The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-22

| NEW YORK, Dec. 21.-Amalgamated
| Copper showed the same stable tendency
| between 66 and 67 which it developed yes
| terday and the relief afforded the general
| market by this turn of affairs continued
| in evidence. The bank statement gave
| evidence of satisfactory conditions in
the money market, and also. prompted
| some buying of stocks, but the sympa-
| thetic strength in the general market
was taken advantage of for an active
! liquidation in Sugar, which forced that
| stock 3A under last night and unsettled
| the market and made the closing easy
| Net results are not geenrally important
and changes run both ways. The recent
cut in the price of Sugar leaves narrow
| margins for profit on it's production and
fears are entertained of "a renewal OF
the Sugar and Coffee war.
The bank statement showed much Iarg-
er declines of cash reserves tran antic-
ipated, the loss running to 81, 435s 200, but
the decline in deposits by reason of Il
loan contraction of SIS, 1863 500 was Suffi-
cient to reduce the reserve requirements
by an amount greater than the decrease
in cash, leaving gain for the surplus
of 1890, 300 The strength of the day was
| most marked in the local fractions and
in the coalers both soft and anthracite.
Hooking Valley added 25s to yesterdays,
three point rise, and the preferred gained
~. There was a report of the pending.
acquisition of another railroad and q
rumor of the proposed retirement of the
preferred stock.
The enormous speculation in Amalga-
mated Copper during the week consti.
tuted from ~ to IL of the aggregate
dealings of each day, and it's incessant
and violent factuation baff1ed the insight
of the most skilled operators Late in,
the week the dividend action on the
stock overshadowed all other considera-
tor. The per cent declaration had been
pretty accurately expected, in spite of
the flood of rumors constantly set af1oat
by the professional traders for manipu-
in Copper has parallel in that for other
staple commodities. There have been
cuts in the price of Lead, Linseed Oil,
Sugar, Petroleum and in the speculative
| markets for grains and cotton. The iron
market affords a strong contrast where
strenuous efforts are reported making to
keep down prices and prevent runaway
market.
Even railroads which are included in
newly formed communities of interest are
affected by rate cutting according to re-
ports published in Wall street The di-
rectors of the new Chicago, Burlington
& Quincy railway, as announced, reveal
the expected representa- ton of Union Pa
ciflc interests, and the delayed annual re-
port of the Union Pacific is awaited with
interest to disclose the process of financ-
ing that company's interest in Burlington
and the Northern Securities company.
Early In the week there was rather ur-
gent pressure in the stock market against
Union Pacific and st. Paul, and the stock
depressed to near par in the curb mar
ket. on almost nominal dealings.
railroad earnings continue to show IN
creases over those of a year ago, but
with some important exceptions and the
1atio of average increase is less than that
recently prevailing. The stock market
has made good Roadway against the I'M
settling influence of the Amalgamated
uncertainty Indicated.
The growing confidence that the money
market would work safely through to the
period of relaxation after the annual set
Elements has encoura ged the firm holding
of stocks. The passage of the time Tor
gold shipments to be available for use
in the annual settlements abroad without
further outgo this week has helped this
feeling Of confidence Prices, as whole,
are higher for the week
There has been broad and active bond
market this week. showing the effect of
the investment demand in ANTICIPATION OIL
the January disbursements.
United States refunding Is advanced ~
the IS old and new As and 5s registered 70,
and new as and 5s registered coupon "a
per cent over the closing call of last
week.
The Financier says: The traceable
movements of money this week, so far
as they affected the bank statement,
showed loss to the banks OF sl l,o
of legal tenders $1,025.200, making total
of 81, 435, 200. Loans were reduced by $1S,.
1868, 500, making a reduction of $24.546. 600
in this item in two weeks Deposits de-
creased $19,026 900, which. with the de-
crease in the previous week, makes to-
tai Of $S4S11, 800. The specie in the banks
is now $3,779,000 below the lowest of the
year. which was recorded Jan. s.. Com
pared with a year ago, however, the spe-
Gle is $2,047,S99 higher. The surplus re-
serve Is s573, 800 more than the minimum
of the year. which was S., 2n, 525 July 6,
but 1t is less by s3.711, 675 than the surplus
at the corresponding date in 1900.
Stocks.