The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-01
Ftlramctal.
-
THE STOCK MARKET.
Year Closes with Buying Power Well
Maintained.

Maintained.
New York, Dec. 31.--The year CLOSED
on the stock exchange with the buying
power of the market we'll maintained,
as is evident from the volume of the
days business and from survey of the
ent changes for the day. In number
of important stocks these are impress
! i've. The full strength of the market
was not maintained to the close and
prices showed a tendency to slip back
during the latter part Of the day, in
spite of the sustaining force of the
| extraordinary strength in few stocks.
| The most conspicuous of these was
| Pennsylvania, which opened with an
| upward rush under a congestion of buy
| ing orders which called for no less than
10000 shares to be Immediately pur-
chased at the opening This carried the
price up to 149 IL. After the opening
rush the price did not hold and the
| closing quotation was nearly a point
lower. st. Paul crept up perilously near
to Pennsylvania level, selling at one
time only "a below the great trunk
line stock. The absorption of Northern
Pacific was very heavy, the price ris-
ing at the opening 3-S over Saturday.
| under competing rush of orders to
buy at the market. Later in the day,
there was a revival of strength in the
Erie stocks under the influence of the
semi-ofiicial announcement Of the terms
of the bond issue for financing the pur-
chase Of the Pennsylvania Coal COM
pany. The first preferred stock was
rushed up to So 1-2 which was IA
over Saturday. The prices of all three
of the stocks mentioned were high
above all previous records. The same
was true of other stocks in the rail-
road list, This specialized strength also
served as sustaining force for very
large amount of profit-taking, as has
constantly been the case recently. At
ter the manner in which London's
weakness was ignored on Saturday the
apprehensons of trouble there to-day
were not looked to for much effect here
But the unexpectedly favorable aspect
the market and London buying here
was factor of strength. The strength
of the sterling exchange market In face
of London buying here was very sig
nif1cant Commercial bills of exchange
against both cotton and grain are re-
ported rather scarce and 1t is probable
there was some demand for exchange
for remittance of annual obligations to
London. But the special demand for
sterling Is probably to be explained by
the lending Of New York money In Lon
don. The year closed with a per cent.
call loan rate only momentarily main
tanned. 1t ran off afterwards to per
cent. and lower, This was partly due
to the fact that many loans last Friday
were made to carry over until Wednes-
day.
There was some diminution in the
buying of bonds and prices declined in
some portions Of the list, while advanc-
ing at others Total sales, par value,
S4,375000.
The notable relapse in the prices of
government bonds Is a significant re-
mlnder that the price premium COM
manded by the process of refunding in
to the new Is is no longer payable by
the government the refunding opera
lions ceasing to-day, United States old
As declines 2 ga, IS ! "a, 3s coupon
] IL, IS registered / IA 2s rs and new
As 1-2 per cent. on the last call