The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-04

Call Money, New YOrk..........312-5 5N-6
NEW YORK, Dec 3.-Confusion and
hesitation were reflected in the move
ment of stock prices all day, and the
course of the market did not persist In
one direction for any length of time.
The movement during the morning was
Irregular, but leaned to the side of de-
preston, which gave way about mid
day to vigorous upward movement
when the abstracts of the presidents
message made their appearance. A
slump in Amalgamated Copper and a
rise in call money rates unsettled the
market again late in the day, as was the
case yesterday.
The sympathetic reaction did not carry
the level of prices back below last night,
as will be seen by consultation of last
prices, which show small net gains as 2
rule. There was some recovery from
the lowest, due to the covering ty room
shorts at the last. The cary heaviEess
of the market was due to some CONT .ued
uneasiness over the antitrust views con-
tanned in the presidents message. The
general tenor of the message has been
pretty well understood for several days
past, and what selling was induced By irs
cc:ltents had been mostly accc ,rnplishs.d
before the publication. Tho tone OF
depreciation of the habit of appeal to
hatred and fear in the public argu-
ments against the so-called trusts SEEM
ea to crafty speculative Sc 1t;inene and
to ameliorate the stock market effect of
the recommendations for reguia ion of
the trusts. In consequence. the demand
to cover shorts which followed the pub
location of the message carried the whole.
market upward with considerable mo-
mentum, the prices for the most promi-
nent stocks rising from / to 2 points over
last night. The sharp break in foreign
exchange carried the rate we'll below the
gold export point and relieved apprehen-
s'cn that further gold would go out this
week This helped the midday rally In
stocks, although call money rates were
distinctly firrner and maintained above
the 4 per cent level for the most part.
The rise to per cent came again late
in the day and brought out heavy offer
ings which forced the rate back to the
low level of the day. No significance was
attached either to the late rise or the
subsequent relapse.
Money was easier in London, Paris and
Berlin, and continental competition for
bills was reported from London. Large
applications at the subtreasury for with
drawal of government bonds on deposit
to secure circulation is evidently prelim-
mary to the offering of the bonds for
redemption. The payment of drafts
against deposits of several millions of
gold at Pacific points is still pending.
The movement of Amalgamated Copper
Western league ball and a wise magnate
stock recovered quite vigorously in the
morning, although the omission of
customary extra dividend by one of it's
subsidiary companies was not generally
known when the market closed yester.
day The renewed break in the raw cop
per market in London to above Satur-
days low level seemed equally without
effect on the stock The break in the
lower dealings to a low record at 71R
was without explanation, beyond the
early unfavorable developments, which
seemed to be ignored. The stock rallied
slightly and then became heavy again,
but the general market closed firm.
Bonds were irregular. Total sales, par
value, $3,140,000. United States bonds
were all unchanged on the last call.
stocks.