The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-06
Stocks RULED Du)YANT
MARKET MADE A STRIKING DEM.
ONsTRATIOK OF RECUPERA-
TIVE POWER
EARLY LOSSES WIPED OUT
Chinese Crisis Cut an Important
Figure in the business of the Day
1t Was Utilized for All 1t
Was Worth at Home.

Gail money. New York..................
NEW YORK. July 5.-The New York
stock market made a very striking dem
onstration of recuperative power today
by the way in which 1t oVercame the
early losses. There were wide breaches
in prices as the result of the two days
Of Observation-Disclosures on foreign stock
markets when the New York stock eX-
change began trading this morning.
American securities dealt in In London
were depressed all the way from large
fraction to i12 below the closing prices
on Tuesday. British consuls had lost
all but Lie of q full point, and per cent
rentes had fallen % centimes from Tues
days price. Such was the striking eff
feet of the alarm felt in European quar-
ters over the pass to which affairs In
China have come.
To the alarm on account Of the Chinese
crisis must be added renewed uneasi-
ness over the financial conditions at Ber-
lin, where there was a condition border
ing on panic both yesterday and today.
AS the Berlin discount rates have de-
ciined on both occasions it Is evident
that the forced selling there must be
due to the same sort of discrimination
against the numerous brood of industrials
as collateral which so acutely affected
our own industrial stocks last December.
There was no apparent effort 10 contest
the depression during the early hours
of the session, that is to say while Lon
don was still selling in this market. The
foreign arbitrage houses disposed of up
wards of 10000 shares here before they
ceased operations with the cessation of
cabled orders from London. Large
amounts of the selling from London ac-
count had their initiative in Berlin. The
home market began to rally with in
creasing vigor after this selling had
ceased.
The depressing influence Of the Chinese
situation was converted for home, into
factor Of positive strength, and for
the first time since the scare over the
crops became an issue, the prices for
wheat and for stocks advanced simultan-
eously. The argument was made even Of
extensive military operations in China,
much material would have to be supplied
from our Pacific coast. This served to
raise the grangers we'll over Tuesdays
level of prices.
The rally in prices was conspicuously
aided by manipulation on the part of
prominent bear leaders. There was much
political prediction accompanying the
professional operations. A rise of So
points in New Jersey Central furthered
their efforts. The movement was accom-
panied by continued talk of the change
OF OF control in the interest of Baltimore &
OHIO. The latter stock, Pennsylvania
Missouri Pacific and Reading 1st pre-
ferred We're actively bid up by the bull
operators. The same element was not
lhIuential in lifting Sugar over 8 points.
Inc local fractions stocks and num-
Der OF the leading industrials a.so showed
occasional strength. The metal stocks
were all notably strong, and advanced
from l to points after the opening de-
cllnes on the growing conviction that
prices of iron are approaching a basis
where consumptive commands Will come
into the market. There were some recess
sions on profit taking. and one or two
hnai shares advanced, but the close gen
efa.iy was about steady near the high
level.
The money market continued quiet and
there was no evidence of largely in
creased supplies from the July payments.
The bond market was fairly active but
The movement of prices was irregular.
Total sales, par value, 81 1850 OGO United
States new Is declined 4, and the old
is 1ad in old bid price
3 STOCK QUOTATIONS. . 'ai :
Furnished by Charles II. F. Smith G.
Co. members of the New York Stock en-
change, Pioneer Press building. who have
ddlrect wires to Chicago and New York
Closing prices are bid: