The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-25
STOCK MARKET WEAK
CAUSED RECESsIONs In GRAN
GER RAILROADS
DAYS SESSION WAS DULL
Two Opposing Factions Are in the
Market, One Arguing Prices Are
Too High, Aifother That
They Are Too Low.
Closing.

rei,. Closing
Wednesday. Mon.
Cali money New York -.s.....2Q3 2@13
NEW YORK, July 24-The dullness and
the feebler fluctuations in prices in to-
days stock market reflected the tagging
of speculative interest which is usual
after an active speculative movement has
expended itself and has been followed
by reaction By this morning the fact
had become quite obvious that Yesterday 8
violent recovery in the prices of stocks
had been principally based on the re-
lapse in the grain markets, rather than
on any actual news from the grain crops
The consequence of this revised view OF
yesterdays movement was some renewed
misgiVingS lest yesterdays reported ben
eft from rains had been oYerstated.
These mfsgiVings were accentuated by
published estimates from exhaustive in
quiry showing heavy damage already in
fiicted upon the corn crop. The sharp
opening decline, however, met consider
able effective support, and substantial
rallies followed. The weakness was again
renewed in the stock market when the
grain markets opened and shoWcS notable
strength, both for corn and wheat, the
resulting declines in stocks exceeding
those at the opening and extending from
the gIangerS into other portions of the
railroad list. The tendency of stocks to
rally from declines showed the growth
of a feeling among the spectators that
even conceding substantial damage to the
corn crop, the decline already effected
in prices in stocks has fairly discounted
this damage Another party argues that
prices of stocks are still unduly high
compared with previous years, notWith-
standing the wide declines that have oc-
Cured from the years high level. Thus,
there is room afforded for two contend
ing parties in the speculation and the
irregular fluctuations In prices which
constitute what is called a traders mar
ket. Money market considerations again
in the activity of speculation. 1t is real
lied that the heavy liquidation in stocks
of the last few weeks had in view prepa-
ration to meet the crop moving require
mentS, and not renewed speculation. The
transfer of funds from New York through
deposits at the subtreasury is the signal
that crop requit ementSs have begun. The
necessity must thus be recognized of ad-
jLsting speculative demands upon the
money market to this prior and more
urgent requirement. The lack Of definite
conviction regardingC tbe outlook was
evident from the confused and irregular
movement of prices. sAA attempt was
evident to lead an upward movement by
buying up Union Pacific and Wa
bash, and there was some show of firm
ness among the Southern railroads and
seaboard soft coal carriers But the mar
ket yielded at the last t9arenewed weak
ness, when the rooms Graders attempted
to take their profits and the lowest
prices for the grangeFs aud Pacifics were
made slightly before the CLOSE, which was
feVerish and irregularasII
At the lowest the declines were Mis-
souri, Pacific 3B ST Paul, 33s; Union
Pacific, SA; Atchison, 97s; Kansas &
Texas preferred, 2ai, while in the general
list declines of l to 2apoints were very
general
The railroad bonds market was very
dull and heavy. Total sales, par value,
81, S15, 600 United States new As declined
n per cent on the last call
STOCKS
Furnished by Charles II. E. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building, VINO
have direct wires to Chicago and New
York. Closing prices are bid:
-S Closing.