The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-01

NEW YORK June 30-There was re-
markable demonstration of the underly-
ing strength of standard railroad stocks
today in spite of the happenings which
the bears have been relying upon to put
down prices before the triple holiday.
The squeeze in the money market proved
more severe than for many months, the
rate for call loans jumping at one time
to IL percent. The loans made today
carry over until next Wednesday and the
shifting incident to the heavy demands
on the eve of semi-annual disbursements
caused a very active bidding for money.
There was, besides, the natural hesita-
ton on the part of most operators TO
making large commitments on the eve
of the holiday and the general tendency
to close up accounts. This kept the mar
ket very dull through the early part of
the day and prices were disposed to sag.
The opening was indeed a fraction below
last night for most of the railroads, and
liquidation movement in Sugar and the
city traction stocks pulled the railroads
back again after they had first started
up again. But during the second hour of
the trading, very determined and con-
fident demand sprang up for ST. Paul
and New York Central, after the latter
stock which was dealt in ex-dividend had
fallen half below last nights level. This
demand grew and spread throughout the
market and prominent stocks on the list
including the leading trunk lines, the
grengers the Pacifics and one or two of
the Southwesterns. The manner in which
this buying ignored the furry in the
money market indicated that 1t came
from success not dependent upon the or
binary resources of the bank
Notwithstanding the noteworthy move
ment in these few stocks, the general
market continued very much neglected
and little changed in price. The total
sales for the day were considerably below
the average for the week and dealings
were almost wholly concentrat ted In the
few stocks which developed so buoyant
a tone In these the strength continued
with very slight reaction at the close,
the level of prices being lifted for them
from / to 81 above last nights level.
Pennsylvania, which is usually very little
dealt in on the stock exchange showed
marked activity and rose at one time ~.
Numerous blocks of 900 shares and up
wards of the stock were taken on the
rise.
The industrials were almost wholly ne
elected, and with one or two exceptions
Whatever activity was shown was at the
expense of values. Sugar recovered from
Its early weakness and closed about q
point higher. Leather pfd and Anaconda
and Tennessee Coal were also strong.
Inc local traction STOCKS were notably
weak, Brooklyn Transit being most Keen
ly effected
A feature of the early market was the
number of each sales OF gilt-edged pre-
ferred stocks. There was quite a long list
OF stocks selling ex-dividend, including
the Vanderbilts, Rock Island, and Atchi-
son preferred. The most prominent of
these more than recovered their dividend
on the days trading.
All opinions seem to agree that a very
heaVy decrease in cash will be shown by
tomorrow bank statement some esti-
mates running as high ms $10,0OOG01. This
includes over 100000 of the gold ship
ments, loss to the subtreasury on ac-
count of the governments small expendi-
lures this week, and a net loss for the
new YORK banks on the interior move
ment OF currency. Besides this, the spec
nlatfve activity Of the week foreshadows
an expansion in loans, and a sharp de-
ci1re In surplus reserve
Ihere was considerable activity in the
bond market, and prices as a rule are
higher Total sales par value. s2,37a .Ooo
Government bonds are unchanged
STOCKS.
The following were the fluctuations of
the traolng railway and industrial shares
furnished by G. H. F. Smith & Co. mem,
Ders or the New York stock exchange and
Ghlcago board of trade: