The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-18
STOCK PRICES RECOVER
LEVEL is LIFTED I'M FINAL HOUR
ABOVE THURSDAYS CLOSE
Sudden Breaks In Special Securities Cause
Hesitation Now and Then, but the Gen.
eraI Trend Toward Higher Values Is
Persistent.

NEW YORK, Juy 1.-THE recovery in
prices of securities, which was interrupt
ed yesterday by the late slump in Anal
gamated Copper. was resumed today. 1t
showed some hesitation at various times,
owing to the unsettling effect of sudden
breaks in special stocks. But it gathered
hour the level of the whole market was
lifted between and points over last
night.
New York Central and st. Paul lead
the advance. but gains of two points or
over were secured by Pennsylvania Read
ing, Erie first preferred. Illinois Central.
Kansas & Texas preferred. Union Pacific,
AtchiSon. Amalgamated and Smelling.
Among the inactive stocks there were
some large gains were presented, being re-
coVerieS from recently dull lines. The
advance in the market was first marked
by a renewed attack on Amalgamated
Copper, which carried it back to yester,
days low record level. But the stock
showed determined resistance and became
strong. notwithstanding a report of an adj
ditiona1 cut in the price of the. metal.
in Sugar to Ia below last night, which
followed the announcement. of rise in
the price of refined sugar and was with
out other explanation.
Others Go Stamping.
Colorado Fuel then made violent
slump of points to the low prices for the
year and this was followed by a break in
Toledo, st. Louis & Western securities.
which cost the common stock 512 points,
the preferred IN and p. c. bonds ~.
Rock Island was the last stock to show
notable weakness and its decline of rs
ended the resistance to the advance in
the general market The market was not
notably affected by any of these breaks
and this caused an impression that. COW
ering movement on large scale We're
going on under cover of the depression
in spots.This gave color to the SUPPOSE
ton that the occasional breaks We're due
to raiding tactics although there were
indications of the closing out of some &C
counts by forced liquidation.
The general feeling over the money out
look was brighter and rumors We're cir
culated without assigned authority that
many proposed loans by railroad corpor-
lions had been postponed. Estimates or
the weeks currency movements pointed
to net gain by the banks of over 49,
600, 900. The rise in interest rates here
seems to have induced a large inflow. of
currency from interior points and the sub
treasury made heavy disbursements yes
terday and today for special accounts, THUS
largely reducing the weeks early loss, by
the banks to that institution. The Offer
ings of foreign funds in this market'haSe
also relieved the situation. .
Sterling Exchange Receivers. ny
Sterling exchange however. made some
recovery today from yesterdays senSa-
tional break. - Discounts hardened I'M
London and Berlin and sterling weaken
securities in this market on balance, the
upward turn of prices, which was more
rapid here than in London, offering adj
vantages for selling on arbitrage stocks
which were purchased at the lower level
in London. The large increase in wheat
exports for the, week, which rose. 1.272,S74
bushels over those of last week, was
satisfactory development in the exchange
situation. The principal interest in TO-
morrow's bank statement will turn on the
item of loans. 1t is supposed that the
Pennsylvania company has commenced the
repayment of its maturing notes. 1t is
question on the other hand how far the
large borrowings by railroad corporations
will be reflected in the statement, as a
considerable portion of these loans has
gone abroad. Today's movement in
stocks, however reflects the feeling Of
confidence that the banking situation is
materially improved. The market closed
active and steady at about the top level
Bonds were inclined to rally in synpa-
thy with stocks. but there were some
weak spots which made the tone irregu-
lar. Total sales, par value, $2,395.0o0:
United States bonds were all unchanged
on the last call.
Closing List.