The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-24

NEW YORK, July 23.@The stock mar
ket again demonstrated its abSorptiVe
power and made a various but quite con-
vincing show of strength, Notwithstanding
the appearance of a reactionary tendency
in some of the stocks which tempted to
realizing by the high price attained and
a few cases of positive weakness. The
volume of dealings was again below
million shares, and the bulk of the deal
ings, was congested in few very active
stocks. 1t was obvious nevertheless
that the bull campaign was still in force
and that large and powerful capitalists
We're still committed to the long side of
the market.
Not much attention was paid to the
news of the day, which was somewhat
meager in its bearing upon values of Sc
curities. The speculation shifted from
one to another quarter of the market
IN the usual progress of rotation by which
skillful speculative leaders keep the
movement of prices equalized from time
to time and without regard to news de-
velopments. The weekly crop bulletin
of the weather bureau was interpreted
favorably on the whole. Some harm was
reported to the various grain crops by
too much rain, but relief from drought
was reported for the cotton crop and the
condition of the corn crop was considered
highly satisfactory The outcome of the
corn crop is the dominant feature in the
speculative situation and turned the scale
of sentiment in favor of the advance.
Some disappointment was felt over. de
malls of yesterdays rumors that anthra-
cite mining would be resumed on Aug 1
and the coalerS and Eastern railroads
generally, with the exception of an early
advance in New York Central, were al
most stationary.
Dormant Stocks Marked Up.
A feature of the day was the marking
up of various dormant stocks which have
not shared in the recent advance. This
tendency extended to Northern Securities
company on the curb which rose buoy
antly to 10. Great Northern preferred
advanced Az, but lost half of it. These
movements were simultaneous with the
publication of an abstract of the identure
securing the new oregon Short Line col
lateral bonds. This showed that provis-
ION IS made for allowing that the North
these bonds shall be allowed to share in
any reorganization project or further
union or merger or sale and distribution
OF the cOmpany'S assets.
The profit taking in Pennsylvania was
somewhat aggravated by the action of
the New York aldermen in rejecting the
pennsylvania tunnel contract Brooklyn
Transit was decidedly weak owing to
the belief that the company's bid for con-
struction of the East River tunnel will
fail of acceptance.
mated companys injunction against the
working of a disputed mine by rival
was held to explain the reactionary ten
dency in that stock.
SpeciaItles Rise.
There were striking upward move
1IiCIiIS III N5IlOuS SpSCldlIlSS WHICH were
due to purely individual causes or man
ipulation. The expectation that yester-
days engagement of gold for export
would be cancelled was only partly realiz-
ed, and there was a further gagement
by another firm of s., 900, 900, thus bring
ing the exports for the week up to 50, $780,
900. The sustained SteadinesS of the ex-
change market indicated that the ship
ment is indirect settlement of foreign OBJ
legations. London continued to sell
stocks in this market. The call money
ma hot
time money market distinctly so, but this
did not seem to disturb the equanimity
Of the buyers of stocks. Active profit
taking made the closing irregular and the
net changes mixed. "A,
The bond market was irregular. Total
sales par value $4,565, 900 u. S. old As
reg. declined, "a per cent on the last call.
Stocks.