The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-06-15
PROFESSIONALS TRY VAINLY
TO ENLlVEN STOCK MARKET.
MISSOURI PACIFIC CONTIN-
UES IN THE LEAD.
Few Gains Recorded Anywhere
and These Fail TO Be Perma-
nent-Bonds Dull.

New York. June livery little impor-
lance can be attached to to-day's dealings
in stocks. Prices were we'll held. but this
was not because there was any general de-
mand. but rather because there were no
offerings. Outside Of Missouri Pacific and
ST. Paul the dealings Were hardly more
than nominal. These two stocks were lift
cd a point after the appearance of the
bank statement, but neither closed at the
best. The closing was fairly steady. how
ever, but very dull. The bank statement
was considered favorable and helped the
market. The gain of s~l,25J,Go0 in cash re-
serves was larger than expected and the
contraction of over S,00O.000 in the loan aC-
count came in place of some apprehension
of a further expansion of that account. The
net result was to add more than $2.0J0.GO
to the surplus over the legal requirement in
the reserves of the ASSOCIATED banks.
Pool in Missouri Pacific.
The buying Of Missouri Pacific and of ST.
Paul was of the same character as during
the week and is attributed to the opera
tons of speculative pools. The COalers
We're neglc. ted. owing to the lack of cor
roboration of yesterdays rumors of meas
ures taken which would end the strike. The
rise CT a point in Norfolk and Western was
based upon the reports that the strike of
the soft-coal miners in the Nirginias has
been broken.
to stimulate speculation. The trading was
pCrfunctory throughout. The reports of
mercantile agencies. which showed the an
thraCite strike to be the only cloud on the
industrial horizon, and a showing OF rail-
road earnings for the first week in June.
which are larger by over 6 per cent than
| those of the same period last year. were
influences toward conserving the firm under
tone of stock.
Slight Revival This Week.
There has been a slight revival in the
stock market this week. but it was not
husbanded, and the market has shown a
disposition to relapse into lethargy and to
await clearing up of some of the clements
of uncertainty III the situation. The mid
week increase in activity was due largely
to a personal element. and was attributed
to the operations of the leader of the So
called Western party. which has dominated
all the recent important Speculative move
ments in the stock market. and has been
largely influential as well in the corn TESr-
ket. The return of this leader TO the Wall
street district was followed by large deal
ings in some of the granger roads and in
some of the Southern railroads. This leader. !
ship induced some professional following,
but the iEertnesS of the outside public dis
couraged the campaign. and 1t was dis
velopments of the week have been such as
to discourage present speculative activity, |
but have confirmed the general confidence ,
that is felt in the general sOundness of the /
business and industrial situation.
Strike Still Proves Disturbing.
The continuance of labor trouble in the
anthracite regions has kept attention TO
cuseG on this phase of the industrial situa-
some lesser manifestations of labor dis
content. The differences between miners
apparently irrecOncilable. and the early
rumOrs of further negotiations towards set !
Element and of possible Intervention by the
federal executive to attempt haTmOniza-
ttor have given way to the conviction that
the struggle must settle down into a test of
endurance. A possible spread by sym
the further development upon which con-
lecture rests. The suspension of mining
M pEf VIRGINIA and q inc ]
has not been reflected in any appreciable
stock movement. except as it may have
yet to be arranged, which hangs over the
situation, is the ultimate effect uron the
financial situation Of the peace in South
London this week has revealed an over
bought condition Of securities, especially of
Kafiir mining stocks, and the weakness Of
many Of the holders has necessitated realiz-
downward Grade; Not much revival is is e X
festivities are finished
There has been much controversy for two
years past over the question of the relative
influence upon the depression which has
ruled abroad of the Boer war and the COM
petition Of the expanded American indus
tries. With the war ended, the problem
arises of the direction TO be taken by the
stimulating influences arising from the set
Element. A long period of liquidation in
Europe has haken securities down to a sub
stantial basis which may prove attractive
to capital.
SonultiOn Is One Tor GrONth.
The present condition in this condition is
one Of expansion il not of infltration, but |
Inc teld for new development in this
country is clearly out of all proportion 10
that of the older countries of Europe. Even
curing the period OF our largest increase /
IN wealth and while we have brought foreign
tiers, we have continued large borrowers |
from foreigners for our own developments. I
In effect, foreigners have used the proceeds /
or sales of our securities to place in our /
loan markets. But while our market has 1
been replenished with large temporary {
from this source there has been very E
little investment of foreign capital i'm onr +
The question is whether the B
,evtving effect of the cessation of the South 4
gold supply from the Rand VIII in Is
luce investment in American securities or e
the withdrawal of capital lent here for in IS
6estment in revived enterprises abroad. y
Much Depends on Effect of Pence. Z
Tit answer is of vast Importance to the Il
expended credit markets of this country. a
IS regarded as the first of a series of <
rails FOL our expanded credits. Its APP 4
money market this week a demand for time q
designed to carry over the July l Is
and the crop movement period. the i
maturing OF heavy bankers obligations 10 y
'oreiEn lenders. which are to follow. Some h
'eiief is expected from the July l reduc- =
ion of taxes. which should reduce the drain RI
rom the surplus revenue requirements. But +
he withdrawal of the Treasury Depart e
offer to redeem bonds. which was an +
relieving factor at this time last 4
ear, will have to be considered. The Gov n
crop bulletin for June / this week n
vas a disappointment In the lack of i'm 81
rovement shown in winter wheat and the 81
decrease in acreage of spring 81
heat. which brings down the estimate for II
he total crop. in spite of the high condi- q
ion of spring wheat. which brings down n
he estimates for the years total crop. In II
nite of the high condition of spring wheat. III
he great Importance of the corn crop has n
hereby increased. Some anxiety has also NJ
cen felt over the cotton crops need OF Ell
ain. Railroad earnings have been well 81
at n level above last year anu II
he industrial situation has continued pros y
erous. and especially in iron and steel. in =
-hich the demand has continued to extend -
Ito next year period. The increase in divi-
ends on Chicago and Northwestern. and co
hicagO. st. Paul. MINNEAPOLIS. and Omaha IS,
is regarded as important evidence vi
f prosperous railroad conditions.
There has been a dull and narrow market