The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-29


Cali money, New YORK; Fkr1, .S@6 4@6
NEW YORK, Deqe 2S9-The history Of
today,s stock market does not material
iy differ from that of. preceding days for
a long time past. That IS to say, sell
ing to take profits came on the market
like "a hood. IN the opening dealings, and
the professional bears, constantly watch
full for the first sign of the reaction,
which they know must inevitably come,
offered prices down in an attempt to dis
lodge long stock Their efforts were
dominated, as they had been on many
previous occasions, by the supporting Or
ders which came to the stocks attacked
and new points of strength which were
confidently marShaled from among the
stocks which have not yet enjoyed any
considerable rise. The point wherein to-
days market differed from those of recent
stock exchange history was that the
profit-taking was renewed in force before
the close, and the unsettled condition cen
tinued until trading ceased. prices at
that time showing wide declines from tie
best, and in some cases being well below
last night. There were no remaining
points of strength to sustain the mar
ket in this late break the ingenuity of
the traders having apparently failed
them, or their industry in seeking out
new stocks being overcome by very
WEAKNESS. Once again the often-Tecur-
ring cry of a year-end squeeze in the
in connection with the opening attack
on stocks. Loans today on the stock ex-
change carry over until Monday, but this
fact. coupled with the year-end require
in the call loan ma fWet Only al the
opening was 6 per cent asked, and the
rate declined from that point. A strong
bank statement seems assured tomorrow
in yfeweof the gain by the banks during
the week from subtreaSurys operations of
81, 575,000, and an estimated gain on the
interior express movement of $1,000. 0G0
more. The failure OF the money market
to harden was the occasion of the strong
rally from the opening break, in which
Peoples Gas, Brooklrn- Transit and
points. The striking feature of the
buoyant market which prevailed during
the middle portion ofetlie session was the
Inconsistency of the stfepgth and the de-
movement in an individual stock would
be followed by a sharp reaction. while
the speculative demand would shift hur-
riedly to other quarters. A few min
utes, consultation between traders on the
floor would result in the formation of
pool to take all offerings in some incon-
spicucus stock. After these were absorbed
the price would be rapidly bid up / or
2 or 3 points. Such a maneuver never
failed to attrac- a horde of speculative
followers, buying orders coming from
both within and without the exchange.
These snort-time pools had no difficulty
in ltquidating their holdings at a hand
some days profit. The list of stocks in
which this operation occurred, including
MANY Oh the nlSn-SfdUS railroad STOCKS,
as, we'll as those known in stock ex-
change parlance as cats and dogs. An In
cident of the day was the rise in st.
Paul above Burlington. This supremacy
was contested, the friends of Burlinge
ten railying the stoek again to above st.
Paul. but the latter stock closed within
q half of the top and y above Burling
ton. The late reaction in the market
unexplained by any special incident, and
was eVidentallya due ito a general desire
to convert profits securely into cash. The
demand for bonds was not so conSDicu-
Gus as yesterday, but there were strong
points i'll the market-Tota sales, par
value, S, 595,000.
United States old tours aaya aoe1 "a
Returning twSssi 5ss aiad taaxesss and sfives
"A per cent on the last s6aBIs Is 2 ssst,:,.fs
STOCK QUOTATIONS.
Co, members l 81. the New york FIX Stock
Exchange. Pioneer; Press building. who
have direct wires to Chicago and New
York. Closing prices are bid: