The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-30
REACTION IN STOCKS
DEALINGS ARE SMALLER AND
FLUCTUATIONS NARROWER
Renewed Decline in British consois
Has an lnfiuence-St. Paul Stock
Rises in Anticipation of Favorable
Report

NEW YORK July 29@Steeks re-
acted again today, but the market be-
came much quieteT. Dealings were de-
cIdedly smaller and fluctuations much
narrower. marking the declining os-
c1Hation due to an approach to a sta
tionary condition after the more vio-
lent disturbance OF the earlier part of
the week. The action of the market to-
day suggested less a recurrence Of
anxiety over the factors which broke
prices on Wednesday than an undoing
OF some overhaSty commitments made
yesterday in the attack upon the shorts
IN the market The renewed decline
IN British consols- however, was not
without effect upon sentiment. This
effect was more pronounced in our
wheat market than in stocks and led
TO sharp advance in wheat. The
strength there was also attributable in
part to reports OF inferior quality in
the winter wheat being harvested and
to rather persistent damage reports
from the spring wheat belt in the
Northwest. The cotton market today
was not free from damage reports and
these had some natural effect on stocks.
There was some early resistance to
the downward tendency, which CEN
tered chiefly in St. Paul, that stock ris-
ing at one time a large fraction over
last night This was in anticipation OF
a good effect to be produced by the
company's annual report which is ex-
pected to show record figures both for
gross and net earnings. United States
Steel preferred yielded early to the
selling pressure on continued discuss
sion OF the quarterly report. Other
news bearing on the stock was the re-
ported shutting down Of mills for an
indefinite period at Lorain for lack of
orders and a reported cut in tin plate
some i'll effects from the declaration OF
only the regular dividend ON the stock,
although it has not appeared that any
serious expectation was entertained
of an increase.
Labor Situation Causes Uneasiness
The labor situation is the subject of
some anxious consideration in Specula-
tive circles. This anxiety was in
creased today by the projected confer
ences among anthracite mine leaders
10 consider an extensive strike against
grievances. The shutting down of
mines to curtail output in view of the
large stocking UP which has been ac=
compfished in the trade was aconsid-
cred an unfavorabie augury Large re-
duction of working force was said to be
in progress by one of the great car
construction companies. The passing
OF quarterly dividends by some of the
New England cotton mills kept in sight
the unpromising condition in that de-
partmeut of industry A small bank
failure in Wisconsin, following two
other failures at different points earlier
in the week. renewed the unpleasant
impression Of that condition, which has
been dormant for several weeks.
SabtreasHEy operations have yielded
less to the banks than for some time
past and today a payment OF a Central
Pacific note to the government for
nearly $3.00o,900a resulted in a credit
balance for the Subtreasury at the
clearing house of over S1.700, 000 The
better showing for the government
revenues which reduces the banks rev
enues, which reduces the banks inn
mediate gains, reduces any probability
of the withdrawal OF government de-
poSits from the banks to repienish the
governments working balance. Cur
rency has continued TO arrive in large
volume from the interior and a gain in
cash Of upwards of So, 600, 600 is fore
Swallowed by the estimates. The mar
ket closed steady, but without effective
recovery.
Bonds were easier Total sales, par
value, $1,655. 600. United States new
IS registered Is per cent on call.
Closing List