The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-02

s@ G Slosi9 Sat.
Cali money, New York e....4 6-i2
NEW YORK. July 1.-Expectations of
higher prices for stocks. which vera
aroused by the action of the market our
ing the latter Part OF last week. were
not realized today. 1t IS no nus-al
thing for the effect of July disburse-
mentS upon the money market TO be de-
layed sometimes for week or two. the
looked for demand for r6nvestment fail
ing to appear and the rate for money
holding comparatively firm. These con-
ditions held today, although there was
some relaxation in the call money mar
ket. There We're, however, number of
more or less disturbing factors which Dis
courage6 buying, am wlen last weeks
buyers attempted to take their profits.
they met no demand to absorb thar Of
feringS and prices melted away easily on
small volume of business. The tone
Of the foreign markets was quite ch err
full and the occasion of some opening ad-
yanceS here. The passing of the semi
annual settlement day at Berlin without
hitch was a great relief to all the for
eign markets and heavy disbursements
OF government interest in London made
money ana discounts easy there, but thu
market here had to face the action of
the AmalGamated Association of Iron
and Steel Workers in inaugural ng a
strike in the steel trade. Officers of the
United States Steel Corporation profess
cd to belittle the effects of the strikei
but it's effects were manifest uDoa he
price of the companys stock neverthe-
less. The independent steel companies
were also weak. United States Steel.
both common and preferred. lost 1si and
Colorado Fuel and Tennessee Coal about
I-3 each The expected dividend action
on United States Steel tomorrow was
also a factor in the situation, the bears
striving to discredit Iumors that the
common stock would be placed on 4
6iKiH n
age to the corn crop from drought in
Missouri. Kansas and Texas. espec ally,
depressed the corn-cafrying grangers.
which were more vulnerable by reason
OF last weeks strength. The decline
reached 80 in St. Paul, 2Iin- Rock Island.
30 in Illinois Central, "a in Union Pa
ciic and Texas & PaGife fpd % in A sdl..
was manifest in the circulation of some
alar1nist runors early IN The day to the
effect that the CLEARING sense committee
was in consultation over the affairs OF
some of the clearing house institutions.
There was certainly no such conStiita-
ton and there were emphatic depials of
any thought or intention or necessity
of such consultation eosN tne dis CT
produced by the rumops 5showed rather
strongly that last weeks failures have
left the speculative nindrdn an impress
sionable state There IS Hood ground Tor
superstition that last weeks episode has
prom pied some. overhaufing of collateral
for bank loa MS and has iriiuced a rather
stringent caution on the part of the
banks in tile -certifcation of checks 1t
must fofl ows that business by stock ex-
change houses is conducted with some-a
what less facility than when the ma
'cfinery of credit was entirely pptram-
meled There IS nothing to show that
amy further ground than this exists for
the rutalors Of financial troubles. The
fiery heat had it's effect upon the trad
ing. as it had upon all other KINDS OF
human activity. There was notable
strength in the Iowa Central stocks ana
in the New York, Chicago & st. Louis
stocks these gains extending TO about
to points Nest of the active stocks
were off a point or npre during the day
and the closing was. heavy and dull
There was little doing in railway bonds,
but prices yielded IN sympathy with
stocks Total sales, par value, 81 500;
United States bonds were all unchanged
on the first call m
STOCK QUOTATIONS..
Furnished by Charles H.. F. Smith B
Co, members of the New York Stock
Exchange, Pioneer Press building, who
have diFeet wires to Chicago anft New i
York. Closing prices are hid: