The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-17

NEW YORK, July 16.-There was an
active and variegated speculation in
stocks today, he market rejecting the
play of larger forces than at any time
during the recent advancing tendency.
No specific new developments were
evident to account for the movement,
which was apparently due to the sub
stantial basis of confidence in the gen
orally prosperous condition of the
country and the firm foundation of
credits. The uneasiness over the re-
sources OF the money markets to meet
the expanded requirements upon them
was also less in evidence. The report
ed dissolution of the speculative corner
in the July corn option at Chicago had
not little to do with engendering con-
fdence, as there had been a fear for
several days past that the struggle to
maintain the artificial conditions in
that market would result in pressure
upon New York money and in forced
liquidation of stocks that might prove
disastrous to the markets.
The published abstracts of the affi-
davits of officials Of the United States
Steel corporation as to the intrinsic
value of the properties and the earning
power of the company which were filed
in connection with the reply to the suit
against the corporation, were expected
to have a stimulating effect upon
prices.
Couldn't Check BuIlishness.
The fact that the advance in the
United States Steel stocks came to a
standstill under the flood of long stock
which came out when they were bid
up, and the further fact that Chicago
renewed its demand upon New York
for currency, causing a shipment of
100000 through the subtreasury, were
without effect in checking the bullish
tendency of the market. Traders laid
much more stress upon their belief
that they detected the operations of
Morgan and Standard Oil interests in
the large buying orders executed by
the various brokers. 1t was very OBJ
Vious that the bringing forward of new
stocks into the upward movement was
taken advantage of on a large scale to
take profits in stocks which have risen
hitherto.
But this profit taking was achieved
successfully without making serious
inroads upon prices of the stocks af-
fected which were, generally speaking,
the high priced established dividend
payers, especially amongst the grang-
ers. Stocks of the second grade, low
er in price and with no established divi-
dend paying record, took the leader
ship of the market. The heavy absorp-
ton of Chicago & Alton had a
Strengthening effect on other low
priced railroad stocks in Chesapeake &
Ohio affected the low price coal car
riers, both in the anthracite and BIZ
tumous group.
With Eyes on indianapolis.
The belief that tomorrow's miners
convention at Indianapolis will decide
against a general strike and thus lead
up to an early settlement of the anth-
racite strike was the predominating in
fiuence in this group. Much was made
also of the current rumor that the con-
troll of Reading has passed to the
Pennsylvania, thus further centraliz-
ing that corporations control of the
control of the coal traffic.
There were other points of strength
from individual causes. Amalgamated
Copper was bought in the belief that
the present dividend rate is to be
maintained. The settlement of the
freight handlers strike in Chicago was
favorable influence, especially upon
the Chicago terminal transfer stocks.
The market closed somewhat irregular,
with profit taking continuing, but
there was notable renewal of the buy
ing power in the strong stocks.
There was large business in bonds
and offerings were absorbed without
hurting prices. Total sales par value
| $2,611, 900. United States bonds were
unchanged on the last call.