The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-19
WIDE MARKET IN STOCKS
TRANSACTIONS WERE HEAVY. AND
THE COURSE OF PRICES
IRREGULAR
ERIE SHOWEDS SHARP GAINS
Market Closed Acfive, With Values
Very dysSNsnsidering the
Heavy Business of the
Session.
ERIE sHowED SHARP GAINS


NEW. YORK, Recsr 1S.-The irreeIlaritv
and unsettled condition of the stock mar.
ket To-Day was. due SEQ various cnnttirfinp
causes ca There was sttll some evidence of
evidence for many days now and which
is commonly attributed to operations bv
large banking interests. looking to the
Goisoii1atlon OF cQtltro1 of many Compel
ing and connecting railroad systems The
buying of this kind, was however dis
unctly less than for some time past Ef-
forts were made by professional operators
TO give. an appearance of a con tirs,lanre
of this class of transactions Rllt ma
nan1pulatiVe character of many move
nents designed to give this in1nvession
became rather obvious and begot some
Teeflng- of doubt and distrust Tn, cron
of ruIrorS regarding Additional n!anS for
such consolidation still to be put in ef-
rect Showed some vagueness and were
not Tree from intrinsic evidences Of prob
apli1ty. In spite OF the credulous mood
which has recently prevailed in Wall
street regarding anything that points to
consolidation, the influence Of these
movements, and, stories therefore. lost
some Of its force Another considera ton
was that the opinion has become we'll
settled in Wall street that the surprising
decrease in loans in last Saturdays bank
statement was due primarily to the move
nent OF deposit account. The bank lls
interests and financial institution Which
nave had 50 large a part in the recent
Puy1ng Of stocks have evidently been
the banks too soon. This recessitates a.
contraction of outside loans White tho
bankers buying tlel efore is a strong sl1s-
tanning force IN the stock market it is
also strong as depicting force in the
money market upon which specu ato>s
are dependent for their resources An
ether UnsettiiEg influence was LonGol's
change of front aAfter buying actively
mere yesterday, thai center sold freely
today. This was, of course, the out ONE
of the monetary situation in London.
With further military reverses in South
Africa and the foreign EXCHANGES RIM
ming against her, .ifls the common expac-
tation that the Bank of England S al :
count rate will be- advanced tom GRO w.
such a discount IS enough to cause liquf-
cation of foreign securities from Lond0n
in the interest of the money market. But
1t is not clear that the mora conservative
class of tnyes tors IN England are net at
tracted by AmerfcaH ffsecurities. The. de-
cline in activity thsFa and the continued
high earnings heres make the American
securities relatively more attractive f. r
investment. No s8Ilf&asiness is apparent
over the money market outlook SO Far as
the immediate future is concerned The
subtreasury is contributing to the mark It
by reason of large pension payments, in
creased premiums On government binds
which are being rushed in for conversion
into Is before thags refunding period ex-
PRED, and some payments on assay o.
fice checks for g0ldf1eposited at Pacific
coast points. While these conditions
possibility is recognized of a inch in the
last week of the year, especially if I'M
due speculative commitments are allowed
to eat up the resources of the mark T..
These various conditions are the explana-
ton of the exceedingly varied market for
stocks. Heavy selling to take p1ofi s
continued side by side with extraor0In-
airy advances in special stocks. OF the
days special movements by far the most
/. impressive, was the sustained advance in
the. Erie stocks, the common rising TO
Z 2414, the first preferred to .575s and the
second preferred to 991s There We're 3 me
wide movements among the minor Van
derbiitS and connecting lines in. central
traffic territory. Lake Erie & Western
second feTreds r. and the com m N
first preferred, about 3 psints each There
was an ACTIVE upw ard movement in the
Steel group, in sugar, Arnalgamated CJp-
per. Missouri Pacific and the Southern
Railway stoclzs,-buts none of these II as
well sustained c The market closed furi-
ously active and. surpa isingly steady, con-
Sidering the large sNalume of dealings.
The bond market was as, Varied ard
irregular as that in stocks and large
realizing at some points eontrasted with
an advance. in price at Others Total
sales, par value, $4129,C00. United States
refunding Is, IS registered, old Is. and IS
advanced 4 and new As Is per cent en- the
cent.
STOCK QUOTATIONS.
Furnished by Charles II. F. Smith &
Co, members of the New York Stock
Exchange. Pioneer Press building, who
have direct wires TO Chicago and New
York. Closing prices are bid: