The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-15
SELLING BY SHORTS
DISPOSITION TO REALIZE TAKEN
ADVANTAGE OF BY THE
BEAR SIDE.
HALT In BULL MOVEMENT.
FIRMER TONE OF GALL MONEY
MARKET A CHECK TO
SPECULATION
N. p. PREFERRED STOCK STRONG.
Net Declines General Through the
List and in the Main Uniform
in Extent.

NEW YORK, Dec. 1A-There was dispo-
sition today on the part of the holders of
stocks to realize profits on the recent rise,
and the bears helped along the reaction by
free short selling. There were one or two
exceptional instances Of strength in the mar
ket and some covering before the close by
timid bears, SO that net declines do not in
dictate the extreme fall in prices. The gen.
eral tone Of speculation was heavy, and no
aggressive disposition to buy was manifest
The frmer tone of the call money market
was undoubtedly the cause Of the halt in
the bull movement. The decrease in cash
holdings by the banks shown by Saturdays
statement and the shrinkage in surplus re-
serves to below $780, 900 are features in the
monetary situation which will be accentuated
during this week. The announcement from
Washington that the bonds maturing on Jan.
!, known as currency SKIES, will be paid of
on Dec. "a bears on the situation. The ag
gregate Of these bonds is S29, 904, 952 and
their redemption will about Offset the pay
ments already made to the government on
account Of the Union Pacific sale, which
amount to s29, us. The government will
disburse over S., OOO 900 In interest on Jan. 1.
The balance which the Union Pacific reorgan-
ization committee still has to pay the gov
eminent amounts to s25,5OO, 900, and of this
amount S,5O0,0O0 will be paid this week, and
the remainder by the first week in January.
It will be seen that the balance in favor of
the treasury will amount to nearly $40, 000, 600.
1t Is not expected that this amount will be
suddenly withdrawn from circulation, but
will be allowed to remain on deposit for the
present in national banks in this city. But
the continuing deficit in the revenues which
has fed q constant stream into the money
market has been recognized as a factor in the
ease OF money rates, and the completion Of
these operations will put new phase on
that condition. Rates for call loans were
not above 21a, but were not below per
cent.
The stock market was almost wholly tech
meal, the strength Of the coalers, with no
news to account for it, serving to sustain
values somewhat. Northern Pacific preferred
was in good demand all day and closed at
60. The specially weak features were Consol-
idated Gas, which was at one time down 31h
points; Manhattan, which receded 2 points,
and Sugar, which fell below yesterdays
close, after an opening gain, under pressure
OF heavy liquidation, and remained there all
day. Metropolitan declined ~ and scored
almost full recovery. Otherwise the heav-
mess of stocks and the days declines were
quite uniform throughout the list, fractional
losses being the rule The dealings in &C
tive securities, in small lots, continued to
be feature, the high grade investment
stocks being the favorites A full share lot
of Harlem sold at 325, as compared with 300
at the last previous sale, which was several
months ago.
The bond market showed a decided de-
crease in activity today the high grade issues
continuing to improve, but some of the spec
ulative bonds showing losses. Total sales,
$2.25O,OOO.
Total sales of stocks today were 300, 900,
Including IN Atchison pfd, 6,2O5; Burlington,
1905; L. & N. 6,731; Manhattan, 10, 225; Met
ropoitan. $3.50; Missouri Pacific $50; N. ].
Central, $50; Northern Pacific, 1850; do
pfd 1880; Reading 4,735 R. l., S,37S; st.
Louis & San Francisco I'd pfd, 4.SS9; St. Paul,
22,654; Southern pfd, 4,465; Union Pacific,
1912; Chicago G. W., 1876; Peoples Gas,
1929; Consolidated Gas, 1875; Sugar, IS, 942.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by C. II. F. Smith & Co., members
New York stock exchange and Chicago board
30 DO.