The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-15
Stocks. Donds and Money
Closing.
80 T-
Call money, New York ........4
Bar silver, New York ...........5o o

Bar silver, New Y ofA 100 os
NEW YORK, Dec. i4.-Operators in the
stock market placed a favorable inter
probation on today's bank statement and
bought stocks briskiy after its appear-
ance. AS prices rose over last nights
level, heavy selling to realize was en-
countered, which carried prices back
from the best. The offerings diminished
az the decline and the closing was firm
at level generally slightly above last
the market was dull and hesitating and
go erned largely by the cratic huctua-
tions in AInalgamated Copper. That
stock opened with running sales of 6,2G0
last nights close. It declined to 644,
breaking the low record and checked
the advancing tendency on other stocks.
TIE last price, was 6514c, a net loss
%. lower than last Saturday compared
with a high price early in the week more
than 10 points over last Saturdays low
ieVei. The sentiment regarding the stock
was much confused, and brokers usually
credited with acting for insiders both
bought and sold the stock.
The decline in the cash reserves OF
the banks was about 81, e00G9o less than
was expected The LIQUIDATION in the
speculative markets was reflected in the
loan contraction of $ll, us, 100, which re-
drced the encroachment on the surplus
to sl,i52,650 The transfer of funds to
ANeW CtlednS Through the SuDtreaSury
was continued today and foreign ex-
change here hardened. but money was
easier IN London and the price of Amer
lean eagles declined 8.
The year-end construction of the money.
SUPPLY has been the dominating influences
1Eesthe stock market during the whole of
the week, as was clea:ly foreshadowed
IN last Saturdays bank statement With
the surplus reserves of the banks down
to below $7,C00,G00 and large requirements
Tor credits incident to the season defi,
nItely known, the problem was one or
very Simple arithmetic. Loans placed
on call With easily marketable collateral.
aid especially sucl as are used for fhe
speculative holdings of stocks on mar
gin are always and inevitably the first
TO De called in when money require
Iaefts are to. be met for other pur-
The action of the market has also sug-
gested rather clearly that some of the,
solid financial powers have acGuiesced in
80, ao"nWafd course of prices for the
tage ground from which to face the exig
encleS of the annual settlements
me active speculation in grains and
COTTON mas also made continuous de-
mands upon New York for cash. which.
was not counted upon at this season OF
the year
The decision of the treasury to nav the
January interest in advance is designed
as relief from this drain. but the nav
ments will not be available until next
week The supply of government bonds
aYaIlable for redemption under the treas
lIy ofIer is constantly diminishing, and
does not afford adequate relief from the
dIain from the collection of surplus.
III, 1t IS sufficiently clear now, therefore,
that there is no close parallel with the
condition in December of a year ago or
OF two years ago. Amalgamated 2Cop-s
per; though very cratic during the week.
ana very heavily dealt in, has been less
or d disturbing element than last week,
ITS occasional rallies exercising sus-
TTa all ,lnffuencc on stocks at times
money rates until the end of the year
ana ana, repression of speculative buying
the prosperous conditions of general
OF speculation ceHfident
, Ka i bonds have been quite active
The United States old. and new Is and
the IS advanced y per cent over tte
closing call of last week.
StGcAs.