The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-14
dull and UN|NIERESTNG
THAT Is ALL THAT COULD BE SAID
OF STOCK MARKET AT
CLOSE
BUSINESS OF DAY WAS SLOW
Pressure of Profit Taking Had De-
pressing Effect Upon Prices
Sharp Break I'm Wheat Was
Also Felt.

NEW YORK, July 13.-Today's stock
| market was but a dull and undressing
| affair, and marked the further relapse
/ from the manipulated rise Of the earlier
| part of the week which came into evil
| dence yesterday. Selling to take profits
| was the order of the day, and the bears
! put out some fresh short lines. That
| neither of these operations was on very
| extensive scale is sufficiently shown by
! the small figure of the total sales of the
| day, and the greater part of even these
| small dealings took place in the fore
noon, when the bull interests were still
| making futile efforts to continue the adj
vance. The efforts were not put forth in
| the opening transactions, and the Sympa-
| thetic depression from foreign markets
was allowed its full effect The weak
ness there was due to renewed fears re-
| garding the Chinese situation, and to
the mishap to the British forces in South
Africa. The effect here was purely SYM
pathetic, and when it was seen how
small the selling for London account was
the bulls braced their energies and at
tempted to resume control of the mar
ket. The pressure of profit taking. which
met the advance when last nights level
OF prices was approached, discouraged
the attempt, and the market was allowed
to lapse into an almost lifeless state
The sharp break in the wheat mar
ket. which might be fairly construed as
indicating more hopeful feeling re-
gardlng the crop. was powerless to sus-
tain the stock market. Small as the Of
ferlngs were, they were sufficient to
level The grangers, Southwestern and
some Of the Southern railroad stocks
We're most notably affected, but there
were examples of weakness all through
the list, both Of railroads and speciaIties
The steel stocks became notably weak
late in the day on a growing apprehen-
sion that the reaction in the7 market will
hurt the consumptive demand for iron
and steel whatever the ultimate basis Of
price may be. Il
A further advance In the sterling ex-
change rate, the hardening of the London
discount rate and the continued drain on
the gold reserve on the Bank of England
led to the opinion among international
eXcnange houses that further shipments
OF gold from New York to Paris are like
~ to be made next week. At the same
time, today's reduction in the discount
rate of the Imperial Bank of Germany.
ana a further relaxation in the private
discount rate in Berlin, makes it probable
mat Berlin has been further, reducing its
loan obligations to New York. A liquida-
tlon OF foreign borrowing, accompanied
by an export movement in gold would
present an astonishing State of affairs
Estimates of tomorroWs bank statement
are rather tentative, in view of the dis
crepancy last week betweens the prelin-
mary indications and the actual results.
can loans fell to per cent this after
noon, and the probability is in favor of
an increase in surplus reserve
The bond market continued dull. and
the changes were mixed. Total sales
par value, S1,5350OO United States bonds
were unchanged in bid price
STOCK QUOTATIONS.
Co., members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York
Closing prices are bid: