The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-23
STOCK MARKET ASSUMES A DE-
CIDEDLY STRONGER TONE
THROUGHOUT
APPARENT WEAKNESS BRIEF
Bears Secured Control at the Out
set, and Accomplished a Down
ward Range In Prices Which
Gave the Appearance of Extreme
Weakness at One Period of the
Session.

NEW YORK, June 22.-The bears Sc
cured the upper hand in the trading to-
day and accomplished downward range
of prices which gave the appearance of
extreme weakness to the market at one
time during the day. But what with the
initial rise in prices and the rally on
covering, after all the drop net changes
are small in the majority Of cases, and
there is fair sprinkling of gains all
through the list.
The market opened with an upward
movement, and with more of a show of
animation in. the buying than has been
the case for some time past. The for
efgn stock market reflected a much more
cheerful frame of mind over the political
outlook in France, and there was ces-
sation of the selling pressure from that
source, which has been a feature on sew
eral days of the week. The railroad
stocks, especially the grangers, moved
upwards smartly, and very conspicuous
gains were shown by number of the
Vanderbilt stocks, New York Central
Northwestern, and ST. Paul & Omaha
rising from 112 to points. Pittsburg,
Cincinnati, Chicago & st. Louis also re-
covered points after yesterdays drop
There was good buying of some of the
leading specialties, Tobacco stocks rally
ing briskly from yesterdays extreme
weakness, and Sugar and Brooklyn tran
sit being well taken.
With the exception OF the drop in
American Spirits and Standard DISTRIBUTE
ing on the announced combination in
that trade there was apparently no weak
spot in the market, and 1t looked as
though the bears had exhausted their
resources and abandoned their campaign.
But very marked weakness soon deyel-
oped in Federal Steel, and quickly involv-
ed other lower stocks, notably BROOKLYN
Transit Ga oil CIR
gar, Metropolitan Street Railway, Ten
nessee Coal, Rubber, Consolidated Gas
and Metropolitan points or over. The
Vanderbilts and many of the railroads
held pretty firm, but the grangers yield
ed point or over, though their declines
on the day are only a fraction. There
was considerable activity on the decline
and more appearance of liquidation by
tired holders than had been apparent be-
fore this week.
The late selling movement was based
on approximations expressed by the bears
by heavy exports of gold on Saturday
some of the estimates put out for effect
ranging as high as 100000, though the
only announcement was of an engage
ment of $2,COO,000. AS a matter of fact
the rate for sterling exchange eased off
14c for sight bills, the rate for money
in London showed an easier tendency
and the relaxation of the strained po-
litical situation in France relieved appre-
hensior of a drain upon this country s
gold reserve The Bank of England has
increased it's gold reserve over $1,000, 600
during the week, and contracted its loans
over $2,600,000, while the Bank of France
has added to it's gold stock over So, 500, 000
and has contracted its loans Sc, 10000 in
the same time. Both Institutions have
thus strengthened themselves materially
and thus reduced the pressure on New
York for gold.
The market closed firm at the rally
caused by covering of shorts.
There. were one or two yielding spots
in the bond market, but prices were gen
orally firm on moderate volume of
business. Total sales, par value, $685.
600. United States new As and the old As
coupons declined u, and the Is registered
y 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: