The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-29
MORE CONFIDENCE APPARENT IN
THE EFFORT TO DEPRESS
STOCK PRICES.
MONEY MARKET A FACTOR.
SELLING PRECIPITATED ALSO By
THE STORY OF MIR. CAGES
RESIGNATION.
SUSTAINED BY THE sPEcIALT1Es.
But for Them the Scale Would Have
Inclined More Sharply Toward
Depression.

NEW YORK, Dec. 2S-The bears In the
stock market showed somewhat more con-
fidence today and had some success in re-
ducing prices. The most potent factor in
their favor was the continued irmness of the
money market, but much was made at one
time during the day of the reported willing
ness of the secretary of the treasury to re-
sign his Office. This report exaggerated
into a story that the resignation had actual
ly been made and the effect was to pre-
cipitate selling movement, which was,
however, confined to the professional trad
ers and which reached only moderate proper
tions. The market showed no change from
its recent holiday character and its sem
blance of waiting for conditions in the money
market to become more defined and settled
Had it not been for the sustaining influence
in one or two of the specialties, notably Man
haitian, Western Union and brooklyn Transit,
the scale would have inclined much more
sharply to the side of the depression. Third
Avenue, which has been so prominent fac
tor in the recent market reacted points
today and Pittsburg c., c. & St. L. pre-
ferred also fell conspicuously 23s in the late
dealings. The coalers were notably weak
and New Jersey Central at one time fell 2
points. Metropolitan, which was dealt in ex-
dividend OF IA per cent, showed some fever
lSHU6SS, UuI euueu Will sinai HSI sam.
Burlington fell nearly point below par in
face of November statement showing an in
crease in net earnings over last year Of
$329, 76S, even after the operating expenses
of the road had been run up over $3.50, 900
above last year.
T days Gle r. ole "a EN- showed thu
treasury department i debCo. 10 the extent
of SLY, 234. Yes srIays Union Pacific pay
ment by the reorganization committee found
] Dlo j. fpia avs al rir hnI
! 1t involved the payment into the subt-easury
of about $4,5C0,C00 in cash 1t fellows tha:
the subtreasuTy paid out today over So o00,G0
for redemption of Pacific bonds. By yester-
days and todays operations the government
has supplied The money market with over
$o,0G0,G00 on balance. the tone of the mar
being made. as on yesterday, all the way
from 312 to Az, with exceptions at the close
at per cent. Sterling exchange also con-
tinued steady. There ale 81 seN eral mi | IS
of the Pacific bonds which ma .ure on Jan.
l, and which are now available fer re-
demption under tie governments cfar but it
is difficult to estimate how far the owners
of these bonds will avail themselves OF the
governments offer. The finn ess of tie time
money for the Shorter per.cds, the ra be-
ing 31s per cent, from 80 to 80 days, indicates
a belief that the rates may continue stiff
after the first of the year. The demand for
money in London and Berlin has its effect
in keeping up the exchange rae and it is
believed to be not improbable that the Bank
of England will advance its minimum rate
this week. There is perfect confidence felt,
however. that this would not aveil to prege 1t
a movement of gold in this direction if any
real stringency was thr atened at this center.
The bond market showed some irreguarity
today sharp advances being shown in some
issues while others were conspi uously heavy.
| Total sales 50, 000 0C0. U. S. old As regular
declined 49, the new As registered, "a bid
the old As registered. sold later at 1924
the asked price.
Total sales of stocks today were: 294 ZOO
shares, including: Atchison pfd, .4,765;
burlington, 1880; Manhattan, $685.; Metro
politan, $3.50; Missouri Pacific. 800; n. ].
Central, 449O; Northern Pacific pfd. S67;
: St Paul S275: Union Pacific, 4,24l; TJbacc1
IS 66j: Chicago Great Western, S.537; L al,
1901; Sugar 30,95O; T. C. & l., $3.50; w. u,
20, $50.
The following we're the fluctuations of the
/ leading railway and industrial shares fur
nished by C. H. F. Smith Co., members
New York stock exchange and Chicago board
/ of trade: