The Saint Paul globe., 1900-06-21

Call money, New York .1zQ1$f 112G2
NEW YORK. June 2O.-The stock mar
ket made some headWay during the
early part Of the session against depres-
sion, and an average level Of prices ma
terially above last-night was establish
ed. Room traders were inclined to take
the long side for turn under the i'm
preston that the market had been over
sold and a rally was due. But before
the end Of the session large offerings of
stocks were thrown on the market, en-
bracing all the principal groups of securi-
ties dealt in. Earlier gains were more
than wiped out the decline from the best
active railroad stocks running from l to
112. The net losses We're mostly frac-
tiOnal, but some of the spcciaIties show
wide declines and the same is true of
some of the dormant stocks which have
not been dealt in during the late period
of weakness.
The chief ground Of the early strength
in the market was the range of prices
from abroad and the disposition of Lon
don to buy stocks here. 1t was evident
that more cheerful view was taken in
foreign quarters of the Chinese situation
and British consolS hardened a Shade in
spite Of the stiffening of the London mon
ey market The chief influence in turn
ing the tide of sentiment towards the
bear side was the acute weakness deveI-
oped iq Sugar and Brooklyn Rapid Trans
il and in other speciaties by sympathy.
The bears attacked the Brooklyn stock
with great confidence and encountered
little opposition in offering the price down
on account of yesterdays judicial opinion
against the legality Of ten-cent fares.
After selling al 64l2 in the morning the
stock was forced down to 6O1a in the Ia e
dealings. The drop in Sugar extended TO
over 4 points. and was without special
explanation. All of the gas stocks were
acutely depressed, the declines extending
from IA in Peoples Gas to 5A in Brook
Ign Union Gas. Other notable declines
were Cotton Oil preferred 5, Chicago
Great Western preferred y on dsap-
pontment over the failure to declare a
dividend; the tobacco stocks, General
Electric and New York Air Brake from
IL to 4. These violent declines had a
sympathetic effect on the whole list
Weakness in the railroads was aggra-
waited by the renewal of crop damage
reports, and not only the grain-carrying
roads. but the cotton roads also We're
affected by this cause. Some of the SELL
ing was said to be of socks held by
bankers for collateral which had been
held for some time past to give oppor-
tunitY to the customers Of the firms CON
cerned to take up the stocks.
The money market hardened apprecia-
bly,, and the possibility of quick inroads
on the small surplus reserves of the
banks receive increasing attention To-
day engagement of 81 900 GEO of gold for
shipment to France was about as ex
pected, and sterling exchange eased off
under the pressure of bills against the
sh, ,pment. Discount rates hardened bo h
in London and Berlin and sterling fell a
fractop In Paris so that it Is considered
probable that the demand for gold is not
yet satisfied, and gold is expected to go
out on Saturday
The bond maj ket was <ulI and prices
lower. Total sales par value, 81 250, ,O00
United States new Is declined 4 in the
bid price.