The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-08
STOCKS LOOKING up
BUT ARE NOT GOING IN THAT DI.
REcTIoN VERY RAPIDLY
Market Is coIorless From Beginning to
End, in Spite of Disposition Toward
Speculative Interest-St. Paul Rises a
Point, With No News to Explain It.

NEW YORK, July There was more
appearance of speculative interest IN To-
days stock market. The resistance OF
the market in face OF dizziness seemed 10
encourage an attempt to put UP prices.
There was no news to account for the
point rise in ST. Paul and Missouri Pa
cific on professional operations. Despite
this not very striking demonstration, the
market was but colorless affair up TO
the last hour and the volume of dealings
showed no appreciable Improvement over
that of yesterday.
There was some Indication Of a spec
ulative contest in the last hour. though
neither side gave signs of any great
strength The market had begun to sag
again when a heavy stream of United
States Steel stocks began to pour upon
the market. The common was carried ]
point under last night. the preferred
and the second mortgage bonds suffered
to a less extent. Nothing was known to
the public at the time of the showing for
of the directors of the corporation tc
consider the report caused strong con-
viction in the board room that the tape
was giving an accurate forecast of its
character.
Prices Give Way.
The fear that an unfavorable showing
I of earnings was forthcoming discouraged
the speculative sentiment and prices gave
way throughout. The close was in con-
sequence dull and easy.
The early firmness was due. as much as
anything. to the fact that yesterday s
gold exports failed to bring any selling
pressure on the market. The shipment
of gold from Australia for San Fran
cisco and the beginning of the flow of
the Klondike products counteracted the
effect of the outgo TO Europe. The demand
for money for immediate use is very
light. 1t is considered probable that any
rise in the money rate would check the
gold outgo. but in the present condition.
further shipments would not cause sur
IN a r
ments of the financial world at the let
ting. out of the imitation in the. cotton
| market. which went step further to-
day. But it is not expected that the cur
tailed demand for cotton will revive ir
any degree until conditions in that mar
ket become more placid. The weekly
| cotton report was distinctly favorable
and was so far help to stocks.
! influence of the Corn Crop.
The news of the corn crop also was
highly favorable. but the rise in the price
of corn detracted from its influence The
news of the wheat crop was not consid-
| cred SO reassuring. The monthly report
of the agricultural department on Friday
is awaited for clearer light on the condi-
ton of the cereal crops. break in the
price of Standard Rope and Irvine IS was
due to fears that the interest would not
be paid. This. with break of "a in
United States Cast Iron Pipe and of less
amounts in some minor industrials and
the weakness of International Mercantile
Marine stocks on the curb, were unset
| ting influences on the speculation. Not
much attention was paid to the late rise
in call loans Of S per cent. although the
outward movement of gold and signifi-
cant drop in New York exchange at Chi
cago to 1Oc discount may indicate fur
Their demands upon New York banking
, reserves.
The bond market was irregular A
feature is the sagging tendency of some
of the high grade issues. Total sales
par value, ST. 005, Co., United States bonds
were all unchanged on the last call.