The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-12-05

NEW YORK, Dec 4.-The weakness in
stocks today was response to the world
wide tightness in money. A marked erect
was also produced by the supreme court
decision in the Addystone Pipe case, IN
Volving an infringement Of the antitrust
law by industrial combination. Strenu-
Gus efforts were made by professional
operators to belittle the force of this de-
.cision, on the ground that the party to
the case was a particular illustration or
a trust formation, and that the points in
the case could not apply to tho general
run of industrial combinations, but the
acute effect produced on the securities
Of these combinations argued an appre-
hension on the part of holders that their
value would be impaired by the decision.
Stocks of the industrials fell, anywhere
from l to points, and showed but a fee
BILE rallying power There was some early
strength in Burlington, some of the iron
and steel stocks, Pacific Mail, Great
Northern preferred and American Linseed
preferred, but with the downward course
begun there was practically no Interrupt
ton, and the closing was at the lowest,
the ma jority Of active stocks showing net
losses of point or ever. Sugar was con-
spicuously weak, and is over points low
er on the day.
There was some short selling among
the industrials on the strength Of the Su-
preme court decision, but that profit TAX
ing was large for the long account was
very manifest from the marked weakness
in stocks which have recently advanced,
notably the trunk lines, the Pacif1cs and
Sugar.
The apprehension over money affairs
turned principally to foreign centers,
especially to Berlin and Paris. The ad-
vance In the sterling rate at points to
near the gold export level marked the
influence Of the Bank Of England's meas
ures to attract funds The sterling ex-
change rate in New York also advanced,
but the money rate, both in Paris and
Berlin, remained quiet, contrary to the
fears Of the speculative world.
The stagnation Of speculation at both
centers probably had to do with this re-
suit. In New York, on the contrary the
money rate stiffened as the day progress
ed, and f1Urried to IL per cent, at which
point 1t closed. No loans were made be-
low per cent. Some of the borrowers,
counting upon an easy money market fol-
lowing Saturdays strong bank statement,
delayed supplying their needs until late in
the day and so bid up the rate. The
strength of Saturdays bank statement is
seen to be traceable to a single institu-
ton. as was the case last week More
over, subtreasury operations, from which
the whole Of last weeks cash recupera-
ton was derived, show gains by the sub
treasury at the expense of the banks
since last Friday Of S1,274,0OO Offerings
of bonds for redemption at the subtreas-
ury have fallen to SO low a point as to
afford slight offset to the absorption
Of funds in the taking up Of the surplus
revenues. On the other hand, interior ex-
changes moved slightly in favor of New
York. The speculative public, however
has abandoned hope Of any easier money
conditions until after the end Of the year
Railroad bonds were easier, In sympathy
with stocks. United States 2s new As and
5s advanced n and the IS and old As cou.
pom Is in the bid price. Total sales, par
value, 81, 100000
STOCK QUOTATIONS..
Furnished by Charles H. F. Smith s
Co, members of the New York stock ex-
change, Pioneer Press building, who Lave
direct wires to Chicago and New York
Closing prices are bid: