The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-11


NEW YORK, Dec. 1o.-There was a
eearth of news in today's stock market,
except such as had to do with the per-
sonality of the operators and the inter-
ests they are supposed to represent. Inc
well defined movement of the day en-
bracing the general market was limited
to the upward rush of prices at the
opening and the sudden relapse at the
close. During the greater part OF the
day the market was sluggish and 1rreg-
uiar. and traversed it's narrow range of
prices number of times in a totally in
consequent and dubious manner. The
opening burst of strength was the natural
momentum of yesterday S late strong re-
covery, belated bears rushing to buy,
but 1t soon became manifest that the
short interest had been much reduced
by yesterdays hurried covering, and
there was no strong disposition mani
Tested to extend commitments on the
long side. The eccentric course of Anal
gamated Copper threw the market into
renewed confusion. After rising to TEX
there was open selling by the brokers,
whose buying had been strong influence
in yesterdays rally in the stock, as they
are credited with usually acting for in
side interests in Amalgamated Copper.
The consequence was that that stock
commenced to sag again in an Irregular
way until it had dropped down to SO.
The price then worked its way upward
with occasional reactions to high level
of 7dA, representing a recovery of over
10 points from Saturdays low level for
the stock The general level of prices
was affected by all of these fluctua-
-tiens, but only to a moderate extent,
the effect being more to discourage eper-
ations, whether for the long or short
account. There were some individual
points OF strength, notably in the Van
derbilts with large demand for New
York Central and number of less prom
:nent railroads and industrials. Included
in the latter class were General Electric:
me r: 1ay A7,apr ~ H0npt
ing Coal. Peoples Gas, Consolidated Gas
and International Paper preferred The
tone of the money market was much
quieter during the day, and there seemed
but late in the day belated borrowers
caused furry to per cent by their
urgent efforts to cover their wants, and
the stock market made an Immediate re-
spGnse, the whole list dropping suddenly
to the lowest of the day on greatly in
creased dealings. Amalgamated Copper
fell back to SSH and closed with net
loss of about a point. st. Paul and
elining 23s. There was no effeetual rally
in the market and the closing was heavy
at about the lowest. The sterling ex-
change market continued depressed, and
there Is not much likelihood of gold ex-
ports while money rates hold stiff. A
deposit at the subtreasury of $5O000O for
transfer to New Orleans shows the in
terror pressure for funds. The heavy
prof1t-tak1ng OF the day IN the grain
and cotton market gave hope of some
money market relief by liquidation on
that quarter The heavy Withdrawals
from the money market by the govern
rnent on account of the surplus gives
cause for uneaSineSS, and there was gen.
erai expectation during the day that
the secretary of the treasury would an
nounce the immediate payment of the
governments January interest as a
measure of relief. The announcement Of
aY
help the market today.
Railroad bonds were quite diversified,
but rrice movements were irregular. 10
tai sales, par value, $4,110,00O Omitted
States bonds were all unchanged on the
last call.