The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-13
II JUST HIERED OUT
THAT WAS WHAT HAPPENED TO
THE STOCK MARKET DURING
THURSDAYS SESSION
WEDNESDAYS SHARP RISE LOST
Efforts OF the Bulls Were Shifted
to B. & o., and With Partial
Success, but Nothing
Like Genera1.)

Bar silver, New York. ..........61 5s 615k
Call money, New York. ............ III liz
NEW YORK, July 12-The phrase pet
cred OUT best expresses what happened
to the upward movement of prices to-
day. The action of the stock market was
entirely aside from any news of the day.
as was the case with yesterdays sharp
rise. In fact, the news of the day was
for the most part favorable to higher
prices.
The reaction must, therefore. be at
tributed to purely technical causes It
seems to demonstrate that yesterday s
jump in prices, which was primarily d.
rected against the short interest, has re-
suited in eliminating the weak portion
of the uncovered shorts. Yesterday
considerable rise invited heavy profit
fallen considerably, pressure from that
source relaxed, and an effort was then
made to renew the bull demonstration Of
yesterday. When Union Pacific got up
to sell at that level were larger than
the present bull managers were prepared
to absorb. That stock then fell back, and
Its heaviness was practically unrelieved
for the remainder of the day.
The efforts Of the bulls were then shift
ed to Baltimore & Ohio, which, as Con-
sequence, was rushed up 29s from the
low point This maneuver proved un-
awaiting to hold the market. and the lat
ter part of the day showed almost I'M
relieved stagnation. The offerings were
IL mere QTlDDl6, Dut even mat could not
be absorbed by the feeble AN ing demand
and about all of the earlier gains were
wiped out, the level of prices generally
falling below last night.
The market ignored completely the crop
prospects. as reflected in the grain mar
ket. The active liquidation in wheat, in
duced by sanguine estimates of some Of
the trade journals, failed entirely to sus-
roads. st. Paul dropped. the best part
of another point from its price, and frac-
t1onal losses were the rule throughout
the railroad list. The bituminous coal
and the corn carrying roadsrlgave some
early evidence of strength, but their gains
were lost In the late reaction.
The steel stocks were dull and moved
uncertainty. The market was entirely
without any point of strength on which
to fix a resistance to decline. The clos
ing was dull and heavy at about the low
est. The foreign stock markets were
reported heavy on a recurrence Of fears
of a tragedy in the Chinese capital, but
London bought about 10000 shares Of
stocks here on balance. Notwithstanding
this buying and decline In London dis
count rates, sterling exchange here rose
a fraction. The weekly statement of the
Bank of England occasions renewed
question whether the export movement
of gold will not soon be renewed. That
institution's loss Of gold for the week
exceeds S., 000, 000 which HAS largely gone
to France and a reaction in sterling ex-
change at Paris today to the recent low
level SHOWS Tie demand Cner0 LOT ROlQ
still Unsuitable. The Bank of France
weekly statement shows a gain in gold
of less than a million dollars so that 1t
has found use for its recent large re-
ceiptS in that metal. Meantime large
supplies Of gold are on the way to New
York from the Klondike receiving points
In the West and from Australia while
the subtreasury has contributed some
thing to New York reserves by payment
Of premiums on refunded bonds
The money market in New York Is
practically lifeless. 80 that any extra
inducement would probably draw gold
from the New York banks.
The bond market continued Edull and
Irregular Total sales, par value, 81, l5O :
900. U. 8. ref. Is W. L9and new 4s adj
vanced ", and the 5s 70 in the bid price
STOCK QUOTATIONS..
Furnished by Charles H F. Smith q
Co., members OF the New York Stock e1-
change, Pioneer Press building, who have
direct wires to Chicago and New York
Closing prices ara bid: