The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-10


NEW YORK Dec. 9lThere was live
" shaking out of speculative long , "a &C,
counts in stocks today accompanied By
threatening break in prices, which cau3.
ed some alarm during the early hours or
the day. In the afternoon there was q
ment and a disorderly scramble enSued
among the bears to cover their short con-
tracts. Amalgamated Copper continued
to maintain its conspicuous posltlon, even
with the increase in animation in the
market today. The opening sales carried
the stock back IL to IS, and this proved
the low level Of the day, but the demand
dropped off as often as the stock APP
preached Saturdays level, although de-
terrnined support was always offered IS
it neared 65. The bears became ALARMED
at the action Of the stock and in the last
hour rushed the price up to q in their
frantic bidding against each other. Inc
final price was but a shade lower.
The support offered to copper at the
ders elsewhere and the market steadied
momentarily. quite list OF important
stocks rising a fraction over Saturday.
With a rise in the call loan money rate
to per cent. however, spectators TOOK
fright and unloaded stocks. Prices gen
orally touched the low point of the day
on this slump. although individual STOCKS
were forced down under subsequent at
tack, carrying the whole market with
them back to about the low level several
times. st. Paul was notably weak AMI
fell Us under Saturday. Manhattan also
was vigorously attacked and driven "a
under Saturday.
There was a good deal of calling of
loans. but in seeking new accommoda-
themselves to a higher rate than was
necessary, judging from subsequent de-
velopments. The ruling rate was s per
cent or even 81. per cent and there seem
ed an ample supply at that figure. The
perception of this fact emerged about
the same time that Amalgamated Cop
per began It's rally. From a general level
of point or more below Saturday S
prices, the market began to move up
ward and gained momentum. There was
a slight reaction before the close, but the
advance was renewed. making the clos
ing active and strong at about the best
The Gould railroads, Manhattan, New
York Central, Sugar. Pacific Mail and
General Electric were all prominent IN
the rally and the day closed with net
gains except in a few instances.
The activity in the call loan market
was reflected in the sharp drop in foreign
exchange, both sterling and continental,
for the present. There was some appre-
hension of pressure for gold at Berlin
this week, but money was reported easy
there TO-DAY and sterling exchange hard
| easier in London and further demand
from Paris is not feared at present, as
Paris bankers are again buying discounts
in London. There were no deposits of
currency at the subtreasury for transfer
to the interior today, but the speculative
activity continued in the grain and cot
ton markets. The subtreasury is also
taking up large sums on the government
surplus which is running large. 1t was
very obvious, however, that anxiety over
on the part Of SPECTATORS was much re-
lieved.
Railroad bonds weakened in sympathy
with stocks but became regular later.
Wabash debentures gained nearly 2 per
cent. Total sales, par value, S5.185,j01.
limit n6 n a Cr,.d
on the last call.
STOCKS.