The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-16
LOANS CALLED IN
BULL VICTORY TURNED INTO A DE-
FEAT BY HIGHER MONEY
RATES.
N. P. CENTER OF STRENGTH.
RISE OF BURLINGTON ABOUT PAR
A FEATURE OF THE SEES
SION.
BIG GAINS LARGELY WIPED OUT.
For Most Active Shares Net Declines
Were Shown at the Close
Bonds Steady.
BIG GAINS LARGELY WIPED OUT.

NEW YORK, Dec. 15.-Today's market was
largely professional, in the contest between
the bulls and BEARS the former enlisting
themselves under the banner Of the coalers,
and the latter made the local traction
stocks their main resource. The fortunes of
battle shifted several times during the day
and in the middle Of the afternoon the bulls
seemed to have gained a decisive advantage.
the earlier marked losses in some special
STOCKS having been almost entirely wiped out
and the bears apparently driven to cover.
In the last hour Of trading however, a large
number Of loans were suddenly called, and In
replacing them the call loan rate stiffened
sharply to per cent, at which rate a large
amount OF money was placed. This induced
liquidation, especially In stocks which yield
ed profit on the days advance. The bears,
thus encouraged, renewed their attack the
specialties which had engrossed their atten-
ton all day, and uncovered stop loss orders
on the way down. AS consequence, the
tide Of battle was turned completely, and
victory lay with the bears. A small part of
the days gains were left in some of the
stocks which had shown most early strength,
but In other leading shares early gains were
replaced by late losses.
The scarcity Of money is due to operations
looking to the payment tomorrow of an in
stallment of about S. 800 900 on the Union Pa
cific sale. The previous payments this
account, amounting to over 800 900, COCO, have
been left on deposit in New York banks, but
tomorrow's payment will go direct into the
treasury and be removed from the money
market. Two additional payments of an equal
amount remain to be made, one on Dec. q
and one on jan 8, and these sums will also
go directly into the treasury. The payment by
the government Dec "a of the maturing
Pacific bonds, which amount to over $29, Co.,
coo, will be made, by checks. presumably
on the New York deposits to the govern
ment's credit. The movement of currency
continues from New York this week. indicat-
Ing still further decline in New York cash
reserve.
The tone OF sterling exchange was some
what easier today, but did not respond In a
marked degree to the hardening of the money
market. Time money for the shorter periods
also stiffened apprecaby
The early strength in the days stock mar
ket was aided by the rise in price of coalers
due to reports agreement to restrict
the output next year. The Northern Pacific
stocks were also centers of strength the pre-
-ferred advancing at time 19s, and the
common nearly a point. Reports from Lon
don and the European bourses showed a good
demand there for these stocks. Atchison
time. The rise above par of Burlington was
further feature. The special weakness OF
the local traction stocks was due to the
threatened competition of an underground
system and to the judicial decision at Albany
holding that consent of adjoining property
owners Is necessary to enforce the cars of
one company to run on the tracks OF another
company. The resumption OF the quarterly
dividend of IA on Cleveland, Cincinnati Chi
eago G. ST. Louis preferred, after It's omis-
sion for two quarterly periods, was a feature
Of the day, the l per cent dividend In
Southern preferred. Sugar was traded in, ex-
dividend, and at time during the day
showed a recovery of one-third OF the dy-
dend, but in the later dealings 1t succumbed
quite easily and lost over 9 points on the
was at one time nearly points higher shows
a net gain OF %.
The bond market was somewhat less active
than of late, and the active list was only
about steady. Some Of the high priced is
sues showed sharp advances Missouri Pacific
collateral fves lost per cent Total sales.
$500 600. United States new fours declined Il
bid
Total sales OF stocks today were $50 300
shares. including: 1870 Atchson, u 300 At
Gibson pfd, 9O9sS Burlington, $50 l.. & N.
81 $50 Manhattan, lilo Metropolitan, 8,120 Mis-
souri, Pacific, 9,34O Southern pfd, 3,9G8 Tobacco
$500 Chicago Great Western, IL 165 Peoples
Gas. Al. $50 Sugar, 6.422 Western Union.
The following were the fluctuations Of the
leading railway and industrial shares fur
nished by c. II. F. Smith & Co.. members
of the New York stock exchange and Chicago
board of trade