The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-02
STOCKS WERE HIGHER.
Market Held Firm Against MANY
Adverse Circumstances and
Closed Steady.
FINANCIAL SUMMARY.
Prev.
Close. Day.
Bar Silver, New York .5S GIG IS 9-l8
Call money, New York. 1AQ1h IL

NEW YORK, Aug. 1.-The stock market
held firm today against several adverse in
huences and showed greatly improved demand
in the later dealings The supply of Ameri-
can stocks left in the foreign exchange has
become so much reduced and dealings in
them are so Insignificant there that little
account was taken of the fact that London
was closed today for its bank holiday. Rail
road stocks in the early dealings here con-
tinued to suffer from the neglect which has
recently made the market almost stagnant
The bears availed themselves of the quetude
to make an aggressive attack, directing their
efforts chiefly against Brooklyn Transit and
recently gone up sharply, and there were
known to be heavy speculative commitments
in the long side in them: There was be-
sides disposition to take profits, so that
prices shaded off easily and uncovered stop
loss orders. Peoples Gas was also subjected
to vigorous attack, and was sold down to SO.
Transit was the fear that the profitable traf
fc over the Brooklyn bridge would be in
terfered with to aliay public apprehension
regarding the strain on the bridge. The spec
ulation in Sugar was again very feverish,
though the price did not get far away from
1879. The bears, in addition, had reports that
the rains in the West had come too late to
prevent serious harm to the corn crop. Prices
fell quite materially below Saturdays close,
under this combined attack, but inside sup
port was forthcoming in the stocks which
were most severely affected, and the shorts
were driven to cover, making the recovery
in these stocks almost complete. Of the
distnctively corn-carrying roads, rose from
l to 1as from the lowest and the Southwest
ems as group were strong. The Rubber
stocks closed the day with gains of ~ and 21a
respectively. New York Air Brake Pacific
Mail, Lead and Tobacco were strong features
all day.
The stock market was also materially aid
ed by the increased demand for bonds in the
afternoon, in which there was active bust
ness, especially in the per cent bonds of
lately reorganiZed roads and the junior is
sues, which are gaining in security from
the recent increases in earnings. Total sales,
ST. 100, 600.
Government bonds we're strong on the
peace prospects today, although this factor
had only small bearing in the stock market
The new government IS advanced to high
level, allotment for subscriptions selling at
1919. U. S. As, both the old and new issues.
advanced 1a, the IS, when issued "a, and
the IS registered u in the BID price.
Total sales of stocks today were 235 400
lington, 1878; Manhattan, 1850; Northern
Pacific pfd, 5,S47 Rock Island, 54S1 St. Paul,
9.535; Union Pacific pfd, 7135; Tobacco, II go;
Peoples Gas, 5.4s5; General Electric, 3,525;
Lead, 14,0S2; Pacific Mail 1850; Sugar, %, $50;
Leather pfd 10015; Rubber, %, ass; Rubber
pfd. $3.50; Western Union, 1882.
The following were the fluctuations of the
leading railway and industrial shares, fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
of rodo