The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-04
STOCKS ARE WEAKER
OPENING ADVANCE ON THE STREET
MELTED AWAY BEFORE THE
EARLY CLOSE
FINAL PRICES THE LOWEST
Business of the Short Saturday Ses-
sion Was Light and Almost En-
tireIy of the Profess
siOnaI Sort.

Closing
Sat Fri
Bar silver, New York. .5Sas 5SA
Call money, New York. -. nominal 70
NEW YORK, Aug 3-Prices opened
higher this morning, under the opera
lions of the small attendance of profess
sional traders on the board, who were
apparently influenced by the belief that
the renewed conference on the steel strike
gave promise of a resumption of WORK
Both the United States Steel stocks rose
a point over last night, and St. Paul rose
a point and a fraction. Prices drlfted
aimlessly for the greater part OF the
session. There was an advance of 312 IN
Consolidated Gas, for some unexplained
reason, and gains of a point or more IN
United States Leather preferred. Ameri-
can Cotton Oil, Peoples Gas, Pacific Mail
st. Lawrence and such inconspicuous
stocks. Selling orders appeared when the
bank statement was published, whether
for the purpose of taking profits by room
traders or from an unfavorable interpre-
tation Of that document would be hard
to say. The rather large increase in
the loan item was onot a Strengthening
factor, but the increase in cash offset
its effect on the surplus reserve item
The selling at the last, though small
seemed rather urgent, and carried prices
rather prec1pitately- to the lowest level
of the day. The closing itself was weak
and near the lowest The railroad bond
market was as far from rejecting and de-
mand for securities as that for stocks,
and was dull and heavy throughout.
REVIEW OF THE WEEK.
The week in stocks has been dull one.
In contrast with the two previous weeks.
when the Monday morning dip made the
low prices for the week. the Monday
morning bulge this week generally was
the highest. The market has been an ex-
ceedingly narrow one, both in point of
the amount Of business done the num-
Der of different issues dealt in and the
extent of the fluctuations.
The news on Monday morning gave
promise of rebound in prices, in that
relief was afforded from the two principal
depressing factors of the previous pc
liod the drought and the threatened
steel strike. The weeks news from the
corn belt gave the first indubitable as
surance that whatever is left of the croD
to be benefited was sure of the REQUESTS
moisture. notwithstanding the various
phases of the steel strike negotiations,
w w an street has chung to a conviction
that the ultimate outcome would be n
assumption of work and a continuance
o. the Wlde-reaching prosperity or the in
dustry: Yet. still the security markets
nave matted, and the larger financial
interests" and the general public have
maintained a profound indifference to the
market The dominant influence upon
speculative sentiment exercised by the
steel strike calls renewed attention to
s es proclglous proportions of the United
ota!es steel corporation and the other
projects In the railroad world which went
hand In hand with 1t, and from closely
loentcal origins. These projects repre-
senteo a process OF capitalization of the
enormous prosperity which the country
mas enjoyed Tor number of years, with
q promise of continued enjoyment to helm
on rotation of new securities. 1t is easy
10 perceive now in the retrosneot tha
holiness of grasp with which fsrNseeing
Capitalists seized the advantage of vast
accommodations of banking reserves 70 nrGt
til themselves with the resources in
the shape of syndicate loans for the oar
rying out of perhaps Iong-cherishad NO
gects: On the industrial side these CEN
tered about the United States Sfeef cor
I"oratlon, and on the railroad side about
Une extension Of the so-caIled aorISro1Init1r
OF interests 1t was after the steel cor,
Dllatlon had been fairly launched fba
pennsylvania railroad had consolidafad
iil It's influence the ScutherIy trunk
lines, the Pennsylvania Coal CONNIE, "a
had passed to the control of fhe Eric tiis
!NSeW Jersey Central to the Reading and
the Southern Pacific has been absorhnd
~ Ky me ne, Union Pacific, and the specula
ity @ n Was ready to accept with avid
ny any suggestion, however extreme
6 oL consolidation Of capital, that tho
-Nortiern Pacific quarrel brought bonoo
Tue ilIt tact that antagonisn and conflict Of,
capital 'i7 "oIlu or
Eve Even this quarrel was turned to ar
eJas,, Ultimately. by speculative enthT-
still a fur rs a means by its settlement Of
fTbnS .put other obstacles INTERVIEWED
Inc. ne damage to the crops by the droneht
" as MADE to do effective service bv fbe
t HHReSfLio dr;, party in the speculation
the shock of the trouble in t tba lame stna9
L1aqe. The dependency of capital IInon q
suaIe OF general confidence for s1cces1 t, a
Shown show VaS Tbep projects effect thus began to be
securities he he s Jidort TO support prices of
80, LIES py sheer force of money proved
ILL n;nagalIlng. When the first of .TuIv an
Iiveu ana the period of the wear on
Ri n9 tbe dor active use of money in NOV
Iighten so orops, became necessary to
vs. 'e GU some or the loads that capital
y vas carrying and liquidation set in r. &c 10
demonstrated now that foreign ronaI,
e si1@t Agls, as Wen as New York were re.
neriod ~ oe LOT syndicate borrowings at the
$500 roo q new combinations and the re-
payment or obligations created then on
SIdtes now to check the usual neriodice1
re AL " money to New York in payment
tilrei re9sotlanIe outgo of our agricul-
s go a. pt.ouucts: A continuance Of the
S4 pecu!atlve activity in the securities NAV
H s was relied upon to afford a roari-a+
~ +oi eite new securities which were issued
low 80 &c the syndlcateS for the ont
w w nt tdA IN the combination protects
Itot! the checking of the successful mar.
~ VI tnose securities, the sums fled
~ ~ ~ Underwriting and 1otation syndi~
Cd rr1,s SSliii 70 a large extent unreleas
revenue l,5a,sl law would reduce the govern
l nI' IL, surplus and the consequent drain
AZ LIie money market has thus far beer
1,I The government has taken
VIII wi "a t Snaa aes surplus for July, compared
OF last year. Bankers do not feel safe H ~
iati Ne io 1Tn dreely to be used for specu
pending the demand from the interior H fo,.
action fR n9 OF fba The Sluggish and Irregular
affords an indication that syndica f w ee6
lager Eager interests are not inclined to
and ud'e 81 t di obstacles for the present
lie fallow 80 'eoohA market
d, Inc ea railroad bond market has been as
o aIli5 ana narrow as stocks, but has shows
eyTl 4nif Of small investment demand, u
Nor Tn coat STATES new As have declined 4
per cent on call during the week. .
STOKE
~ furnished by Charles II. F. Smith 4
~ EScb, members Of the New York Stock
th1cnange, Pioneer Pressti building. VINO
V Vovs d rect wires to Chicago and New
YORK: Closing prices are bid: -