The Saint Paul globe., 1904-12-15

NEW YORK, Dec 14-Another step
was taken towards the establishment of
normal stock market today after the
paroXysmal fluctuations of the recent
dealings. The demonstration made yes
terday of the effective support which was
forthcoming to protect the market from a
further disastrous fall led to listIess
movement to cover shorts on the part of
a retreating bear party. There was trace
able some resumption of operations on the
long side as well and renewal of eff
forts to push prices up rapidly to close up
the gaps in prices caused by the fall. But
it developed in the course of the day that
conditions were not favorable to this rapid
return to the speculative mood existing
before the break in the market.
Dull and ListIess
The demand rapidly thinned out at the
higher level and there was some pressure
to sell at the recovered prices. Towards
the end of the. day the market sunk into
nights close. There was nothing in the
circumstances of the day to account
either for the morning advance or the
afternoon reaction further than the nat
ural tendency of the market to readjust
itself by a series of fluctuations after
such a commotion as that to which it has
been subjected. Sensitiveness to the
course of Amalgamated Copper was still
perceptible, but not to such a super -sensi-
tive degree as lately. The advance in that
stock was material aid to the general
recovery, however, and it's yielding was
the signal for the abandonment of opera
tions for the rise.
coaIers Strong
The attempt to move prices upwards
centered conspicuously in the coalers,
and this group had the especial advantage
of the active demand Advances in a
number of the stocks in the group extend
ed to or 21a points. Atchison was the
most conspicuous weak spot in the mar
ket During the period of strength in the
general market it was merely laggard,
but with the reaction it yielded sharply.
The decision to issue $50, 900 of con-
vertible bonds to provide capital for eX-
tensions and absorptions was the evident
cause of the disfavor with which the stock
was viewed in the days speculation. Its
drop to 8 points below last night in the
late markets perhaps helped to drag down
the rest of the list.
The addition of $1,6O0,0OO in gold coin
to the engagements of all the available
gold bars for export had an unfavorable
sentimental effect. The further rise in
the exchange rate made the gold outgo
more easily explicable. but the fact that
the shipment is to be made on a slow
freight steamer without regard to the
added charge for the longer transit keeps
the movement in an anomalous situation
The money market was not affected IN
any degree and in fact was senslbly easier
both for call and time loans. San Fran
cisco continues to make large acquisitions
on New York for cash in addition to the
gold exports. The reaction became pro
nounced in the late market and last prices
were generally lower than last night, es-
pecial1y in the Pacifcs, Changers and
United States. The closing was weak.
Bonds were irregular. Total sales, par
value. $9,52O,OO0 United States bonds
were unchanged on call.
The governors of the stock exchange
voted today to close the exchange on Sat
urday, Dec "a. The exchange thus will be
closed from Friday, Dec. %. until Tues
day, Dec. 81, in observance of the Christ
mas holiday.