The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-17
STOCKS DEPRESSED
coRN-eARRYING RAILROADS. sxVwp
ON PUBLICATION OF GOVERN
MENT CReP2REPoRT
EARLY ADVANCES SOON LOST
Powerful support Was rendered TO.
United States Steel. and Some of
the Railroads Ghcckcd the
Downward Course.

s Closing
Tues lay. Monday
Call money New York lit 2-5
NEW YORK. July. 16.--There was a
show of strength In tEAikarIy STOCK mar.
ket today, but it was mo thy q SIS PAT ed
before the close. The attention TO. the
crop news and the reports over night OF
rains was strong influence in the all
vance OF the corn-carrying railroads
which extended from to 24s IN the most
prominent members of the group, Atchi-
son leading. The sharp rally in the corn
market IN the day and the langua n OF
the weekly crop report, depressed tina
corn roads again and just before the close
st. Paul fell to a shatp fraction under
last night The government cotton re-
port was considered favorable and was
reflected in the comparative firnnesJ in
scme of the Southern lines. Steel St0. ks
were apparently p gged and their appar-
Cnt unyietding support al C Juraged mere
raldinS tactics on the, part of the BEARS
but the inSlder who bought the stock had
TO accept a. continued stream of HduIda-
ton all day. There seemed to be iI1iI-
entail luying also of the Pacifcs. granG-
ers and Southwesterns, but it. consisted
in the acceptance of offerings, rather
than of active bidding for stock and nor
much resistance was offered to the late
reaction. The banks. showed no evidence
of a desire to foster renewed speculation
and are asking higher rates for time
money.
Call loan rates receded. but without re-
su ting in any actual pressure of money
to loan. Sterling exchange was also easter
this morning although it Stiffened again
before the close. Favorable progress was
reported in the London market settle
ment, the support accorded the United
States Steel stocks seeming to reassure
sentiment there The discount rate 1T
Berlin was easier and the situation there
was reported to be sensibly ameliorated.
New York exchange at Chicago rose
again to 25c premium from SC premium
Yesterday. The SubtreaSury Is cOntrInur-
ing to the money market and that insti-
tutions debit at the clearing house today
ran to $50 S35, due to1heavy pension pa1-
ments and to the payment Of a check for
coast. The re'aXation thus variously in
d!cated on requiremen tS on the New York
money market was the important factor
in the firrner and q1ieter stock market.
week and yesterday mornino was thus
shown to be unne cess9rY. There is no
diz position, however, to- encroach upon
the money market supEfies. which it Is
early period in the cfop movement.
Among usually INACTIVE stocks wide adj
Vances wo.t thy of notice. were in Chicago
& Eastern Illinois So, Texas & Pacific
land tfust &c neral Electric afterwards
lost) Laclede Gas 5. Des Moines & Fort
Dooge Az, Consolidated Gas S}a and North
American 3.
The railroad bond market was quiet
sales. par value $1,435,e10. United States
IS, the Old As and the IS advanced "a and
the new As declined a per cent on the
last call.
STOCKS.
Co., members of the New YORK Stock
Exchange, Pioneer Press building, who
have direct wires To Chicago and New
York. Closing prices are bid: