The St. Louis Republic., 1900-12-06
FINANCIAL.
N. w. HARRIS e. COMPANY
BH NIX ERS
CHICAGO NEW 70 3k BOSTON
BEARS TOOK PROFITS
AND STOCKS RECOVERED.
MARKET OPENED DULL, But
TOOK UPWARD TURN.
london Sold Americans-Monc
Conditions Against Resumption
of Active Speculation.
New York, Dec. 5-To-day's market some

New York, Dec. 5.-To-day's market some
what reversed the speculative position OF
" continuance of the reactionary tendency
london took its cue from the depression
here yesterday and sold Americans offerings
from that source amounting TO some 3n go
shares. The professional traders also con-
Iinued bearish and sold stocks short. but it
became obvious during the course Uf the
Gay that there was no urgent pressure 10
liquidate.
The decline in prices brought no large Of
serlnSs and the bears We're disinclinei on
this account to pursue their campaign. Con-
5eQuently they bought to cover their cCI-
tracts and turned the market upwards. The
recovery was helped by strength in few
stocks, but whether the upward course of
prices late In the day was due generally to
any other cause tnan the taking of bear
profits on the short sales which were invited
by yesterdays weakness remains to be seen.
The Developments in the money market,
which are the true index of speculation at
present. continue against the resumption of
active speculation. Call money rates went
TO per cent again to-day and the movement
o. currency to the interior continues un-
nbated. To-day saooGc0 was transferred
through the subtreasury to Chicago ana
$215.0o to New Orleans. This rate of deple-
tion is far too large to permit of any exten-
Give credit expansion by New York financial
institutions and would not require long con-
tinuance to force SnHrp contraction OF
loans, 1t will be remembered that ia the
period or repression preceding the election
bankers Were practically unanimous in the
Cpinion that resources must be conserved for
he enlarged requirements of business after
- ton, however. was on such "A large scale
TO overwhelm all demands and force an
easy money rate. in spite of the furious
speculation which ragged for several weeks
So, after enormous inroads nave been made
~ such speculative commitments as well as
investment IN securities upon available
crEts. the expected demand for money is
manifesting itself.
The movement OF currency to the interior
which has continued on a large scale now
for tho best part of a week. and the very
large volume of interior bank clearings, are
n plain indication of the active need for
money through the country. An active
money market is generally expected be
tween now and the first Of the year. after
which the January disbursements are ex-
,ected to make for easier money. y loan
contraction by New York banks seems
therefore. highly probable. and the effect
on the stock market will be measured by
The financial resources or those holding
stocks. A period of quietude in speculation
and gradual liquidation OF weak accounts
are an important safeguard against sucn a |
situation.
The strong points in to-day's market We're |
amongst the low-priced minor stocks the |
Eres, Peoria and Eastern the Wabash Is
sues, the ST. Joe and Grand Island stocks |
and others of that class being conspicuous |
Atchison preferred and Missouri Pacific |
were also strong. and Brooklyn Transit and |
the steel stocks were In demand.
Sugar was very feverish, and, after rally |
ing from early weakness to about a point |
over last night, II lost the gain again in 4 |
few minutes.
The Amalgamated Copper shares had an |
extreme decline of "A before showing any
resistance. but they strongly recovered over |
half the loss.
Business was better sustained in bonds |
than in stocks and some important gains |
were shown. but there were also reactions !
IN other points. Total sales, par value s4-
VzooW- United states refunding IS declined |
tie list call.