The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-10
BEARS IN CONTROL
EARLY STRENGTH in STOCKS Sue
CEEDED BY CONDITION OF
MARKED WEAKNESS
DRIVE AT GRANGER ROADS
Spectators Play the Government
Crop Report Expected Today
TO show More Damage. to
Crops West.
DRIVE AT GRANGER ROADS
Closing.

Fri. Thurs.
Cali money, New York ......2-2ja 2-21s
NEW YORK. Aug. 9.-From a condition
of decided strength in the early dealings,
the market besan to show an exhaustion
OF the buying power and prices declined
gradually until the final hour, when there
was an effective bear drive against the
eraia-car- ying ailreads. This mo- cine MT
WIS based on surm- ses that the govern
ment's monthly crop report to be issued
tomorrow would reflect greater damage
than current expectations. This SUPPOSE
ton was also effectuaIly backed up by
the estInate of a recognized expert who
predicted a possible condition of wheat
of IS and corn 60. These averages were
given some credence by bear traders and
they promptly put out large amounts of
stock which brought about declines from
the highest prices Of the day of from 124c
to 29sc in the principal grain-carrying
roads, with st. Paul the chief sufferer
The general decline was materially as
sisted by a drop of 5 points IN People's
Gas on reports of comp icatiens with the
Chicago C ty authorities United States
Steel stocks contributed but little novelty
to the Gays dealings and moved within a
range of a point. Early inDr oyerrleu OF
Is to y per cent, respectively, for the
common and preferred, were wiped out
and they closed 1zd1s lower Reports OF
control by the government in the inter
estS of the Mexican railroads ed
a good demand for all of the Southwest
ern stocks at the outset ana NJ ssouri
Pacific and Texas Pacific rose 2d2% A
sympathetic effect was exerted on the
general list by these special movements
and there were some sub tantial gains in
various prominent stocks. The fact that
there were no announcements of gold eX-
ports, sterling exchange rates being low
er and expectations of "a good bank state
ment tomorrow, weref also contributing
factors to the result The Junior Wander
bilt stocks responded AnotabIy to heavy
purchases of New York Chicago & ST
Louis common and second preferred,
opening 21aG3la higher. The forecast of
the bank statement indicates a gain in
cash by the banks on the interior move
ment and operations with the subtreas-
ury of S2,341, $40. Some surprise was eX-
pressed at the gain of only $474, 000 on
the subtreasury account by the banks
in view of the disbursement for pensions
and interest, In addition to the payments
alone of 81, 6l9,3O0 in gold on the Pacific
coast transfers. The payment of the
United States Steel preferred dividend of
IS, 6S3,2S4 may cause some unexpected
changes in the principal items of to-
mOrrow's bank statement. Sterling es1-
change rates reacted to-day and much
apprehension was displayed as to the
likelihood of early eXporls of gold. De-
mand bills were steady at the close at
$4.Sl7s, the days reaction being partly to
a lessened inquiry. The closing of the
stock market was weak at the lowest
Railroad bonds were dull today and
earlier hrmness was dissipated by the re-
value, 81, 020, 000. United States bonds were
all unchanged on the last call.
.+-- STOCKS. -- @.er-tt'-i'
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" nov0yr
: CLOSING