The Saint Paul globe., 1901-07-24
STOCKS UNSETTLED
BROKERS AND SPECTATORS ARE
WATCHING COURSE of GRAIN
TRADE NARROWLY
CLOSING PRICES THE BEST
Late Advance Due lst0u Belief That
Crop Damage Has Been to
Large Extent Dis
counted 70

49, Closing.
Bar silver, New York ........5 .5S1S 5SH i
Cali money. New York Io..r...2-S 2l.-s
NEW YORK, July 23.4The subseryience
of the stock speculation to the VARYING
crop conditions and to the daily
weather map was again Strikingly de-
monStrated today. But the activity of the
speculation in stocks was somewhat cur
tailed as an outgrowth of the confused
sentiment engendered in the grain market
by the conflicting price movements grow
ing out of the technical conditions in the
grain speculation. The uneaSiness of The
short interests in stocks was easily per
ceived by the force of the opening bulge
in prices. There were indications that a
tactical movement against the shorts was
being made and the London market was
used before the opening here to in
huence New York by much higher
range of price there. London not only
had reports of copious rains in the corn
belt, but of an Imminent settlement of
the steel strike. There was a CONSEQUENT
rush to buy on the part of shorts at the
opening here, but the high prices melted
away within a few minutes under the
eager offerings to realize on the part
OF the interests remaining long of the
market. Apparently there was much
sceptism regarding the reports of rain,
but when the grain market opened with
a drop In corn almost equal to yester-
days bulge, the belief in relief
u.
The reassurng expressions by the
secretary OF agriculture as 10
the present status of the corn crop
was also an influence. The course of
affairs subsequent to the heavy damage
to last years spring wheat crop in the
Northwest was cited as a precedent
which gave hope of maintenance of
earnings by railroads in the Southwest
The publication of the plan for an addl-
ticnal issue of American Sugar Refining
stock lifted that speciality and helped the
market; The second rise carried some
stocks higher than the opening But the
subsequent uncertainty of the price
movement reflected the hesitation of the
stock traders about repeating last weeks
attempt to revive a bull movement with
the crop situation still. a factor The
market was allowed to- lie fallow during
the midday period with lthe exception of
a monetary upward rush in the United
States Steel stocks of nearly 2 points
each on an unconfirmed rjmor that the
strike was about to be- Settled The LAKE
advance in prices to the top level of the
day seemed to be based on the general
consideration that the4Vdatnage to the
crop had been discounted and important
liquidation has been affected, leaving the
way open for an advance The character
OF some of the buying encouraged a fol-
lowing from the professional contingent.
The money market was easier in spite
of gains by the sub-treasSiry from the
market and the growing demand from
the interior for funds. Ke the best prices,
which were made in the last hour St
Paul was 5& above lust might, Union
Pacific Y. Atchison 4, Southern Pacific
and Missouri Pacific 3h The last prices
showed only fractional concessions and
the closing was fairly steady.
Business in railroad bonds was fairly
active e, and the price movement irregu-
United States bonds were all unchanged
on the last call.
STOCKS.
Furnished by Charles H. F. Smith &
Co, members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
YORK. Closing prices are bid:
&iaA Closing.