The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-24

with this particular stock The iron and
steel trades are supposed to have had
most to hope, and, in fact, actually to
have enjoyed most of the benefits of the
revival of business and industry. The
sudden weakness of Steel and Wire did
not raise any doubts of the reports here
tofore accepted of the prosperous condi-
tons in that trade and THE excellent pros
poets for the-future, but it did arouse
serious apprehension of a determination
on the part of some of the steel mag
mates to enter upon course of slashing
competition and to unsettle the trade, as
they have already proved themselves
abundantly able to do. The wide reach
ing effect of such an outbreak Of hostIh-
ties in the steel trade may be measured
by the degree of apprehension exhibited
by holders Of long stock today. The
sharp effect produced was due in part, of
course, to the extended speculative ac-
counts held all through the market.
The purpose of the bear maneuver was
palpably to dislodge these holdings. They
succeeded very. well in doing this. AS
the decline in prices extended the Of
the recent speculation for the advance
has been most active, We're naturally the
most affected. The local traction stocks,
the grangers. the Pacitics and Baltimore
& Ohio were the most prominent in the
downward movement. Sugar was free
ly sold on the cut in prices Of refined
sugar and coffee, Which seemed TO
threaten a renewal. of trade war. But
the stock was very feverish at all
times. Practically the only effective re-
siStance offered to the drain was in the
early dealings. New York Central and
Chesapeake & Ohio showed continued
strength at that time, New York Cen
trail rising 13s over last night An eff
fort was also made to boom Amalgar
mated Copper on the occasion of its hrst
being dealt in in the unlisted department
of the exchange, but the first price,
which was 1917 was the highest The
price subsequently fell back to 9l9s, COM
pared with 9S7s in the curb market last
night. The frequent rallies during the
day, when room traders, were taxing
quick profits, showed the preferential
character of the attack on the market.
But the buying demand seemed not to
extend beyond the short interest and the
market quickly lost animation on the
rally. The closing itself was waVer1ng
and uncertain, but att considerably above
the lowest for mdnys stocks. There was
nothing in the money market to cause
apprehension, rates ruling at 31S per cent
or lower practically all day. The re-
ceipts of gold from the Pacific coast In
sure good increase in cash reserves for
tOmOrroW's bank statement. although the
net receipts from the interior on the eX-
port movement show "a considerable fall
ing off from last week. An expansion
in loans is expected on account of the
speculative activity, but fthe eas1neSs or
the money market is evidence that the
position of the banks is not materially
weakened. ~
There were firm snots III the bond mar
ket but railroad bonds as a whole, were
affected by sympathy with the re-
dictionary movement in stocks. Iotal
sales par value, 81, 455000 United states
threes regular advanced q, and do
coupon and the fives p; the tours e, and
the new tours Il on the last call.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &