The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-18

Bar silver, New York .5Sss 5Sli
Call money. New York Nominal zH-S
NEW YORK, Aug Interpretations Of
a higher money market caused weak
tCre TO the stock market today which
was accentuated after the publication of
the bank statement. Predictions as TO
further expansion IN loans were not borne
cut, the statement on the contrary show
ing a decrease II this item OF 81 ,6f5,-
800 This unexpected good showing,
however, was more than offset by 2
loss in cash of s., rs Coo which wSs quite
unexpected, as the estimates yesterday
figured on a gain OF nearly three-uuarterS
of a million dollars. Some uneGsiness
was also felt al 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 = and is. respectively, for the
common and preferred, stimulated bear
selling at other quarters Prices yielded
steadily from the outset. especially for
the grangers. Pacitics, local fractions.
Sugar and Amalgamated Copper which
We're lowered from l TO , points. The
Southern and anthracite and bituminous
coal roads stocks also relaDSed sharply.
In the tnaI 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.S6S4, 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 ana Che 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 the 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 to points
higher. Collaborating roads, especially
those tapping the corn belt, were expected
to be targets for bear attacks when the
week opened But the moderate loss that
followed arodsed a belief that. the worst
was over and the heavy demand for the
short account that developed later, col
ored this view. The failure of the gen.
eral observance Of the strike order and
the successful operations of the various
plants caused predictions of an early col
lapse of the steel strike.
The United States Steel stocks were
cdISide- ably strengthened by these aSSer-
items, and gradually reached level 3
points above last week This improve
men was maintained until the late an
nCuncement that the Joliet mills had
shut down. This incident, combined with
a general disposition to take profits on
the weeks large advances. gave chill
to the market in the closing days Pre-
ce6ing this the waning effect of the crop
and labor situation caused more cheer
full tone, although the Speculation re-
tanned much of its recent professional
characted. Beor operators took frequent
advantage of the rising prices to put out
short lines, but as their efforts dislodged
but little long stock, they. covered quick
ly and then waited more opportuna
time. These stocks became less ener-
getic after the early days, and the lat
ter extensive demand that arose was
credited to their evening up. Weather
conditions were considered more favor
able, and, as grain prices relapSed after
Mondays strength; operators began to
figure on larger crop than the govern
nlent estim ates. Discussion OF the fnan-
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 reas On /
ing had some effect in sustaining stocks,
but net results VIII have to await the
harvesting Of the crops. Railroad earn
tngs are not expected TO show conclu-
sIve results or the crop tonnage until the
winter and are meanwhile showing large
Increases. Leading systems issued fire.
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 outside orders,
which though not large, indicates that
DIDA1c interest has been IeaWakGneQ DY
the betterment OF conditions and advance
in prices. London was a heavy buyer
throughout, the improved financial and
political conditions abroad causing a re-
viVed interest IN American rails. Last
month severe decline in prices was
generally attributed to an important
Western bear party and the substantial
advances in the g augerS 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 rise OF 10 points. Nothing
definite developed to support this rIrnor
It's influence on the market was very
STRENGTHENING, and. the preferred stock
also made a large rise. General move
ments We're not so pronounced, but there
We're large Sactions in stocks which
have not recently been prominent esoe-
c1aly the trunk lines, coalers and high
priced specialties. The diversified buying
followed the gradual circulation of favor
able report is. The anthracite coal stocks
We're bought on the strong trade posi-
ton. and but little attention was given tn
reports OF renewed labor combinations 4
The formation Of a large bftuminous coal
combination benefited these Dronerties
and the trunk lines being the largest car
rlerS 10 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 unfa vora bic
trade conditions. The loss was moro
than made up later. but it was very
feVer1Sh- Money rates showed distinct
har6ening at the desc call and time rates
stiHening. Tenders were reluctant to nut
out money for long periods, preferring to
use funds available on call to meet com
merclal and crop-moving requfrements
Interior banks are reported in a strong
position to meet demands to move crops.
and local banks are not expected 10 he
heavily drawn upon The heavy q FSo-rt-
tor from the banks by the subtreas11rv
caused some concern, collections mora
Tran offsetting unusually large govern
ment disbursements. This circumstances
caused the hardening of the money mar
ket- Sterling exchange rates declined
sharply, demand bills yielding to below
%-G on the London buying of stock and
an increased supply of commercials. This
setback at once disposed of anv future
talk of good exports this season. The rec
ord exports of wheat this season corn
olEed our balance thus far this wear Of
<S25, Go 600 on international trade makes
the outlook for large gold imports this
Writer ve~y assuring.
Railroad bonds showed less improve
ment during The week than stocks ht7+
there Was more general buying
United States bonds we've unchanged On
the call price ofrlaSt week.
STOCK QUOTATIONS.