The Saint Paul globe., 1900-06-19
STOCKS HELD THEIR OWN
MARKET DIGEsTEDn LARGE VOL
UAIE of LIQUIDATION WITH
SLIGHT Loss
SHORT INTERESTS DEMAND
Prices of American Stocks Advanced
in LOndOn-Bear Truders Were
Active Throughout the Day
Steel Stocks Irregular.

d
NEW YORK, June 1S+The stock mar
ket digested a large volume of Iquida-
ton today, at what seems slight expense
of values, considering the appearance of
extreme weakness manifested by the
market at times. This result was due
to the fact that prices.W We're lifted in the
early dealings to level somewhat above
Saturdays close, and that there was a
substantial rally in the late dealings on
covering by the professional bears who
had taken advantage of the softness Of
the market to put extensive short lines.
But the inherent weakness of the mar
ket was none the less evident The buy
ing demand throughout the day came
largely from the short interest and from
inside interests, with the purpose of sup
porting prices in their own stocks Pre-
parations for this had been made on an
elaborate scale, in expectation of acute
depression on foreign exchanges as re-
suit or Saturdays developments in the
Chinese complications. but the weakness
in foreign markets was not as extreme
as had been feared, partly owing to the
fact that the first alarming rumors of
destruction of the foreign legations in
Pekin and the death of the German min
lister were somewhat discredited this
morning in speculative circles.
Prices of American stocks advanced in
London before the opening here, and
London bought stocks of some COM
panies here at the opening, while selling
others. This attitude of London gave
color to recent rumors. that some of the
principal bear operators Of the New York
exchange now abroad have been oper-
atng on the short side of the market.
They have taken today's opportunity to
cover, as their coT3ferees did from this
side. The character -of-the buying was
sufficiently manifest from the dullness
into which the market oi quickly sank
Notwithstanding the sharp losses of Sat
urday the only buying demand of any
considerable volume came into-the mar
ket when prices weUe below that level.
The bear traders were active during the
day seeking to uncover stop order losses,
and they had considerable success all
through the railroad list, in which the
extreme declines at one time averaged
from to III for the active stocks. Min
neapolis & st. Louis fell abruptly 8
points, with naltrallynof 212. Canada
Southern Chicago Great Western pre-
ferred a ditto debentures, Chicago Ter
minal preferred Hooking Valley preferred
and Denver &l Rio ~Grane1e preferred lost
from to 212, Northwestern preferred 3&
and Lackawanna AZ. The final rally les
sened all these losses and entirely wiped
out some of the smaller ones.
The steel stocks were decidedly irreg-
ular, National Steel declining 224 and
Pressed Steel Car, American Hoop, Ten
nessee Coal and Republic Steel preferred
about 2 points each. On the other hand.
Federal Steel, Steel and Wire and Color
ado Fuel were rather firm.
The final tone, of the market was
steady and the net changes were small.
The announcement ofz$2, 100000 gold ex-
ports to Germany was not without it's ef-
feet on the Weal1nessa the market. the
more so as considerable -further engage
ments are looked fdf"lster IN the week by
the French steamer The subtreasury
has contributed nearly $2,00O,0OO to the
banks since Friday, and New York ex-
change at Chicago rose further, to 30
cents premium. But the government S
call for deposits to the amount of $5000,-
900 must be met by the banks by next
week, and the period for the return flow
of currency to the interior to move the
crops is approaching.
The results in the money market are
subjects of increasing surmise. Meantime
part of last weeks loan increase is now
attributed to operations by conservative
houses here who are ,aVailing themselves
of the low rates for time loans to secure
themselves against any future contingent
cy.
The bond market was dull by compari-
son with stocks, and9 losses were not so
pronounced. Totalfsales par value, ST.
O0,OC0 United States, old Is, and the 5s
declined 1s in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H. E. Smith &
Co., members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid:
5 Closing