The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-07

Bar silver, New York 100000. bog 54M
Call money, New York 42-5 AZ
NEW YORK, Dec. 6-Fears of money
stringency gained the upper hand In the
stock market today and preclpitated ac-
tive selling throughout the district. The
bears were active and energetic in taking
the market away at each recurrence OF
signs of selling. and their buying to COW
er at frequent intervals caused many r.
regular rallies and checks to the
decline. The demand quickly fell
away on these rallies and was
only renewed when prices began to
give way again. The apparent running
out of the recent speculative movement
in Manhattan and the consequent realiz-
ing by the longs was a feature OF the
market. The stock made an directive
gressive onslaught on the market. In
The late dealing the stock fell to 1854,
representing an extreme decline OF 7ss.
At the same time Amalgamated Copper,
which had luctuated rather sluggisaly
and heavily all day, took a new down.
ward plunge to 6S7sc, compared with its
previous low record of 7lA. This un-
settled the whole market and made the
closing active and easy, but with the SELL
ing pressure much less acute in the gen.
eral list than in the stock named.
transfer to the interior of s1,00O.O0O COM
pleted the fright over the money pros
pect which had been gathering force all
day. with the contemplation of the pre-
movement. 1t would appear from these
that the banks had gained on the interior
movement by express more than Sl,oouooo
up to Thursday night, thus seeming to
offset that far the weeks loss to the
subtreasury, which footed up last night
$7,ll5.0OO. Of today's deposits for transfer
S650,0e0 was for Chicago and $350000 for
New Orleans. The renewed demand
from Chicago is said to be based on the
furious speculation which nas broken out
in the grain market. and the movement
to. New Orleans Is doubtless connected
OF the weeks loss to the subtreasury,
near $3,O00,000 represents deposits of legal
tenders to retire circulation and withdraw
not been offered for redemption and there
is lacking this offset to the decrease in
the circulation. The payment for the
s2,oooo,o00 gold exported Is also included
in the subtreasury operations
New York exchange at Chicago. which
fell to SOC discount at one time, stifened
to SOC discount today as result of the
demand on the local money supply was
reflected in calling of loans and marking
UP of money rates. Banks marked up
their call loan rates over the counter to
per cent and exercised stricter ddscrimi-
nation as to industrial collateral. The
easier tone of the foreign exchange mar
ket was lost sight of in this new devel-
opment, although it promised relief from
the further gold exports threatened next
week.
A rise in the New York money rate
will help to prevent gold exports, but not
| to the relief of speculative borrowers on
call. The few stocks which made a show
of strength during the morning sue
cumbed to the weakness. Losses of one
to three points were made by the ma
jority of the prominent active stocks
General Electric, after rising to 2S9A,
broke to 2S0A on the declaration Of only
the regular quarterly dividend, and then
fuctuated wildly above the lowest.
Bonds were easier in sympathy with
stocks. Total sales, par value. So. 800 900.
United States bonds were all unchanged
on the last call.
&fnRKS.