The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-21
STOCK SPECULATION EXPECTED
TO LAG UNTIL AFTER THE
NEW YEAR.
MONEY MARKET is THE KEY
GENT SECURITY AGAINST ANY
REAL STRINGENCY.
EFFORTS OF THE BULLS IN VAIN.
After a Spasmodic Attempt to Bulge
the General List Was Heavy
All Day.

NEW YORK Dec. 20.-After few spas
modic efforts to continue the rise of Satur-
day, today's stock market fell back into
decline and failed to recuperate. The agrees
sive strength Of some Of the specialties at
the opening served to sustain the market for
time and to give 1t an appearance OF
strength, but realizing sales in the general
list went hand in hand with the manipula-
ton for a rise in specialties and even the
stocks which had shown wide gains lost prac-
ticaly all after the large operators had taken
their profits in the general list. The coalers
were strong as a group, on account OF the
growing belief in an agreement to restrict
production and to keep up prices. They were
also Helped by the cold weather and the
consequent increased demand for the product.
New Jersey Central was at one time points
higher, and Reading first preferred rose to
near 81. Sugar crossed 140 during the day.
Manipulation of the Pittsburg, c., c. & st.
Louis stocks advanced the common 31a, and
the preferred 21k Consolidated Gas was also
8 points higher at one time. None Of these
gains was entirely held and some of them
were practically wiped out. Union Pacific
was another stock that enjoyed a period of
strength in the early dealings, but it also
reacted. Kansas City, Pittsburg Gulf,
which is not usually very conspicuous, at
tracted attention today by q sudden break Of
something over four points, and as sudden
a recovery Of almost all the decline. The
first mortgage bonds Of the company reflected
the weakness Of the stock, though not to as
much degree. There was no news to ac-
count for the action Of the stock.
The contradiction of Saturday mornings re-
port of Withdrawals of gold from the Bank
of England for shipment to New York had
much to do with the termination Of the rally
which set in Saturday. The conditions in
the money market continued to dominate the
situation in the stock market and the stiff
ening of the rates for call loans to and s
per cent in the late trading today checked
the hopes Of those Spectators who thought
they saw an assurance Of continued ease in
money by imports of specie. No doubt Is felt
that the large trade balance in our favor Is
a sufficient security against any real strin-
gency in money at New York. But it is not
believed that per cent rate for call
money will result in a movement Of specie
in view Of the existing high rate for money
in London and in the European countries
There is not much prospect Of easier money
until after the first of the year, and until
that time halt in the speculative activity
in securities is felt to be probable. In what
is known as the outside market, Standard
liquidating certificates were active and strong
thereby, and sold high as $3.4812.
The bond market was not as active as Of
late, but prices held firm with the exception
of some Of the speculative bonds. Total
sales $1,500,000.
" Total sales of stocks today were '273, 400
shares, including: 3,S75, Atchison; 20 292, Bur-
lington; 1855, Louisville & Nashville; $3.50,
Manhattan; 300, Metropolitan; 1887, New
Jersey Central; 10, 200, Northern Pacific; 16, 491
do pfd; $3.50, Ontario & Western; 10,4O0,
Reading; 1875, Rock Island; 1926, St. Paul;
$50, Union Pacific; 9,051, Chicago, Great
Western; Al, 105 Sugar.
The following were the fluctuations Of the
leading railway and industrial shares fur
nished by c. H. F. Smith G Co., members
New York stock exchange and Chicago board
of trade: