The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-12
Fstll1uc,ul.
THE STOCK Mark Ell.
Furious Buying In Two stocks in the
Last Half Hour.

hH"ss hhott
New York, Jan. 1.-THE furious
buying of Delaware & Hudson and On
tario & Western in the last half hour
OF the market saved the day on the
STOCK exchange from something like
positive dullness. After the recent high
level OF speculatiev excitement, traders
/ were unable to distinguish the tone of
the market from dulness, 50 strong
was the contrast, And yet there were
many notable advances in the prices of
important tsocks and a scale of trad
ing that would have attracted marked
attention previous to last November.
The recent attempts to awaken a gen.
| eral speculation in the southwesterns
commensurate with that which has oc-
Cured in other groups were apparent
~ abandoned to-day. The general de-
cline in the buying demand led to large
selling to take profits and except for the
special points of strength the market
was under considerable pressure from
this selling. A growing sceptcism re-
I garding many of the confident state
ments which have circulated regarding
coming combinations in the railroad
world was foremost motive of the SELL
ing. But these conditions led rather to
waiting policy than to any very ac-
tive aggression on the part of the bears
Their accounts are already so extensive
that the buying to cover shorts by that
element serves as an effective prop in
| the market at any considerable recess
sion, The timidity of the bears is also
due to a prevalent belief that the many
rumors current of important develop
ments in railroad consultations yet to
come have some basis in fact The
market therefore showed no acute
weakness at any time and the profit
taking was well absorbed. At various
times during the day this was shown
In the Pacifics, especially Union Pa
cific, in Baltimore & Ohio, Chesapeake
& Ohio and Norfolk & Western, and in
a number of the less prominent stocks,
including Cleveland c. C. & st. Louis,
New York Central and Omaha on light
dealings The absorption of Ontario &
Western was very large and confident
and was by brokers' credited with act
ing for the commanding figure in the
anthracite situation. The increase Of
per cent. in the yearly dividend on Del
interest and there We're wild f1uctua-
lions in the stock under the distressed
bidding by this element. Successive
jumps of a half and even a full point
carried the stock up to 1877 and, after a
reaction of 8. upwards again to 1850 1-2, /
where it closed. The net gain is thus |
IA points. The other coalers sympa-
thized, especially Ontario & Western, I
the Readings and the Fries, the latter |
after having been reactionary In the |
earlier part of the day. The extreme |
advances were Ontario & Western IL,
Erie second preferred IA, Erie first
preferred 3-S and Erie common and
the Readings about points each. Union
Pacific rose to the best price of the day,
but the market generally did not close
at the top. The indications of a gain
in cash by the banks of over $4,000
during the week was without special eff
fetc on the market as the increasing
ease of money has clearly indicated an
a abundance of funds,
The bond market was firm but not
OBJ, 600
United States bonds were all un-
changed on last call.
NEW YORK STOCK M4RKEr
Opening, Highest, Lowest Quotation
On the New York Stock Exchange, reported
by Prince & Whitley, Brokers, is Center
street, New Haven.