The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-20

variety and the pressure to sell promptly
relaxed at the lower level of prices. A
favorable bank statement was expected
but the exhibit of the clearing house in
situations proved more favorable than
had been expected and resulted in an
effective rally in prices. The realizing
was renewed at the advance and the clos
ing was active and easy.
ba Proba 10 " the reports of yesterdays
states aroused some misgivings over the
results to grain. There Were fractional
advances amongst the. grangers and
vania was the feature of the market
on very large dealings and rose to above
l6O; closing at that figure. Official de-
control of Reading had been secured did
not hurt the stock, but its subsidiary
stocks, Chesapeake & Ohio and Norfolk
q Western ruffed from realizing the for
mer falling at one time ~ under last
night.
There were strong points through the
market, including Hooking Valley, West
ern Union. Fuller Construction and some
OF the public utilities of this and other
cities. Inc increase in banking reserves
w Was not d as large as expected Last
expected so that today's figures probably
represent an adjustment under the aver
age system The decrease in loans, con-
sidering the active speculation, was not
looked for. The diminished reserve re-
qulrements thus effected helped the sur
plus. which was increased by the sub
N~A-AONhAh VI So,toA,otO
Review of the Week.
There has been notable revival of spec
uiatiVe activity In the stock market this
week, so that the volume of dealings
crossed the million-share mark for Thurs
DAY and Friday. There have been indi-
cations OF a strong organized campaign,
including some Of the great financial
groups which have hitherto seemed to
mold aloof from the market during the
operations conducted by the so-called
Western contingent. Dealings have been
IN great variety, shifting from one to an
otner group OF stocks successfully taking
the sympathetic strength induced by the
rise IN prices of the new group.
me Inc movement VEN Is regarded as being pro-
to say, as being conducted by the large
capitalists and millionaires who have
controlling interests in great corporations.
nood IS the buying and selling of securi-
ties The history of speculative move
ments shows that the general public new
under IN general speculation except
Even with abundant resources in hand
with knowledge of effective earning DOW
er Ior securities. with obviously pros
porous conditions on all hands, there is
rarely any disposition manifested by
outsiders" to buy stocks while prices
are ar stationary and there is no evidence
tildt other persons are seeking to possess
Lnem. When dealings in stocks become
large and prices begin to advance. then
comes comes INTO play that invincible propen-
slty of the human mind to seek the pos
session OF that which others are urgently
seeking. - o0-i'-'
Demand From Scattered Sources.
IL Is such condition which specuIatives
!eaoers strive to produce by active deaf
LES lrgs IN the market and the bidding up Of
prices N a sudden and striking manner
as possible. During the past week the
commission houses in Wall street report
some access of demand from Scattered
n 0n1f1r
Inc bulk of the transactions are still in
the hands of the. professionals It is nor
10 De supposed that large capitalists, in
eInparklng upon such an undertaking, base
thelr expectations of success upon mere
prices They must count upon a feeling
1 tba c ora IN the people at large, in
the prosperity of business and the earn
ing power of invested capital In the
present instance much stress is laid uDon
one success OF great staple crops of the
country, and above all, the corn cr0n
Inc good progress made by this cron
ana the favorable weather which Drono
fseS 10 carry it to fruition, undoubtedly
FORM the principal basis of the speculative
campaign which has been entered upon.
Inc report during the week that the cor
ner IN the July corn option at Chicago
had been abandoned and the break in the
price were. regarded with satisfaction in
Wall street circles, owing to the fear that
the artlnclal conditions sought to be
maintained would do harm the market
ing OF the coming corn crop, and that
maintained would do harm to the market
might necessitate sacrifices in the stock
market. The suspicion that a sequel still
remains to the corn corner has revived
some apprehension on this score
Iron Product.
All trade reports agree that the de-
mana Tor all grades of iron product is
stllI at hlgh-Water mark and running into
the indefinite future, without the first
indication of retraction. These two basic
facts, plentiful crops and active iron
trade have been accepted usually in the
ICIx
trys prosperity. Reports of railroad earn
lngs continue to show increases over last
year unprecedented level, and corrobo-
rate other evidence of prosperity, incIud-
ing the large volume of bank cIearings
the country over.
The unusually early demand from the
uneasiness last week on account of the
danger of its encroachment upon New
YORK bank reserves, is accepted in anoth-
er sense as indicating the activity of
trade The losses suffered by the anfhra
cite coal carriers as a result of the min
ers strike make them an exception to
in general, but the determination of the
miners in convention at Indianapolis noA
to make the strike general has been made
an opportunity to advance prices Of fhe
coalerS as feature of the bull market
OF the week. The confidence expressed
by the coal road officials that the strike
cepted by the speculative contingent The
affidavits offered by United States Off
Gals in answer to the suit against the
proposed bond issue regarding the earn
ing power of the corporation were re-
corded as gratifying evidence of the pros
porous condition of the trade. but the
corporations securities We're but slight
ly affected.
Call Loan Rates Easier.
1ne rates for call loans have baan
easier TINS week, and have fostered the
sp Ie Gu 10 but the future of the money
hold firmly for higher rates on time loans
The unexpected volume of the govern
ments disbursements has been a relief
70 the money market but 1t Is by no
means certain that the present rate If
disbursement will be maintained. The
question of the extent of the foreign In
debtedness of this market is much can
VaSSed, but with no definite result he
yond the general agreement that our float
ing indebtedness abroad is unusuaI1v
large, and its convenient LIQUIDATION mucb'
dependent upon the volume of orr ay
ports of domestic products this fall.
Some observers have claimed to detact
disposition OF French capital to which
this markets largest indebtedness is due
to invest in American securities bnt in
quiry in the channels in New York
through which such an investment would
view. 'iiiS
The principal activity in the bond mar
Ket has been in speculative and convert
lple bonds, IN sympathy with their inter
changeable stocks. United States new
IS declined u per cent; the old As az and
the refunding rs and 3s 4 per cent on