The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-08
SENTIMENT AT THE OPENING FA-
VORED LOW PRICES, BUT
THERE WAS A RALLY
STRENGTH CAME ON LATE
Higher Prices Originated In the
Southwestern Group of Railroads,
Texas & Pacific Being First to
Acknowledgements Were Bought
on Reports From the Northwest
Bonds Fairly Active.

NEW YORK, July 7.-Sentiment on the
stock exchange favored lower prices dur
ing the greater part of todayS session,
but the feeling changed in the late deal
lngs and prices were brought we'll above
yesterdays level before the close. The
late strength originated in the South
western group of railroads. Texas &
Pacific was the first of these to advance,
but the largest buying, as we'll as the
greatest gain in price was in st. Louis
Southwestern preferred which rose
points on the publication of the May
statement of net earnings, showing a
surplus over expenses of $50, 4S8, compared
with S,255 last year. Missouri Pacific,
Kansas & Texas preferred, Wabash pre-
ferred, Texas & Pacific and St. Louis
Southwestern preferred all rose between
l and points and aroused an active buy
ing movement in other portions of the
list. 1t was notable, however, that some
OF the stocks which have enjoyed the
largest share of attention recently fell
into comparative neglect when interest
began to be manifested in the South
westerns. The grangers, however, after
morning declines averaging a point were
bid up well above last nights close in
the late dealings.
The reports of good weather in the
Northwest and the weakness in the
wheat market and Bradstreet's decrease
OF 3,5O0,0O0 bu in European wheat stocks
were the motives for the buying of the
grangers. Part of this buying was said
to be to cover shorts put out yesterday
Atchison preferred led the late market in
point of activity and strength rising 21a
points above the early low point Man
haitian showed independent strength
before the market generally had turned
upward. The stock rose to within a
shade of 122, but reacted about a point
The r6 in t.
and New York Central at the opening
on published report of a plan to con-
sol1date did not hold the general market,
though these two individual stocks main
tanned the advance in price pretty we'll
Practically the maximum gain for them
was established in London before the
opening here Pennsylvania was held at
13S only momentarily and ruled not far
from 1877 all day.
The early part of the market was given
over to continuous liquidation The in
dustr1al specialties and local traction
stocks were notably weak The late
strength of the Southwesterns was
shared by c. & O., c., c., c. & ST. L.,
Tennessee Coal and Colorado Fuel. The
growing ease of the money market
helped on the late recovery in values
The fears of dearer money in London
gave way under the advance of the con-
tnental exchanges on London The call
rate dropped from to 2 per cent in Lon
don; actual rates for sterling exchange
fell AQ12c in New York; call money was
onered down to per cent in New York.
Railroad bonds were only moderately
active and showed mixed changes. Total
sales, par value, So, 1856, 900. United States
new As advanced 4 in the bid price.
STOCKS
Furnished by Charles H F. Smith &.
Co, members of the New York stock ex-
change, Pioneer Press building who have
special wires to Chicago and New York.
! Closing prices are bid