The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-04
Stocks Brace Up Just Before
Close of a Very
Dull Day.
MONEY MARKET IS EASY
Holiday Vacation Does Not Affect FInan-
ces to Any ApprecIabIe Extent-For-
eign Exchange Up to the Elk
port Point-Bonds Easy.

NEW YORK. July S.-The stock mar
ket was very dull during the greater part
of the session, but was stirred to some de-
gree of activity in the final hour, when
the highest prices of the day We're made.
The rise was in the nature of demon
stration against the short interest which
had looked for furry in the money mar
ket before the close that would enable
them to cover at a profit. The furry
attempted to cover they bid prices up on
themselves. There was a sharp reaction
In the flnal dealings and the market closed
easy. The tone during the day was not
ably firm and the market of much the
same character as for some days past,
the clearing weather in the Southwest
harvesting condition was the basis Of the
strength of the market and the grain
carrying roads led the advance. The
money rate opened at per cent and
dent to carrying over for three days
would stiffen the rate before the close,
The hope is entertained that easier mon
ey conditions will soon follow the COM
pletion of the semi-annual settlement.
bods near f6e gae T6or ne sun
Paris was q buyer of gold in the open.
market in London today. Sterling ex-
change at Paris, however, advanced
sharply today and relaxed the pressure
for gold. Another development is the
weakness of New York exchange at Chi
cago, which fell to so cents discount to-
day
Chicago reports a heavy demand from
NORTHWESTERN MOI hives POI points for currency. There
interior account this week, but there is
sharp falling off in the movement of
cash from the interior The days bond
market was dull and irregular.
Speculation has been listless and almost
idle during the short week in the stock
market. The large operations in the mon
ey market incident to the July settlements
and to some large corporate transactions
restricted resources available for specula-
tive uses. But in spite of the dullness of
the market and of some developments
that gave cause for uneaSinesS, the I'M
dertone of the market has been firm and
individual shorts have enjoyed sharp adj
vanceS. In the absence of news to ac-
count for these advances, it is generally
supposed that they have been due to ma
nipulation by the financial houses seek
ing to support the market by these sym
pathetic influences. The light speculative
operations in stocks are viewed WiGl sat
isfaction for the reason that credits are
not being incurred on that account on
an unsubstantial basis. The financial
district has been flooded with alarming re-
ports of crop damage from too abundant
rains in the grain regions, which have
Of stocks. But the small degree Of this
effect has served, however, as a demon
stration of the underlying confidence in
the general situation.
The sustained level Of railroad earnings
above last years high level is accepted
as a convincing index of prosperous con-
spicuous exceptions and show the heavy
loss incident to the heavy paralysis Of
trade by the strike. The soft coal car
riers, on the other hand and notably
Pennsylvania, show the compromising ex-
pansion in the soft coal traffic. Labor
troubles have received consideration, eS-
pecially the railroad machinists strikes
and the threatened troubles with the Chi
cago freight handlers. Their effect is
also shown in the obstruction to delivery
of much needed iron supplies,
The monev market had it's customary
furry incident to the turn of the half
year. but thanks to the small specula-
tive commitments and to the skillful
financing, the stock market was little
affected. On the other hand, foreign
exchange has moved up to the gold export
point. Paris is calling home it's credits
and q Is per cent installment on the $780,
100000 consul issue, due in London on
July TO- There has also been a down
ward plunge in the New York exchange
rate at Chicago indicating an unusually
early demand for currency from the in
terror. This demand will normally in
crease in the coming weeks For three
months to come there will be successive
installments of 20 per cent on the British
loan payable in London.
The investment demands for bonds fol-
lowing the July disbursements have not
yet been largely in evidence and there
have been some declines.
United States old As coupon declined ~
the IS and new As and the old As regis
tered % per cent as compared with the
closing Of last week
Stocks.