The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-29

NEW YORK, Dec. 2S.-Today's
bread and active stock market resulted
in small changes in prices of stocks.
owing to the very large amount of
profit-taking sales which were made.
The market was an excellent one Tor
realizing profits, which are of tempting
proportions, as a result of the consider
able rise in prices the last few days.
The continued recovery in Sugar, in
which the dealings were again large,
sustained the market The unexpectedly
strong bank statement made the closing
strong, after the realizing had COM
menced to make some impression upon
prices. AmaIgamated Copper failed to
hold it's gain and closed only Il higher
after having been at one time 15s higher.
Sugar saved a net gain of IA from an
extreme advance of 31A. 80
In the railroad list the rsa ;izilg in
stocks kept the gains within moderate
limits. The compilat ton of returns of
earnings for thirty-seven railways for
: the third week in December shows de-
crease of 2.46 per cent compared with
last year. This is the first time alder
crease has been shown for the corr
responding period since 1896 s7I3i'
The operations by the bears were over,
done, according to the indications of the
) latter part of the week; and their Ell :
forts to retrieve their position by"coVer?
ing short contracts caused recoverIeS to
above. last weeks closing prices. Spec
uldtion is largely centered in a few IA
: vored interests and there is little of
what is known as outside interest, be,
You'd little buying of bonds, presumaF
bly, in anticipation of the January dis
bursement of interest. These dlSburSeT
ments will reach unprecedented pro-
portions this year, and will include many
new dividend payers, besides the import
ant increase in distribution by old CIVIL
( dend payers. Operation of those dis
bursemerts makes large temporary de-
mands upon the market, and the mofey
market has been kept active by furries
F OF caTIing in of loans. This has operated
against operations for an advance. -. .
Sugar has assumed the dominant posi-
ton in the market lately held by Anal.
gamated Copper and its decline affected
I the whole market while it lasted. It's
equally rapid recovery rallied the MARKET
This stock was sold with reckless free
dom by the bears, on the assumption that
conditions in the trade were analogous
TO. those recently prevailing in the copper
trade, giving ground for similar Tong,
prolonged decline in the stock. Its rise
resulted in a recovery.
Another development which caused dis
earnings for the third week in Deem
Der. as compared with the previous year,
Of the most representative railroad SyS-
TENS in the West and Southwest. Thls
following a showing for the previous
week of a smaller ratio of Increase over
last year than has been current for some
time, and gives rise to troubled conJec-
ture whether a symptom OF elimination
of railroad prosperity is disclosed. Elk
plantations are offered that severe coid
weather caused q check to railroad tra1-
f1c that is only temporary; that the cut
ting of freight rates which probably had
to do with the decreased earnings, Is also
only temporary, and that comparisons
are made with an extraordinary level, OF
earnings last year, especially In the
Southwest region. The reported de-
creases had no effect on the prices or
stocks, those which showed marked de-
clines in earnings leading the strong ad-
vance in the stock market the latter part
of the week. The undertone of speeafa-
ton has remained confident and theFbe-
lief prevailed that the passing OF the
year-end money requirements would De
followed by January rise IN prices
such as is not unusual In the STOCK
market The clearing conditions In the
COPPER trade, the extraordinary activity
in the iron and steel industries, the I'M
precedented holiday trade, the prosper
Gus conditions of general business and
evidences of relief from the prolonged
crisis in Germany, are all looked to to
benefit the future stock market. SIS"
There has been good absorption OF
bonds during the week. United States
coupon IS and the old As advanced 1S, and
the IS. registered, declined Il, and 5s,
coupon, v per cent from the closing
call Of last week
Stocks.