The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-27
STOCK MARKET Is Dull
BUT TRADERS KEPT UP AN APP
PEARANCE OF INTEREST
IN TRADING
PRICES TENDED DOWNWARD
Decline in st. Paul Reached rs at
One Time, With MANY Other
Stocks Also Lower-Market
Stiffens at Close.

Closing.
Wed. Tues
Bar silver. New York. .:.... 59A 591s
Call money, New York -. .41a-S 32a-5
NEW YORK, June s26-The sentiment
reflected by the changes in stock prices
underwent an astonishing number of mrl.
tations today, considering the small vol
ume of the trading and narrowness CT
the interest in the market. The market
was palpably soft, Notwithstanding these
variations. There was a residue of ap-
prehenSiOn caused by yesterdays bank
ing disturbance, in spite of the clearing
up of many wild rumors that were cir
culated yesterday by the explicit state
mentS put out over night. 1t was doubt
less owing to this feeling of uneasiness
that strong supporting orders were put
in the market at the opening to guard
against any violent disturbance of prices
The advances which were caused in tn At
way were, in fact, met by considerable
selling orUers by the element which pro-
fessed to expect further trouble. The
persistence of the support and the news
that the bank which was affected yester-
day had met today'S debit balance at the
clearing house quieted the slight tenden-
cy to feverishneSS in the market After
wards the trading took on the tone of
the recent market and consideration re-
turned to the situation of the money
market. The fact that the clearing house
association had considered it unnecessary
to accord assistance to the bank in trou-
Bile yesterday was regarded in itself re-
assuring, as indicating a belief that the
banks affairs offered no threat to the
general situation and that the trouble
was localized. With the development Of
this sentiment the support of the market
seemed to be less, as though it We're not
deemed necessary. When the money rate
stiffened to above 6 per cent and increas-
ed offerings came upon the market prices
therefore yielded easily. This period of
greatest weakness IN the market was
also that of the greatest activity The
money rate was exactly what has been
anticipated for two weeks past, and what
is a usual incident of the last week Of
June, en- account of the large accumula-
lions necessary to provide for interest
and disbursements. Stock spectators,
however, are prone to ignore this
periodical tendency and to persist in an
optimistic spirit in the hope of money
market relief This~week the hope has
hinged on the probability of the repay
ment to the marketaef some very large
borrowings by syndicates and railroad
companies. Very possibly yesterdays dis
turbance to credit. slight though it was
had it's effect in the shifting of loans
which occurred today apd which precipl-
tated the sprinkle of liquidation owing to
the difficulty OF securing new accommo-
GatiOn.
The decline in prices was most pro-
nounced in st. Paul, Union Pacific. Man
haitian and some of the less prominent
stocks which have been under manipula-
ton recently for an advance. St Paul
fell an extreme rs under last night. The
latter part of the day was taken up BY
very general but Cesu.tory ec0Very. With
the dissolution of selling pressure, the
friends of certain stocks bid them up
again and the hopeful ones had a story
that the secretary of the treasury would
pay out government interest Immediately
in anticipation Of the July l disbuI.~s--
ments Not a few Of the most important
stocks were lifted well above last night's
level, while the larger number rallied to
that level The closing was very dull
but firm. The reaction in STEERING ex-
change in response to the rise in the
money rate and the favorable progress
in the stock exchange settlements in Lon
don and also in Berlin, in spite of yes
terdays bank failure in Leipsic. carried
the prices Of exchange well away from
the gold export points.
The bond market was dull but prices
yielded to selling in sympathy with
stocks. Total sales, par value. 81, 995. 500.
United States IS refundiug advanced u
per cent on the last call.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago ana New
York Closing prices are bid: