The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-31
Jtocks. Bonds and Money
Closing

NEW YORK, Dec. 30.-Today's stock
market was largely matter of money
supplies. The symptoms were un-
doubtedly that these were scarce, the
per cent. The general rate for renewals
was 10 per cent. There We're number
of other depressing factors which re-
inforced this motive for selling stocks
and the consequence was general de-
clining tendency of prices during the
morning. Later in the day The money
rale became easier unler offerings by
bankers, among whom j. z. Morgan 81
Co. were conspicuous.
A very urgent demand developed Tor
Reading, which caused an advance of
points IN that stock at new high record
price at each step of the advance. The
dimensions of the trading in the stock
were such as to show that only the larg-
est financial interests could conduct 1t.
The individual blocks taken ran all the
way from ZOO to 5000 shares.
The general market Steadied under the
influence of this movement, but was sim
guiarly unreSponsiVe even ia those stocks
most nearly allied in interest to Read
ing, excepting New Jersey Central which
made an advance of SIS on light trans
actions. When Reading yielded to real
izing, the general market, which mad
been held only steady, gave away sud-
denly again and dropped to the lowest,
the industriaIs and Pacifics leading. The
closing was active and easy. Many ru-
mOrS circulated to account Tor the
strength of Reading. 1t was said that
stock readjustment was at hand. An
other report was that Pennsylvania was
buying for control. The failure of con-
firmation of rumors created belief
among speculative dealers that the pow
erful demonstration in the stock was de-
signed for sentimental effect on the gen.
erai market to help support prices, in ac-
cordance with the efforts supposed to be
making to that end by great banking
interests.
The urgent demand for money disap-
pointed expectations aroused by the I'M
expected increase shown In banking re-
serves by the bank statement on Satur-
day and the large gain by the banks
Indicated by today's return of sub
treasury operations, resulting from the
payment on Saturday for the redemption
of a block of $2,500,000 of government
bonds. Today oyer half a million dol
lars additional was paid out for redemp
ton of government bonds.
Later in the day it was explained that
payments were being made for the Sl5,-
600 900 of Northern Pacific convertible
bonds the proceeds of which are to be
used for the retirement of Northern Pa
cific preferred stock 1t was said that
one check of 1874, 000,G80 had passed on ac-
count of the subscriptions. 1t has been
claimed hitherto that this operation
would be accomplished by the transfer
of banking credits and without affecting
the money market. The furry in money
caused some fresh uneasiness as to posi-
BILE delay in the period of relaxation aft
er Jan. l.
The assembling of the conference Of
Northwestern governors to concert meas
ures of opposition to the Northern Sc
curities company made the Pacific weak.
Union Pacific seemed to be affected also
by some disappointment over the mea-
gerness of details in the annual report
regarding the methods of financing the
Northern Pacific settlement Proceed
ings begun in Ohio under the antitrust
laws. resulted in sharp declines of Ohio
soft coal roads. The controversy be-
tween Venezuela and Germany had some
effect in foreign markets, but seemed
to be ignored here.
TIL bond market was moderately active
and irregular. Total sales, par value,
81, 230, Goo The United States 5s coupon
and the refunding Is registered declined
Il, and the coupon, IS coupon and the old
is Is per cent on the last call.