The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-30
FOREIGN ACQUIREMENT OF GOLD
HAVING A DEPRESSING Eff
Feet ON STOCKS
BEARS WERE IN CONTROL
Situation Served to
Hold Dealings I'm Check, and
Trading Was Rather sIow-Profit-
Taking Was Conspicuous In New
York Central and Manhattan
Bond Market Generally Strong.

NEW YORK, June 29.-The stock mar
kets showed the effect of continued profit
taking today. 1t was considered fore
gone conclusion that this should prove
to be the case, and most of the traders
came to the board room this morning with
bearish sentiments.
The approach of a triple holiday, coup
led with the weeks sharp advance in
prices, WAS considered sufficient reason
for a reaction. The lively bidding after
the opening for London account seemed
for a time to refute the position Of the
bears, but later in the day, when this de-
mand had been satisfied, an announce
n:ent was made of a 100000 gold ship
meat to go out on Saturday, in spite of
bears gained renewed confidence and
the low price for sterling exchange, the
market sagged away without much in
terruption until the last.
There is a contradiction difficult of eX-
planning in the facts that the London
money market is responsible for the drain
of gold from New York, with it's deleteri-
Gus effects on the stock market in New
York, while the buying Of stocks for for
eign account, in spite of the gold with
Oh laval was about the only strength In
New York this morning. The weekly
statement of the Bank of England shows
that the bank has succeeded in incl easing
it's stock of gold only about $Se0,0C0 during
the week, while the demands upon 1t in
cidental to the stock market settlement
have resulted in an expansion in its loan
Of over $26, 100000 The proportion of re-
serve to liability is thus reduced from
42.44 to S759 per cent, a very striking
change IN view of the widely expressed
uneasiness in London over the present
low stage of the banks gold reserve. The
fall in British consols of 5-16 was due to
cash sales probably connected with the
state of the banks reserve. That the re-
turn old not have greater effect on the
London stock market was probably due to
the Ieassuring opinion of the British cnan-
cellor of the excheouer, expressed last
night on the subject of the reserve of the
Bank of England.
The local stock market, owing to the
sustaining effect of the buying for Lon
don account, Jared pretty we'll, in spite
Of the undoubtedly heavy profit taking
incident to the approaching holiday, the
depressing effect of the gold announce
ment, the furry in call money and ag-
gravated apprehension that the disburse-
ments of July interests may not be re-
flected in the money market for cons1d-
cradle period after July l.
The profit taking was conspicuous In
New York Central and Manhattan. The
former shows a net loss of a point and
the latter nearly two points. ConSolldat-
ed Gas rose at one time five points on ru-
mors of a new settlement of the local
gas war, but reacted again. The indus
trials and specialties generally were
heavy, including Sugar, Tobacco stocks
and the city traction stocks. Louisville
e. Nashville, Norfolk q western prefer
red. Rock Island, Atchison preferred and
Denver & Rio Grande preferred were
among the stocks which showed the best
support. 9-a .see
The bond market was generally strong,
Erie and Colorado Southern issues being
prominent. Total sales; par value, 81, 65o,-
GEO. United States Is and 3s advanced a
and the 5s Is in the bid price.
x STOCKS.
The following were the fluctuations OF
the trading railway and industrial shares,
furnished by. G. H. F. Smith & Co, mem
-bers eff the New York stock exchange and
Chicago board of trade: