The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-04


NEW YORK, July 3-Today's stock
market was little more than nominal
The volume of business was so small
that, had there been wide price move
menu, Httie significance could have az
tached to the fact. The subject of most
vital interest on the exchange was
whether 1t would be possible to get to
Setner a quorum of the. governors ID
the exchange until Monday next When
this was accomplished it was greeted
With cheers all through the Wall street
district, and there was an Immediate
hegira of members of the board Only
those VINO were compelled to stay to
close up contracts remained in the board
room. The leader in such market as
tnere was, was United States Steel That
STOCK rejected clearly enough the disap-
polntment of holders over the dividend,
or rather over the wording of the divi-
dend declaration, The omission of the
WORD quarterly in connection with the
l per cent dividend>on the common stock
was alleged to throw doubt on the con-
tinuity OF the dividend rate thus estab-
llShed. The argument of the friends of
the stock that room was thus left to in
crease the rate as we'll as to decrease III
ala not assure the spectators and they
sold the stock freely. The preferred sIf-
Tered even more markedly. declining 33s
from the top level The common fell IL
from the best. Both stocks seemed to be
without aggressive support The effort Of
pelated borrowers to secure loans to
carry over the four-day interval until
Monday caused lively furry in money.
AS nigh as 70 per cent was paid for
call loans and considerable liquidation
was precfpitated. The last hour was. in
fact. the most active of the day on the
Closing up or accounts, and a number
OF lead1ng stocks were carried down a
point or more. The disturbance in the
money market was evidence of the DELAY
IN the return to the market OF the money
paid out In dividends and interest In
spite of payment OF government interest
SuDtTPAS1TW
from the market on balance this week
The sharp discount to which ChIca go
exchange has fallen is also evidence Of
the presence in that market of heavy
claims on New York. The apprehension
was felt that the effect Of a weak
bank statement would have to be faced
when trading was resumed on next Mon
The bond market was dull and irrer-
ular Total sales. par values 81. 875. 000
United States bonds were all unchanged
The following notice was sent out by
the secretary Of the New York Stock ex,
THE exchange will be closed from 3
2 H. To-Day until 10 a. m Monday. July
William MccfIreggF Secretary.
While the board Of governors was in
session today a communication was read
from a number of the principal banks
saying that the banks would restrict
business as much as possible on July )
anu D ON account or the heat, and that
as many employees as could be spared
would be excused on those days
MenberssRf theo cotton, exchange said
that the exchange would. be unable to
close on Friday tandg Saturday, Friday
is regular notice day for the delivery of
July cotton ons eDeioh1 contracts TIE I'M
certain condition OF the crop is urged by
the officers Of the exchange as a reason
why II would be unwlse to suspend busi-
STOC,L ORION r,o,,.
Furnlsned by Charles H. F. Smith B.
Co., members Of the New York Stock
tEXchange, Pioneer Press, Aiding. who
nave direct wires TO Chicago and New