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

Bar silver, New York. .547s AZ
NEW YORK, Dec. 1.-THE usual year
end activity of the money market of the
world was the feature in today's stock
market to the exclusion of almost ev-7
cry other consideration. The darkening
prospect of the money outlook was more
perceptible in New York than in other
markets and this was partly due to the
fact that New York was called upon
for relief Of other money markets. En-
gagements were made of gold for ship
ment to Berlin of $500, coo announced and
as much more run1ored, the reported
shipper declining to confirm the report,
and of over $1e0000 in French coin to
Paris.
Deposits at the subtreasury were made
for transfer to Chicago of $780, 600 and to
New Orleans of $150,e08. This depletion
of nearly $2,o60000 in cash was offset by the
payment from the subtreaSury of 81, 5491f
in redemption of United States bonds.
But this was not sufficient to prevent
late furry in the call money market
again when belated borrowers sought to
cover their needs, which ran the rate up
to 10 per cent. The subtreasury already
had taken from the market 81, 900, coo be-.
fore today's operations, including de-
POSTS for transfer to the interior. The
hope that the higher money rates here
would attract prompt renittances from
the interior is not sufficient to overcome
anxiety, in the face of these officially
reported transfers to the interior.
1t was reported today that Chicago
banks had loaned some money on call
on the stock exchange, but this opera
ton presumably involves the drawing up
on a New York correspondent and there
money market. The course of the loan
account of New York banks is beyond
provision in advance of the weekly bank
statement. but last week S unexpected
increase in loans keeps sentiments un-
easy, as various syndicate operations re-
maii1ed to be provided.
The sharp decline in Norfolk & West
ern was connected with this belief. What
loan operations may be involved in pro-
Yiding for the payment of the $S,OO0,0O0
Standard Oil dividend on next Monday
is not known, but the fact is patent that
the credits available in the New York
money market are undergoing conStr1c
ton and fiurrieS in the money market
of frequent recurrence are looked for
until the end of the year. There was
acute weakness in the foreign exchange
market today in response to the stiffen1ng
of money rates and the outgo of gold Is
supposed to be in the nature of an out
right bullion purchase designed to
strengthen German bank reserves for
their annual showing, rather than to
yield profit as regular exchange
transaction.
There was some appearance of nursing
the market on the part of insiders here
and there, so as to suffer as little dam
age as possible from the inevitable
and resiliency of AmaIgamated Copper
was an effective aid in this purpose.
The dealings in that stock again over
Swallowed the whole. market, the price
raising to 72s4c and falling again to
691se, closing with net gain of ssc. There
was a midday rally when the redemp-
ton of a large block of government bonds
was announced, which carried many
stocks above yesterdays level, Lacka-.
wanna rising AZ and Delaware & Hudson
New York Central and Sugar about a
point.
Prices generally fell back to the low
est in the late selling movement and
closed not much better. The transcon-
tinentals and the local traction stocks
We're the principal sufferers. Baltimore.
& Ohio and Norfolk & Western also fell
2H each, Colorado Fuel, 51a, Brooklyn
Union Gas. 9, and General Electric, 4.
Bonds were active and irregular Total
sales, par value, So, 10000. United States
cid and new As and the IS advanced 7a
per cent on the last call.
STOCKS.