The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-12

NEW YORK, July 1.-THE stock mar
ket strikingly demonstrated its inherent
strength again today with practical re-
coYery of yesterdays loss Closing prices
today were only slightly below those of
Saturday and in some exceptional cases
sharply above. The only conditions in
which any change has taken place are
purely technical. These were the elimina-
ton of weakly margined long account
and the creation of a short account
and the creation of a short interest Lon
don began to sell stocks in New York
tt the opening today, as it did yesterday,
but instead of coming up on a large ac-
count of nearly exhausted margins, as
was the case yesterday, the opening de-
cline invited buying to cover the short
account put out yesterday. The buying
from this source furnished the principal
support to the market in the early deal
1ngs. 1t was especially marked in Sugar,
/ the New York traction and gas stock
which suffered most severely from the
decline yesterday. These covered, the
market came to standstill, the bulls ap-
! parently lacking courage to push their ad-
vantage, in face of the continued stiffness
of the money market, which held quite
firmly about The legal rate for call money
Slgthly before noon, however, a deter
| mined buying movement developed in the
great trunk lines, and with occasional
intervals of dullness continued for the
rest OF the day. then spreading from
one group to another until 1t embraced
pretty much the whole list. The agree
ment among the trunk lines to restore
rates on grain to the seaboard was appar-
emily the cause of the origin of buying
In that group, st. PauiS increase in gross
earnings for the first week of July of $685.
S22 prompted the buying of the Grangers
The high rate for call money was ig-
nored and very large amounts loaned on
the stock exchange at per cent The
| rate eased off to per cent at one time
but rose again to per cent, the demand
apparently continuing large for the In
creased supply available Interior ex-
| changes continued to run against New
York, but yesterdays contraction of loans
| had apparently left the New York banks
in an easier position. Demand sterling in
| New York only held firm under the stress
OF the high money rate in London, but
sterling exchange in Paris and Berlin al
vanced sharply and discounts were easier
! at those Centers. Long sterling in New
YORK weakened an additional fraction I'M
Ger the sales OF futures, based on the eX-
! pected outward movement of merchan-
disc to begin in a short time
Among the special points Of strength in
! the late stock market We're Texas & Pa
| cific, and later the whole Southwestern
| group. Wall street had the rumor of a
contemplated merger of Wabash and Mis-
souri, Pacific to account for the strength
of those stocks. Northern Pacific also
scored a brilliant advance, recovering
more than its dividend, which was taken
! off today: There was a simultaneous ad-
| vance in Tennessee Coal, Colorado Fuel
and American Steel and Wire, which rose
| from to 22z, and also in c. & O., Cleve-
land, Cincinnati, Chicago & st. Louis, and
Lake Erie & Western preferred. After
fractional reaction on professional profit
taking, prices were marked up again to
| near the best in the closing dealings.
Bonds rallied somewhat from the early
weakness in sympathy with stocks, but
are slightly lower on the day. Total sales,
par value, $20S0,OOO. United States new
As, registered, declined "A and the old As
registered, Is in the bid price.
STOCKS ~