The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-04
STOCK MARKET WIS QUIT
DELIVERY OF THE PRESIDENTS
MESSAGE HAD NO APPAR-
EENT EFFECT
PRICE CHANGES IRREGULAR
While Baltimore & Ohio Was a Los
er, other Railroad stocks showed
Sharp Gains on the Days
Trading

is4A Close. Day.
Bar silver. New York ....g...64ss s4sS
Call money, New York .-.t....S 11a-5 S11s-4115s
NEW YORK, Dec. Speculative activ-
ity. continued rather depressed in stocks
today. Business was on a diminishing
scale scale and lacked even the isolated fea-
lures of great activity@@and strength
which gave it character on different days
last week when the tendency to con
tract dealings was already manifest Tie
onen1ng of congress and presentation of
the presidents message are looked to
by tradition to supply motives for NOV
ing prices, but it can hardly be said
that any general influence was exercised
was made a device by professional trad
ers to effect some movement in the steel
stocks. That is to say, alarmist's ru-s
mors We're current before its appearances
on the stand taken on the trust cues
ton. The stocks proved vulnerable to
the bear attack and the decline brought.
oGt considerable offerings of long stocks
erecting a. decline at one time in Ten
nessee Coal of Az and in Steel and Wire
OF 3714- These were the weakest stockers
and they rallied on short covering, ~
sugar WsS fairly bUoyant, rising at one
time 3& and closing with a net gain of
rs per cent. In the outside market also
Standard Oil sold at $40, leaving ali pre-
Vtous records far-b behind it. The upward
rush of over six points in Pacific Mail
was made at the opening and was prompt
ed by the general concurrence in the
views reported from the party leaders
in Washington as to the prominent place
given by the ship subsidy bill in the
party programme for the session. There
was quite large short interest caused
IN the stock which emphasized the rise
Ihe same was true of sugar, which re-
covered it's Saturday loss with the ap-
proach of the dividend meeting The
ed from today and the stock became
quiet. The railroad list was extremely
irregular Baltimore & Ohio suffered
Sharply on account of the legal proceed
lngsz to enJoin the payment of the divi-
Qend on the common stock pending the
decision of the rights of the preferred
stock to share equally with the COM
mon stock in dividends over Der cent
There were also conspicuous stocks in
the railroad list which gained sharply
including Pennsylvania GaS the leader
The fact that neither the gains nor the
losses persisted showed the professional
character of the deaIingsa C+1No Tithstand-z
ing the reduced activity, there was a
sharp hardening in the Gall money rate
70 b per cent late in the day, at which
ngure 1t required million dollars TO
meet the needs of beJ8tsd borrowers who
nave held out for better terms This
seemed to emphasize the effect of Satur-
cay oank statement but nevertheless
II IS common belief that the important
features of the statement were due to
me temporary provision for the Decem-
per LIST payments, Their trust coInnanias
calling loans for that purpose, thus div.
ing is., borrowers to resortsgto the banks,
Vnie the trust companies also increas
ca. their cash deposits With the banks
N no order der to draw on them. It is believed
mat the disbursement Of December diyi-
dends will soon come back to the mar
aet, but the renewed large demand for
portant. Today $35OOOO went into the
SIuntreasur ryoo od for transfer to New Or
such a rate of depletion of cash reserves
o! OF the banks is certain to have marked
influence on the money market. -
The absorption of bonds continued large
ana important and prices were generally
aalgher. Special features were Chicago
g Alton; rs, Kings county elevated
e s and the per cent issues of the Nor
1olk q Western, Union Pacific and
d ReadIrg Total "a sales par vaue, ,5O5-
wv. Cnlted states new As Declined IL
per cent on the, last call .
STOCK QUOTATIONS.
:, Furnished by Charles H. F. Smith &
20, members of the New York Stock
Exchange, Pioneer Press building who
nave direct wires to Chicago and New
York Closing prices are bid: