The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-13

Call money, New York.ss.... .21k-3 2g-
NEW YORK, June 12-The stock mar
ket fell into semi-stagnation during the
latter part of the day. and the gains
which We're established in the morning
were pretty generally wiped out under
the dribble of selling orders, which came
up on market almost bare of demand
Various points of strength made their ap-
pearance during the day but they lost
their influence in sustaining prices. The
more cheerful feeling in London this
morning was quite a noticeable influence
in the opening dealings. Rumors have
been very persistent for several days now
that peace is approaching in South At
RIGA. To appreciate the Importance of an
adjustment of the long drawn-out strug-
gle there, that is for the world of capt.
tai. it must be borne in mind what an
enormous demand the British government
makes on accumulated capital for the
conduct of the war, as We'll as the absolute
cutting off an important proportion of
the worlds gold product while the war
lasts. The large disbursements by the
government on war account, combined
With transfers of Russian deposits from
Paris, is what has given the London
money market it's present ease, and has
led to some expectation that governors
of the bank of England will further re-
duce the minimum discount rate at to-
morrow weekly session. A 10 per cent
lnstallment amounting to $30,0G0 600 OF
subscriptions to the new consol issue is
due on Tuesday next, June Is, and the
a
tor against the reduction in the bank rate.
In the local market the London influence
soon spent itself. The most notable feat
ureS or the market were Missouri Pacific
and Pennsylvania, which each rose as
much as 212 at one time. The Supposition
in the street is that the Missouri Pacific
directors will meet next Monday and put
the stock on a per cent basis Stocks
of affiliated companies showed some sym
pathy, especially the Denver g. Rio
Grande stock. The movement in Penn
sylVanla was due to today's report OF the
acquisition of the Pennsylvania Steel
company by the railroad company, to
safeguard it's steel rail supply The United
States Steel stocks were rather signif-
cantly heavy, but the stocks of independ-
ent companies shot up in a striking man.
ner. The movement in Colorado Fuel
was sensational, the eXtreme rea ching
1872, and the jumps between sales being
as much as 2l2 points. A violent reaction
left the stock only 81A net gain. Tennes-
see Coal rose ~, and the American Car
stocks, the Republic Iron e Steel stocks.
Sloss-Sheftield and Smelling, between
ana points. The dealing in Colorado
Fuel was for Chicago account National
Lead continued to show1the effect of ex-
pected benefits from Standard Oil con-
troll of American LinseedI The New
York public utilities were strong on the
nope of escape from the provision of the
franchise tax. NORTHWESTERN preferred
recovered points of yesterdays 13-point
loss Movements of any Significance our
side these stocks were confined to a few
rarely active stocks. The preliminary
statement of the May exports of agricui-
tural products showing an increase over
May of last year of over $11 200, COO and
the governments crop bulletin, reporting
needed rains in the districts shown to be
SUFFERING by the monthly report of June
l, seemed to warrant an assumption of in
creased value for securities, but they had
little effect in checking the dropping ten
dency from the opening high level, and
what mixed between gains and losses. and
are small in all cases outside of the spe-
cial features Indicated
Mexican Central income bonds were
heavily bought, but the general bond
market was dull and irregular Total
sales, par value, 50 GOO United States
bonds were all unchanged on the last
call.