The Saint Paul globe., 1901-08-19

Bar silver, New York. -. .5Sss 5SA
Call money, New York. Nominal 2h-3
NEW YORK, Aug Interpretations of
a higher money market caused weak
tore to the stock market today, which
was accentuated after The publication of
the bank statement. predictions as 10
further expansion in loans were not borne
cut, the statement on the contrary show
ing, a decrease in this item of $,645.-
300 This unexpected good showing,
however was more than Offset by a
loss in cash of g, CO., which was quite
unexpected, as the estimates yesterday
figured on a gain of nearly three-quarters
of a million dollars. some une2StneSS
was also felt at the efforts making TO
close various steel mills which have con-
tinued in operation since the strike was
declared.
Persistent selling of the United States
Steel stocks which made extreme de-
clines of Is and 13s, respectively, for the
common and preferred, stimulated bear
selling at other quarters. Prices yielded
steadily from the outset, especially for
the grangerS PdcIficS, local fractions,
Sugar and Amalgamated Copper, Which
were lowered from l to points. The
Southern and anthracite and bituminous
coal roads stocks also felapSed Sharply.
In the final dealings trade was a shade
more active, but the closing was weak.
An incident of the day was the pro-
nounced weakness in the sterling eX-
change market, offerings OF all classes
OF bills being very large, with scarcely
any inquiry. Demand bills were marked
down to s4.S624. but long sterling was well
held
Consideration of the favorable underly-
ing conditions gradually supplanted the
early dominant influence of the govern
ment crop report and The steel strike,
causing a higher and broader market
this week. These consisted of the large
volume Of general trade excellent rail
road earnings, London buying and In
creased public interest in the market.
Mondays market, when the crop report
and rhe strike figured to their largest ex-
tent. showed that these Conditions were
being rapidly discounted, The low prices
of the week were then recorded, and the
subsequent dealings, Though irregular.
carried active stocks from 3 TO ) points
higher Grain-carrying roads especially
those tapping the corn belt, were expected
to be targets for bear eatt5cks when the
week opened. But the fpod1rate loss that
followed aroused a beFTSf that the worst
was over and the heavy demand for the
short account that Developed later, col
ored this view The faiAlre of the gen
eral observance of thed strike order and
the successful operations sef the various
plants caused predictiousFdt an early col
lapse of the steel strike EfV
The United States steel stocks were
coIGide: ably strengthened by these asser-
items. and gradually ragged level 3
points above last, week: oIhis improve
men was maintained Until the late an
nouncement that the 1JQfiet mills had
shut down. This incident. combined with.
a general disposition to take profits on
the weeks large advances, gave chill
10 the market in the closing days. Pre-
ceding this the waning effect of the crop
and labor situation caused more cheer
full tone, although the speculation re-
tained much, Of its recent professional
characted Beor operators took frequent
ar 1X-a T1t a pc Of rising
short lines but as their efforts diSiodged
but little long stock, they covered quick
ly and then waited more opportune
time. These stocks became less ener-
ter extensive demand that arose was
credited to their evening up. Weather
conditions were considered more favor
able, and. as grain prices reiapSed after
Mondays strength, operators began to
figure on larger crop than the govern
ment estimates. Discussion Of the flnan-
cial return to the farmer from the yield
occurred it being cOntended that the
higher prices obtained for cereals would
offset the decreased growth; This reason
ing had some effect in sustaining stocks.
but net results will have to await the
harvesting of the crops. Railroad earn
ings are not expected to show conclu-
sIve results of the crop tonnage unttl the
winter, and are meanwhile showing large
Increases. Leading systems issued fIe-
Quent bulletins of the crop situation.
These were quite uniformly encouraging,
and supported some favorable forecasts
by trade organs Commission houses re-
ported an Increase In odr5ide orders.
which, though not large, indicates that
public interest has been reawakened by
the betterment of conditions and advance
In prices. London was .a-cheavy buyer
throughout, the improved financial and
political conditions abroad causing a re-
vived interest In American rails. Last
months severe decline in prices was
generally attributed TO an important
Western bear party and the substantial
advances in the g. angers- and Pacifics is
largely credited to covering by this In
terest. st. Paul was the leading feature
OF the week, talk of the possibility of an
increase in the dividend causing active
dealings and a rise OF 10 pofntS Nothing
It's influence on the market was very
and the=pFeferred stock
also made large rise. General move
mentS were not so pronounced. but there
We're large transactions in stocks which
have not recently been prominent eSpe-
cially the trunk lines, coalsrs and high
priced specialtfes. The diversified buying
the gradual circul alton of favor
able repo, IS. The anthracite coal stocks
were bought on the strong trade posi-
ton, and but little attention was given to
reports or renewed labor complications.
The formation of a large bituminous caay
and the trunk lines being the largest car
rlerS TO the seaboard, sympathized The
late bear attack on Peoples Gas died
out and the stock made good progress
upward Sugar, however, was hammer
ed vigorously early on the Illness OF the
president of the company and unfavorable
trade conditions. The loss was moro
than made up later, but 1t was very
IeVerish. Money rates showed a distinct
at the desc. call and time rates
sti1ening. Tenders were reluctant to put
out money for long periods, preferring to
use funds available on call to mset com
IherclaI and crop-moving requirements
interior banks are reported in a strong
position to meet demands to move crons
ana local banks are not expected 10 ha
heavily drawn upon. The heavy abso.n-
ton from the banks by the subtreas1I s1Irv
caused some concern collections rnors
than onsetting unusually large govern
nent disbursements. This circumstance
caused the hardening of the money mar
ket. Sterling exchange rates declined
SHARPLY demand bills yielding to below
$4.8i on the London buying of stock and
an increased supply of commercials This
setback at once disposed Of anv fltt1Ire
talk OF good exports this season. The rec
ora exports of wheat this season com
blned Our balance thus far this wear ~
$S27 100000 on international trade makes
the outlook for large gold Imports fbis
winter very assuring 9
Railroad bonds showed less frnnrove-
ment during the week than stocks hi5t
there was more general buying.
United States bonds were UNCHANGED IN
the call price of last week.
STOCK QUOTATIONS..