The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-12

Bar silver, New York .5S3s 5S%
Call money, New York.. Nominal 2-2h
NEW YORK, Aug. 10.-Higher prices
from London were reflected in fairly
good tone for railroad stocks OF the OPEN
ing, but small gains We're soon wiped out
and prices dipped wen below yesterdays
closing for important stocks on a re-
newal of professional selling. The inter-
est excited in the government monthly
report and the prospect Of some important
developments in the strike situation next
week caused d large diminution in the
volume of business. The paucity of the
demand helped to increase the downward
tendency, which was most marked in the
Changers, PacificS, Coalers and South
westerns Missouri Pacific and kindred
stocks were Influenced by denials of re-
cent reports of the impending absorption
of Mexican railroads. AS on the two pre-
cedtng DAYS Missouri Pacific spurted up
sharply at the close the final figure to-
day bringing it to yesterdays level But
little of interest attended ne fluctuations
in the United States Steel stocks today,
their movement being only fractional in
dicating more support for the common
than for the preferred, the latter ending
% lower The bank statement while less
favorable than anticipated, was without
increase in loans of 81, 94S, 700 was not read
ilv explained and it decreased surplus
holdings 81, 212, AGO. The closing was irreg-
ular and almost lifeless.
REVIEW OF THE WEEK.
Developments of the week were not
sufficiently defined to afford much en-
couragenent to either bulls or bears,
and the result was a dun, narrow and
unsettled market. In addition, the un-
certainty as to the crop situation con-
tinued in the absence of the govern
ment' S monthly report, and the wide va
rance in estimates by recognized trade
authorities. These conditions reduced
puollc operations and from day to day
fluctuations represented only the char
acter of the professional Views. LlQulda-
ton was on a large, scale earlier on un-
eaSineSS as to the -radnIticauonS of the
steel strike and crop Cseares. Discussion
of the effect on general business by the
reduced purchasing power OF the wage
Garner and farmers, IN the event of their
condition becoming critical was a fac
tor in limiting general speculation. Large
amounts of the nited States Steel issues
came on the market, but the actual de-
ciine5 were less than when the rupture
first occurred some weeks ago. This
circumstance was ascrlDed to the for
nation of a pool whIchdwas prepared to
take large amounts at liked prices. IhlS
rumor rendered professionals chary of
attacking the stocks, the possibility of
an early termination OF the strike, and
the consequences OF "a squeeze pelng
weighed Nevertheless, recovery from
the low point when various plants re-
summed work, was checked at times by
influential selling. . Consistent support
hacking
tive faVorItes, such as Sugar. st. Paul,
AtchiSon, Union Pacific and Southern Pa
citic, covered a wide range either way
frequently. Pessimistic views regarding
the damage to the crops which had
hitherto made large inroads on prices of
the grain-carrying roads, were not
borne out by the tenor Of the late ad-
vices Reports of cOpiouS rains remedied
conditions somewhat and the improve
ment noted by the weekly crop report
caused a modification of alarmist re-
ports. Stock prices then reflected an
apparently over-sold market. Opera
lions of the long account, however, were
conducted with caution, traders taking
profits quickly and being content TO
await the monthly showing. General
prosperity being represented in large
part by the agricultural yield and the
prices obtained, fluctuations in the grain
market were watched closely and stocks
conformed pretty closely to their varla-
tions. Damage is admittedly greatest
in the corn belt but some interests be-
lieve the prospects are good for an I'M
precedented growth of spring and winter
wheat. This outlook furnished a good
back log to the gTangerS, the heavy
shipments to the seaboard to fill the eX-
port demand being reelected in the in
creased earnings. A general waiting at
titude was more or less in evidence and
occasional bursts of activity were sue
ceeded by periods of emi-stagnation. Va
rious bull movements were engineered in
stocks which do not exert any bearing
upon the general tone and their fiuctua-
tionS did little more than to increase
their broader scope in trading. Their
earnings were viewed with satisfaction,
the large gains made by representative
systems traVerSing every section of the
country indicating that general business
was in good volume Recent Liquidation
in stocks was conducive to ease in the
money market and call rates ruled at
about 21h per cent throughout Leaders
reported time loans in fair demand and
mercantile paper remains without es-
pecial change. Considerable satisfaction
was expressed at the liberal receipts of
gold at Pacific coast points from the
Klondike and Australia, credited to the
local banks which enabled them to gain
largely in subtreasury operations. That
institution also disbursed the August
government interests and as the interior
currency movement favored the banks,
the prospects for good bank statement
helped to maintain market prices. EX-
port of gold appeared to be fOreShadOWed
in the near future by the higher market
for sterling bills. A scarcity of COM
merciaI acceptances, coincident with an
active demand brought rates to a level
at which it was considered probable that
gold shipments would soon be made
There was early talk of exports to Ger
many but as all foreign government in
stitutions were in a strong. position and
not likely to offer special inducements the
actual outflow is likely to be deferred I'M
til rates are higher, say $4.SS12, and there
is a good profit in this form of remit
lance.
Prices of bonds moved within narrow
limits throughout and displayed little fea-
ture aside from pool operations in few
relatively unimportant issues.
United States bonds were all unchanged
on the call prices for the week.
NEW YORK STOCKS.