The Saint Paul globe., 1900-06-29

Call money, New York;. 112 l12
NEW YORK. June 2S.-The stock mar
ket showed symptoms during the early
hours of the trading today of having
fallen back into the condition of lethar2y
and sagging prices which marked the
standing short account showed itself very
sensitive to developments in the wheat
market. With the continued fall in price
of that cereal and reports OF enormous
quantities of wheat thrown upon the mar
ket to liquidate, the courage of the bears
oozed out at the tips Of their fingers
and they scrambled to cover their short
contracts in the late dealings with con-
siderable precipitancy. The result was d
strong close, at the top level, with the
rally still in force and at rally OF prices
from l to points over last night for
many active stocks.
The bears were in full retreat all
through the list, even b. q q. turning
from its persistent downward course with
a rally of points from the early decline.
Sugar, Brooklyn Transit, Peoples Gas
and American Tobacco all made notable
upward movements, the latter apparently
on belated appreciation of yesterday S
dividend declaration
While the break in the wheat market
was unquestionably the dominant influ-
ence, there were other points of strength
which radiated favorable influence. The
Coalers advanced on the rise in price of
anthracite The Southwestern stocks
moved upwards in company on the more
favorable prospects of the Texas cotton
crops compared with that in other cot
crops, and of hopes Of the corn crop.
Estimates by a Western trade journal
that the winter wheat crop and the wheat
reserves would make up the deficiency
in the shortage in the spring wheat crop
had much to do with the days move
ment in wheat and railroad stocks 1t
was made evident that prices of stocks
have not only kept pace with the damage
to wheat, but have been discounting con-
unued deterioration. The rain in the
Northwest caused a sharp, check to the
speculation on this basis.
The iron and steel stocks showed de-
cided strength and a marked disregard
for the pessimistic views expressed of
the trade outlook by the Iron Age The
movement Of prices in the steel group
gave pretty clear intimation that in
creasing demand is being met on the de-
cline in prices. Opinions are heard that
any Turteer reactions in prices will in
sure violent rebound when the consum-
er needs begin to be felt, and orders
are being placed and when the turn oi
prices has evidently been made. Ger
ta!nly the course of the steel stocks
today was in singular disregard of the
current news of falling prices and prob
able difficulties over the adjustment OF
wage scales for the coming year.
The money market continued quite un-
ruff1ed. The decline in the exchange mar
ket and the marking up by Ad of the
Bank cf IIngland's price for gold and
for American eagles. The decline in ex-
change is said to have been caused by
the coming upon the market of long sterI-
ing bills AS they had figured meantime
as collateral for loans, their liquidation
now involves the paying off of loans
and may thus help to account for the
current ease of the money market.
The bond market was not active. but
prices We're firm. Total sales, par value
$l,O0O,VO United States bonds were un.
changed in bid price.