The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-11

NEW YORK, Dee. 1O.-The effect of
the doubtful outlook in The money
market today is the small volume OF
business in stocks The money market
showed no sign of stringency, and no
liquidation was precipitated In fact
the buying oVe1bore the selling and
there are more net gains than losses as
a result OF the day s operations. The
buying seemed to come from uncovered
shorts, Judging from the TACT that those
which have suffered most from recent
depression We're in foremost demand to-
day. This was notably true of the steel
group, led by Tennessee coal, which has
been the object OF a prolonged raid by
the bears, at an expense of twenty
points in the value of the stock. A rail-
~ OF AZ points at the extreme high point
toGay, therefore seems moderate. Other
members OF the steel group moved IN
sympathy and gained upwards of q
point all round, with the exception OF
Steel and Wire. The latter stock was
under pressure While it recovered ar
one time to above Saturdays level it
closed weak and affected the whole
sroup. Meetings of the directors both or
the tennessee Coal company and tbs
Steel s, Wire company, were watched
for developments, but there was hone
OF Importance so far as the public was
informed. No action was taken on the
dividend by the Tennessee company to
refute the recent rumoTs that 1t would
be passed. Steel and Wire directors
ordered the payment Of the last install
year. The strength Of sugar was attri-
buted TO reports Of an oversold =condi-
ton in the trade indicated in an advance
in the selling price Of refined sugars,
by the independent reffners. Other in
duStrial stocks showed sharp recoVerieS
with no news to explain the movement,
beyond the obvious fact that they may
nave been recently sold short by rro-
fessional operators. The movement IN
the railroad list seemed to be due to tfe
came cause, but was much narrower.
There was no evidence of the large
organized buying at any point, such as
has been an occasional feature OF the
market for some time past The Erie
stocks were much less active although
the first preferred and the second PIE
ferred Were at one time advanced 11s
and ~ respectively. The Pittsburg, c.,
<. & St Louis stocks rose 3l9 each on a
light demand. which however. brought
out very little stock. The minimum
rate for call money was advanced to
per cent. and ruled from that to 6 pei
cent. There was no sign OF stringency
and renewls were easily effected, but
all lenders held stiff1y for the advanced
rates. The opinion has been in Wall
street that no relief was to be expected
Quirements of foreign money markets,
but the violent decline in foreign ex-
change today, both on London and on
continental points aroused renewed con-
lecture on that point Posted rates for
sterling were marked down a full cent
on the pound and the actual rates for
Short and long sterling fell half a cent
and for cable s OF d cent.
The response OF toInorrow's money
market in London to this development
is awaited with interest.
Erie bonds continued IN large demand
and were the feature Of the bond mar
ket- The price movement otherwise was
irregular Total sales par value, s., $780,
eco. United States refunding twos and
old fours declined Il, and new tours
advanced Is per cent on the last call.
STOCK .OTTOT ATTONS
Furnished by Charles H p Smith &
Co., members of the New York Stock
E bad me- P1Gneer PTss ioa building who
York Closing prices are bid