The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-11
STOCKS AGAIN WEAK
FUTURE OF THE MONEY MARKET
MAKES HOLDERS SOMEWHAT
APTRE4ENSIVE
ARE FEARFUL OF A SQUEEZE
The Changers, southwestern md
Eastern Trunk Lines Are All
Affected by the Tendency
Toward Recession.
Closing.
Bar silver, New York g........ 5s1b 5S1l
Call money, New York 1880. 4b% 41h-6


Call money, New York .45j5 415-6
NEW YORK, July 1O.2With call loan
rates yielding TO lower figure. it was
nevertheless apparent today that uneasi-
ness over the future of the money marker
was the principal cause of the renewed
weakness in stocks. Anxiety on this point
was Somewhat relieved vest erdav nv tha
beginning to come again into the market.
but it was revived today by the en-
gaSement for export of $780, 900 in gold
Liquidation was IN large voii1rne during
the lattre part OF the day. and seemed 10
some from all quarters. The active sell
ing by commission houses reflected the
outside public's share in the movement
The larger part of the dealings and the
most notable price movements were in
the same stocks as for several DAYS rast
notably st. Faul, Rock Island Atchison
Union Paclflc, Missouri Pacific and Louis
vile, but the list was very generally at
fected, the Eastern trunk lines sharing
quiet fully in the days weakness. Indi-
cations went to show that snepulatjve
buyers OF the recent past and even long
time hcSderS, who refused to be shaken
oft, even by the May panic, were among
the sellers. The growing conviction thar
there would be no sufficient ease IF
money before the fall demand for NOV
ihg the crops to iucite to active specu-
We're having large lots in anticipation of
were having large lots in anticipation Of
midsummer buying movement, and they
threw over stocks in large volume, under
the conviction that money conditions
might be worse before they are better
again. The gold export was the most
important factor in causing this feeling
The fact that interior banks are already
feeling the demand for money from the
agricultural centers is an indication that
that demand on New York viii come I'M
usually early this year. A possible source
OF relief was by imports of gold from
abroad and foreign money markets have
calculated upon supplying gold for such
movement. An outward movement Of
gold after the July settlements abroad
and Wnen exchange bills against future
shipments of grain are already in large
supply in the New York market comes
as a shock. Probably the unsettled fnan-
clal conditions in Germany explain the
movement which must be a special one
although the plans of the the Austro-
Hungarian government to attract gold
FOL currency purposes may have it's part
Inc announcement of the engagement
found the market well above last night g
level, on a continuance of yesterdays re-
coVery, but liquidation set in at once and
was continued in increasing volume until
the close, which was active and weak at
about the lowest. The net declines in the
market leaders reached such figures as
the following: Rock Island, s; St. Paul.
6A; AtchiSon, 53s; Union Pacific 5A; Mis-
souri,, 4B; Kansas q Texas preferred,
49,; L. & N, AS; Iowa Central, 5; Iowa
Central preferred, rs; Chicago & Eastern
Illinois, 6. In other prominent active
stocks. including some of the Eastern
trunk lines and leading specialtics prices
are between 21a and points low { on the
day The steel stocks about points
lower. The unbroken drought in the
corn belt and the effort TO discount the
expected unfaVorable showing of the
governments monthly crop report were
elements in the weakness Of the market,
but were not sufficient to account for the
general weakness shown.
line railroad bonds market was fairly
act1Va lower aI eoIp
value, $3,095, 000 United States refund
ing Is declined II per cent on the last
call.
STOCKS.
Furnished by Charles II. 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: