The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-12-15

take on the eXertme decentralization Of
yesterday, as was feared and about
midway Of the session the bears had re-
linquished their position and We're will
ing to roar you as gently as a sucking
dove" The conflict Of speculative inter-
ests was a fierce one before the issue
was decided, and prices moved both
ways at once in the opening market, and
never long in one direction. The de-
termined support in Sugar was a notice
to the bears from the outset that they
were not to have things all their own
way and though they wiped out Sugar.
opening rise In short order and made
heavy inroads at other points in the in
dustrial list, and even forced st. Paul
a half point below yesterdays low level
for the year, the absorptive power Of the
steady buying demand proved too much
for the reactionists.
Subsequent attacks were made upon
the iron and steel stocks, the New York
city specialties and, In fact, upon every
stock where any information could be
had of a heavy account on the long side,
with the hope of wiping out margins and
forcing liquidatiOns. The success
achieved must have been moderate,
Judging from the almost complete re-
coveries which were caused In nearly
all cases when the shorts began to COW
er. 1t was noticeable, on the other hand,
that the buying demand died away at
the higher level of prices achieved. This
encouraged renewed efforts by the bears
up to the period Of the last reaction,
where they refrained from attacking the
market, and the closing was firm near
the top level at substantial net gains
all through the list.
The outlook in the London market
continued to offer the keynote to the
speculative situation. The failure to
advance the official rate of discount by
the Bank of England in itself offered
suggestion of relief from yesterday 8
apprehension of gold exports from here,
though the belief continued during the
morning that gold would &c out by Sat
urdays steamers.
The treasury departments offer to
forego the rebate hitherto demanded be-
fore anticipating the payment of Janu-
airy interest had a sentimental effect
in strengthening the market The total
amount Of interest involved is S., 800 000
and it's availability, 1t is believed, would
make the withdrawal of any gold for ex-
port less felt. Then came the buoyant
outburst in the English market on the
widely disseminated rumor of the re-
lief of Ladysmith, and an alleged cap
ture of Beers. This served to brighten
] the feeling in London and occasioned q
heavy demand for Americans Orders
were cabled to New York long after the
usual hours, and Londons total pur-
chases for the day were run up to 60, O0(
J shares. Sterling, exchange responded
with drop of over 13c in the pound
! Additional gold was received here today
! by the branches Of Canadian banks. The
! relief thus afforded to fears Of gold ship
ment was the dominant factor in the
| late strength of the market
Bonds rallied from early weakness, ir
! sympathy with stocks. Total sales, PAL
value, $2,045 900. United States bonds
were unchanged In bid quotations
STOCK QUOTATIONS.
The following were the fluctuations O.
| the leading railway and industrial shares
furnished by c. H F. Smith. member!
| of the New York Stock exchange anC
| Chicago Board of Trade: