The St. Louis Republic., 1902-06-29
STOCK MARKET INERT WHILE
EIVlDENDS ARE PENDING.
LARGE PAYMENTS MAY DE-
PLETE MONEY SUPPLY.
Industrials Are Less in Demand
Since Their Manner of Organi-
zation Is Better Known.

New York, June 2S.-The general stock
market to-day was practically inert Inc
banl, statement did not reflect any no'aole
recuperation, but the condition OF the oahhS
is maintained, despite the weeks syndicate
operations and preparations which nave
presumably been made for the July settle
rent The statement was considered mega
lively favorable, therefore. There is an ex-
pectation, however, that there may De
some shifting of loans on Monday. 10
days money and exchange markets "eie
nominal as is usual on Saturday, but ster-
ling exchange at Paris fell half a cent!;ne
thus narrowing the margin between the
point OF profit on gold shipments. Foreign
bankers believe that some gold may go out
next week. OF to-day's spec al movements
the rise in Chicago and Eastern Illinois was
due to suggestion that the treasury STOCK
OF the company may be distraouteo STRIP r9a,,s4 I'D
up a fraction above the price touched on
the day the new stock issue was announced
and c osed at the top. The general market
steel stocks Are Firm.
The report of a vo.unta,y Increase OF u
per cent in wages by ths ImteG states focts 81.
firm although the Industrial department.
generally was heavy. Reading also "aS
dent had requested an opinion from tne
attorney General as to whether the Anthra-
cite Goa! Commission is l.. contraTention
of the antitrust law. The closing tone was
rather heavy. Prices OF stocks have been
lower this week with some recovery. The
conspicuous feature OF the market h ls been
its d,Illuess This was equally true OF the
selling and buying. When depressing fac-
tors developed the buying ceased almost
entirely. but there was no urSeat pres5u.Ie
to sell When attempts were made to invite
following b. advancing special STOCKS
there was no response Of buying. The event
of the week was the sudden announcement
Of the dangerous illness of the King OF
l,nriard and the postponement of the coro-
natIu3. TIE elaborate ceremonies IN pTep,
rration fer the coronation and the sum
total Of human disappointment involved IN
is TGstDcEersent gave the event a selsa-
tionai character tnat magnihed It's effect
cut OF proportion to is real power TO inhu-
enco pojiticaI or financial affairs.
London Loses Much. Financially.
There is a serious clement OF loss involved
70 the business world of London, and there
was, IN addition, large speculative conf
mitment on the hope OF trade revival as
result Of the END OF ins the war ar In rS;5t South
ton should the depressing effect OF the
Kings Illness check the expected trade re-
yiyai There was. therefore, a consider
ebie pressure of American securities for
London account upon the New York mar
ket The London money market is heavily
den drop in sterling exchange at those
points marked the tendency to Withdraw
credits from London. 1t was evident. on
claims upon New York, What we have bor-
rowed abroad. even from Paris and Berlin,
has been effected largely by the sale OF
and Berlin bankers. The consequence was
the exchange rate ran up rapidly to with
in a shade OF the gold-export point. Had II
not been for renewed selling by New York
bankers of loan bills In the exchange mar
ket 1t is probable that gold would have
gone out this week.
Stock Market Decidedly Dull.
This course of the exchange market was
a more effective factor in checking stock
market activity than was the actual pres
sure of foreign holdings Of stock for sale
in New York The Improvement in the
condition of King Edward and the London
holidays relieved. the New York market
from the depressing Influence from the Lon
don market Last weeks loan expansion
and various syndicate requirements 10 be
met this week left our money market IN
no condition to support an active specula--
tion In any event. The end Of the half-year
and the preparations to be made for divi-
dend and interest disbursements IN excess
of any precedent emphasized the need of
cautious policy. The market gave evidence
of the guardianship of powerful protectors;
nevertheless, In the occasional advance of
special stocks. notably the Gould group. st.