The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-18
Stocks. Donds and Money

NEW YORK, Dec 1.-THE undertone of
the stock market was decidedly firner
today, growing into strength as the day
progressed, and the closing was fairly
strong, with notable net gains in a.
number of prominent stocks. The spec
ulation was almost entirely professional.
and was repressed in it's nature with q
disposition to caution about encroach-
ing on the limited money supplies.
Amalgamated Copper maintained its
dominant influence on the market, and its
incessant fluctuations had some Sympa-
tnetic effect always, but the effect was
more marked on the upward range OF
prices, and the gains established in the
general market were yielded Stubbornly
when Amalgamated Copper reacted. That
stock touched 601a soon after the OPEN
record low level Of 49, The raw copper
market in London was reported weak
and shares of copper companies every
where were depressed. Some violent de-
clines We're reported from the Boston
Stock Exchange. Opinion as to the next
dividend continues pessimistic, the moSs
favorable forecast of Thursdays action
naming 1 per cent dividend. The re-
corery in the stock was apparently based
OH the rally in the raw copper market
in London. This rally extended further
in futures, which We're also more large
ly dealt in than in spot. thus increasing
the premium on future deliveries of cop
per which developed yesterday for the
first time in almost three months.
AmaIgamated touched 643s,and with num-
erous fluctuations below that point closed
at 6315, a net gain of 15s.
The money market was very quiet, re-
fleoting the cautious tone of the specula-
ton. Call loans ruled at 6 per cent
until late in the day, when the placing
of a residue carried the rate lower. Ster-
ling exchange was called strong, but
fo, eign bankers express the opinion that
there is no likelihood of further gold
going out before Jam /. The require
ments at Berlin have been met, accord
ing to the indications of the strong week
ly statement Of the reichsbank. The
demand for exchange is for remittance
on account of interest and dividend obi
cations to foreign holders. The sub
treasury made large payments today on
account of the anticipated government
interest. There were no deposits for
transfer to the interior. The transcon-
tirental stocks Were prominent for
strength and apparently thrived on the
passage of the Isthmian canal treaty.
The argument for permanent 1njunc-
ton in a suit to restrain the retirement
of Northern Pacific preferred had no eff
feet on them, and they rose in the face
of somewhat alarming reports of rate
cutting among Western railroads 1nclud-
ed in the community Of interest which
were apparently intended for other than
Wall street consumption.
Cuts in the p.ice Of Petroleum, Sugar,
Lead and Linseed Oil had a depressing
effect on securities of companies in those
trades The Pressed Steel Car stocks
were heavy on reports of an opposition
company to be organized. A very active
demand for the Southern Railway stocks
developed in the day, and helped to make
the closing strong. recovery OF 4
points in T. S. Rubber preferred, and a
further rise of in Long Island were
features.
The bond market was moderately ac-
tive and irregular. Total sales, par
value, 2,630O00. United States coupon
IS advanced Is, and the refunding Is y
per cent The SIS coupon declined Il per
cent on the last call
BLOCKS.