The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-15

NEW YORK. July 14.-Today'S stock
market was similar to yesterdays 10 the
extent that strength and weakness were
discernible in il side by side. profit-tak-
ing in one quarter being offset by new
advances in another. But the reactionafy
note was rather more dominant than yes
terday and the late market failed TO re-
spond in the same way to the efforts to
effect a comprehensive rally This was
partly because the traders who fought the
advance were more cautious than yester-
day in putting out short lines, the forced
covering of which yesterday was an i'm
portant factor in the late rally. The vol
urae OF dealings today was considera bly,
less than yesterday The market was
breadth. and good absorptive power for
the large offerings TO take profits when
they We're thrown upon il.
Probably the most potent factor in the
reacuon was the absence OF a decision on
the Northern Securities DISTRIBUTION case.
The adjournment until today was not with
definite information Of the date of the
Northern Securities decision. as was as
summed yesterday. Some incongruitv- was
recognized IN the simultaneous upward
movement of Union Pacific and Northern
Securities which occurred yesterday
on the rumor OF this decision which
must necessarily be TO the ad
vantage OF one party and at the
cost OF the other The speculative nature
thus strongly pointed to increased dis
position to sell them and take profits
SkepticaI as to Crops
A blunt pronouncement from the presi-
dent of the Northern Securities company
OF skepuelsm of the governments wheat
crop estimate far too liberal and Il
frank admission from the president OF
the Atehison- OF the serious damage to
the crop wrought by the rains caused
more serious attention TO be given to that
1HinOTTAnT r<aT-f1<. u
gave added effect to the rather alarming
estlnlateS by the Kansas state agricul-
tuTal officials. The violent rise in the
wheat market was an additional warning.
and the government report on the condi-
ton OF foreign crops did not reveal the
amount OF damage there that has been
held to account Tor the recent strength in
our wheat markets. On the other hand
the more fayoring condition of the cotton
crop and the renewed foreign demand for
tnat staple proved OF some benefit to the
cotton carriers. notably Louisville &
Nashville and Southern railway.
These stocks shared with Reading
Amaigamated Copper and Peoples Gas
the roll OF sustaining points in the mar
ket. The advances were not accounted
for by any specific news. and they were
not efhcaciOuS in holding the market
which sold off to the lowest of the dav in
thezfnal hour, The reported prospect OF
a settlement OF the meat packers strike
was ignored as much as the initiation OF
the strike. The full statement OF the
June foreign trade mHigated somewhat
the poor comparison with last year made
by the domestic exports. Subtreasury
operations are making large contributions
to the local money supply and foreign
exchange weakened under the offerings
of long sterling bills by bankers in antici-
patton OF the coming exports OF our mer-
chandise. The market closed irregular and
slightly above the lowest
The bond market was firm. Total sales
par value. $2.79e. 000 United States bonds
were unchanged on call
CSIoSino I iSf