The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-18

NEW YORK, Aug. 1.-THE stock mar
ket showed greatly increased activity
and strength today. The strength was
somewhat better diffused than has re-
Gently been the case, but the heaviest de-
mand was still confined to small num-
Der Of stocks The majority of the in
duStrial stocks were Hstless and heavy.
This was notably the case with the iron
and steel stocks, except for Tennessee
Coal, which has regained points of its
decline. The bears were disposed to con-
tinue the contest early in the day, and
handled the Tobacco stocks and Sugar
rather severely, but even in these the
bear campaigns showed convincing evil
dence of exhaustion before the day was
over. Sugar ruled above last nights
level during part of the day and closed
with a net gain of IA. American Tobacco
retrieved its earlier losses, and Brooklyn
Rapid Transit, though rather feverish at
times, was higher all day.
The characteristic movement of the day
was in the railroads. The Southern group
and the Southern and Central Pacific
stocks continued to be the center Of
strength, with some additions to the
former group over those which moved up-
wards yesterday. Louisville was the
leader, and rose at one time nearly 8
points, the close being a small fraction
below that Southern railway preferred
continued strong, but Chesapeake &, Ohio
Jagged. The Baltimore & Ohio stock
came vigorously forward into the move
ment, the common rising an extreme 8
points, and the preferred Pr, with subse-
Quent fractional reaction. Norfolk &
Western preferred and Mobile & Ohio
also shared in the strength The buying
of Southern Pacific was very large and
evidently by a powerful concerted move
ment. The stock rose 21a, and Central
Pacific gained points. There was an
isolated movement in the Pittsburg, c., c.
& st. Louis stocks, the preferred rising
8 points to par, with a subsequent reac-
ton of 212, the common rising IL and los
Ing the fraction Railroad stocks gen
orally are higher, the gains reaching a
point in only few cases. The grangers,
Atchison preferred and Pennsylvania
were conspicuous. Northwestern gained
"a.
The leading cause of the more cheer
full feeling regarding the values of securI-
ties was the easier condition of the Lon
don money market, as disclosed by the
weekly statement Of the Bank Of Eng
land. The rate for money fell apprecia-
bly, in London today, but sill rules above
the bank rate. The bank continued to
buy gold today and to import it from
Germany, and the probability is that if
Inc private discount rate should fall be-
low the bank rate that institution would
again borrow from the market in order
to stiffen rates. But the sentimental
effect on the New York stock market
was very marked, as increased conf
dence was felt that gold might be with
drawn from London to New York in case
of higher money rate here without up
setting the foreign stock markets The
large increase in st. Paurs earnings for
the second week in August, in spite of
falling off of grain movement, was an
encouraging factor.
The bond market did not share in the
increased activity of stocks, and changes
were small and mixed. Total sa 'es, par
value, $1,947,OOO. U. S. old As coupons,
advanced a and the 5s Is in the bid
price.
STOCKS
The following were the fluctuations of
the leading railway and industrial shares,
furnished by c. H F. Smith & Co, mem
bers of the New York stock exchange
and Chicago board of trade: