The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-17

NEW YORK, Aug 1.-THE setback
in prices which occurred today while IN
f1uenced in a measure by the less fayora-
BILE. aspect to the strike situation, was
primarily due to prodt-taking sales on
the weeks rise Improvements have
been made in prices from day to day,
and the resultant sharp gains showed
some striking profits on the long account
up to last night. Bear selling had not
been effective in checking the improve
ment, and II required only the announce
ment that the Joliet steel workers had
recOnsidered their decision not to go out
as a preteXt to sell the market Natural
F ly~encugh the Western and PaeIcic
stocks, which had made the largest gains
recently, had to take the brunt Of the
selling. But little rallying power was
displayed by those stocks at any time
during the day, temporary gains beng
for both accounts. Their losses at the
low point average a little more than /
per cent, St Paul figuring for the OK
treme adecfine of IA. While the Western
division was generally under pressure
there WIS heavy buying ,atutimes -efstEe
biturninO1s and anthracite coal stocks
causing an improvement In Norfolk &
Western of 14s and Wheeling e. Lake
Erie issues of 2d3. Southwestern rail-
road stocks were less prominent than
heretofore, and the announcement of the
acquisition by the Wabash of the Omaha
& St Louis railroad failed to strengthen
the Wabash issues. There were heavy
purchases of .Amalgamated Copper cfat e.
in the day, and the stock rose 21z on
reports that a combination in which the
company figured had secured control of
the copper production of the country, Its
top figure was not maintained the price
running of near the close. Sugar I'M
derwent many wide changes during the
day. and after at one time selling a point
above yesterdays close ended point
lower. There was no news to account
for the conspicuous strength of Peoples
iToTTAWpd in faO nE IN
heavfneSs elsewhere. Reports that the
United States Steel corporation had Sc
cured control of the Republic Iron and
Steel company caused more active deal
ings in the latter stocks and they ended
a point each higher Large blocks Of
United States steel issues were dealt in
at the opening, and it was at this period
that the low price of the day was made
for the common. One block of $500
shares came out at 1874. but when it got
down to 49,, which Indicated loss over
night the stock was supported and did
not yield below that price, although it
failed to recover to any extent when
there were occasional rallies elsewhere.
The final price was the lowest, and the
preferred closed only 1s above the low
est and is 5s down on the day. The pre-
liminary figures of the weekly bank
statement indicate a gain by the banks
of SIT, lis. This represents only the re-
banks have lost pretty steadily to the
subtreaSury throughout despite the
heavy government expenditures of the
week. A sharp decline occurred in the
sterling exchange market, demand bills
falling to $4.S71s on the large offerings of
bills. There was no demand to speak of,
and drawers reduced prices pretty stead
ily during the day The stock market
was very dull in the closing dealings and
ended weak. -a ~ MSS
Railroad bonds were dull and generally
easier Total sales, par value, $1145, eco.
United States bonds were all unchanged
on the last call.
STOCK QUOTATIONS.