The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-20
Call money. New York..."1@1M 1@1M


NEW YORK, Aug. 19.-The recovery from
yesterdays reaction in the stock market was
day. and the closing showed a furiously
active buying movement in force which was
absorbing all offerings at advancing prices.
suit OF the attractive level of prices attained
ana numerous individual blocks of 1000
snares and upward Of St. Paul were snapped
the leadership of the market and was well
taken and firmly he'd all day but 1t was not
until the last half hour of the trading that
1t was taken decisively in hand and rushed
up from about $1101a@1.121s.
The other grangers followed suit though
at less lively rate. and with nowhere near
recovered its ~ dividend and u besides
The early part of the day showed marked
falling off In the animation of the market
and the conspicuous movements in prices
confined almost entirely to the industrial
specialt1es. 1t became evident at the OPP n ng
tnat there were supporting orders in lead ng
stocks that offered barrier to further de-
cline in addition to the continuance of out
SIDE demand for commission houses. Some
1ndustrials showed a buoyant Tone Although
there was some realizing during the first
hour there was SO much absorbed that the
bears became discouraged and gave up try
ing to break the market.
When 1t was announced that the exchange
would be closed from today until Monday, it
became evident that the shorts were the
ones who felt timid about leaving contracts
OUTSTANDING some or large gains IN 1ndl-
vidual stocks were Lake Erie & Western s.,
90 preferred, IN; Minnesota Iron, 81; New
York Air Brake, AZ: Pacific Coast improve
I ment; 81; do second preferred, 3; Interna.
tional Paper company 6. The rise in ST. Paul
was 3B. Reports by trade journals and from
other export sources tell of some expansion
OF business as a result Of the terminal lion Of
the war with Spain.
The expansion Of the country's business is
strikingly manifest in the conditions Of the
New York money market where the pres
sure for funds in interior points is already
beginning. There is apparently nothing to
meet this demand but gold, and New York
banks are shipping gold to the interior for
circulation medium. The money market has
foreign exchange market with ia i in rates.
Meantime the Bank of England has been
Strengthening Its reserves by contracting its
loan account in anticipation of call for gold
from New York and resulting rise in
money rates in London. An early gold move
there is eager demand by national banks for
the new government bonds AS fast as they
can be acquired. they will undoubtedly be
used for expanding the bank circulation.
These facts make it evident that the country
is finding ample use for the abundant in
crease in money in supply.
Total sales of stocks today were 4sO 800
Burlington. 14,0S0 L. E. & W., 6,4O2 do pfd,
16 500 Manhattan, IS, 420 Northern Pacific p.d,
1920 Rock Island 77,150 st. Paul, l3, %
Union Pacific pfd, 10,920 Tobacco, 1920 c..
G: W., 1890 Peoples Cas- 2S,120 Sugar, 49,
220 Tennessee Iron, II, 1920 Leather pfd.
The following were the fluctuations of the
leading railway and industrial sharls fur
New York stock exchange and Chicago board
of trade: