The Saint Paul globe., 1901-07-23
STOCKS GOING DOWN
PROBABILITY OF SegTHwEs
CROP FAILURE FRIGHTENs
THE SMALL HOLDERS
MARKET HAD mo- SUPPORT
Professional Bears We're Not Active
Factors, but Decline Was Steady,
Closing Figures sgefhg About
at the Lowest Point.

NEW YORK, July 22.-The unsettled
condition OF the speculative mind was
clearly manifest when Athe stock market
opened this morning with a fresh batcn
of unfavorable news regarding the corn
crop, and affecting also the chances or
the spring wheat crop. The grangers
and Pacifics and Southwesterns were all
acutely depressed and heavy blocks of
shares of each of those roads were
thrown upon the market. sales reaching
as high as 10, eco shares of Union Pacific
Conditions were very much like those OF
last Monday. and the contingent was in
clined to lay for some such effective sup
port to the market as was offered last
Monday by the powerful capitalists VINO
| have q paramount interest in keeping up
the prices of their properties. The sell
ing on the short side after the opening
dip was therefore conducted with signs
of timidity and caution. There was. In
! fact effective support offered at the
opening low level. But the incipient
rally was checked when the corn market
opened and the frightened condition of
affairs there was observed. The present
market was largely influenced by the
close pPomixity of brokers in stocks and
brokers' in grains, the stock exchange
! being in temporary quarters on a por-
| ton of the produce exchange floor, with
only half a wall dividing them. Thus
not only are the proceedings on one eX-
change to be seen from the floor of the
other but brokers are constantly pass
ing from one to the other and operating
on both This personal contact exagger-
ates the sentimental effect of the grain
market on the stock market. There
were occasional rallies on the down
grade, due to the covering of the board
room bears, who took quick profits. The
loaning rate for stocks does not indicate
q widely extended short interest beyond
the in and out transactions by the board
room traders. The beariSh operators
are in constant apprehension of some
maneuver or announcement by those in
terested in supporting the market which
would cause a sudden rally and cost the
shorts heavy losses. There was no eV
idence of any such maneuVer today the
market yielding easily TO Ievery attack.
But there was a general disposition on
the part of traders to close UP their
contracts over night and the demand
from this source caused substantial
rally in the late dealngssi running from l
to 3 points in the leaders. At the low
level the inroads upon Saturdays prices
were as follows for the leading stocks:
Rock Island 712; Missouri Pacific, rs;
Union Pacific, 65s; St.eaPaul, 63s st.
Louis Southwestern pfdr 6; Atehison, a..
St Louis & San Fra1fcisco I'd pfd, 31s;
Kansas & Texas pfd 8hd%Denver 81 Rio
Grande pfd, 31a each There We're many
other losses of l to points at other
points of the list. and Baltimore & Ohio
was down AZ, and NewSf0fk Central S1s;
narrowly all day. Fhe closing was
quiet and steady, with a4goed part of the
rally maintained.
Railroad bonds were dull and weak.
Total sales. par value, 81, 10000. United
States bonds were all unchanged on the
last call.
Furnished by Charles II. f. 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: