're among the very prominent stocks. One
STOCK or a group of stocks and then another
were taken UP and lifted in price. The deal
ings in these active stocks were on a very
large scale, but the aggregate of the days
dealings indicates that the market was not
very broad. The general sentiment among the
speculative community was one of satisfac-
ton over the contents of the Presidents mes
sage and over tie tone of the comment on
that document in the press. The recommenda-
tons OF the Secretary of the Treasury look
ing to reform OF the banking currency were
also viewed with satisfaction in the financial
district. The steadier tone of Amalgamated
copper removed an extremely disturbing in
negative one, IN the strength of the market.
The trading continued to reflect hesita ton
While the course of this stock continued err
fdllc, Dut Wnen the hrm support at about last
nights level was perceived the general tone of
the market became decidedly more confident.
The trading in Amalgamated Copper was still
on very large scale. The stock nearly touch
ed the low record established yesterday for a
moment during the morning, but rallied
strongly during the latter part of the day and
closed with net gain of 21z. The renewed
break in the London copper market ig-
nored- The fact that no engagements of gold
were made for export tomorrow served to re-
IeNe some apprehension that the money sup
plies would grow stringent by the drain to
that quarter. The banks have lost to the Sub
treasury this week upward of So 900, COO, includ-
ing the payments for the gold exported on
Tuesday. But the expected drafts for neaSly
s4,e0O'O0c Of Australian gold, of which the Sub
Treasury was notified over a week ago have
not yet been received. Application has AL
ready been made for the withdrawal of g3 600 =
600 Of Government bonds on deposit to secure
national bank circulation, which is the maxi
mum allowed for the month It is evidently
Inc eagerness OF the banks to withdraw these
ponds, and, in consequence, to reduce their
circulation, is evidence that the premium Of
tered by the Government for the REDEMPTION of
the bonds is the impelling motive rather than
the needs of the money market for additional
supplies. The monthly statement of the money
IN circulation in the country by the Treasury
department shows increase of nearly
S9,eGO,OOO during November, in spite of the
Sle'COOOOO OF gold exports and a slight de-
crease in the national bank Circulation
Anxiety over the money outlook therefore
not in evidence to-day in spite of deposit at
the sub b-Ireasury for transfer to New Orlea ms
OF $3.50, Co., The most notable points of strength
IN the day. market were among the Conld
stocks, led by Manhattan which rose an ex-
treme as. This stock served as a leader New
YORK Central was conspicuously strong as was
Pennsylvania General Electric rose ga There
were many gains Of TO points in the South
westerns, Grand Trunk, coalers and indus
trials. Notwithstanding the satisfaction pro-
Iessed over the trust paragraphs of the
Presidents message, the transcontinental
stocks and United States Steel were Iaggards
in the advance Great Northern preferred lost
IL and Northwest 6s, with a raliv of 2 Ths
top for many stocks.
Speculative bonds were strong, but there was
irsegularity in the general list Total sales.
81, ,765. 000. -'
the Ss registered Is per cent on the last call.
NEW YORK. STOCN Tc,r