The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-07-03
BUSINESS IN STOCKS IS
CONFINED TO FEW ISSUES.
LARGE TRANSACTIONS IN MIS-
SOURI, PACIFIC.
Range of Prices Is Narrow
Clearinghouse Banks Make
New Balance Record.

New York. July 1.-THE stock market vas
extremely dull to-day. and the only notable
activity was concentrated in a few stocks.
In some OF these there were news develop
10 give an ostensIble cause for their
strength. In others there was an appear
ance Of manipulation with the purpose Of
sustaining the general market. The specu-
lation was light, owing 10 the large opera
tons in progress in the money market on
account OF the July settlement and Of syn
dictate operations. There were large tran
sactions all day in Missouri Pacific. which
sold ex the semiannual dividend Of PIC per
cent, but the price range all day was re-
stricted TO a fraction Louisville vas IN
active demand at extreme advance OF ia
The movement seemed TO be based on the
formal announcement that the purchase IN
behalf Of the company OF the Chicago. IN
dIanapolis and Louisville was IN effect
Colorado Fuel made another squirt. which
vas supposed to be due 10 a struggle Tor
control, but which incidentally involved
forced buying by q distressed short m
Ierest.
short Covering Is an Element.
Short covering was also an element in
the advance OF Sugar, and the rise IN the
price OF raw sugar also helped mat STOCK
The buying OF Amalgamated copper vas
attributed 10 a more confident feeling over
the trade outlook. The United StEtes
Steel stocks were firm because OF the IN
d LGA ~ - -
quarter. The statistics Of iron and steel
production for the past year issued by the
American Iron and Steel Association were
regarded as an astounding exhibit of active
and prosperous conditions in the trade. Inc
steel stocks, nevertheless. met a considera-
BILE volume of selling at the advance. q
large portion of which was for London ac-
count. The statement Of the May net
clearing nous banks this morning OF VA
ing an, increase OF over a million dollars,
compared with May of last year. was
taken as IN index OF the large profits sc-
cruing 10 the soft coal carriers as a result
of the anthracite strike. The Nay state
ment OF the Norfolk and Western corrob-
GRATED the showing. and led to the
frmness OF the Soft-coaI carriers. in
which. however, Pennsylvania shared but
Slightly. The early firneness OF the local
traction stocks was fostered by the in
creased net earnings reported by the Brook
Ign Transit system. and by hopes Of large
profits from the coming holiday trafic.
Call Loan Rate Is Easier.
The rate for call loans showed further
ease to-day, but foreign exchange advanced.
The London money market showed addi-
tiOnal ease. but pressure was transmitted
from Paris. where there was an abrupt de-
cline OF 2 ceutimes in the sterling rate
Yesterdays money market operations re-
suited in balances to be met between the
clearinghouse banks this morning of ga
which is the largest on record for
that item. Payments to-day to the under
writing syndicate for the Burlington pur-
chase released large sums to the market.
and the disbursements OF Government in
terest affords relief from any subtreasury
requirements. To-day there was paid out
by that institution on account OF klOndike
gold $4,000, the 1rst of the season. Adj
vices are received Of an additional half
million 20 be received from the same source
this week. The market closed dull and
easy.
The bond market was dull ard irregular.
Total sales. par value. 270.og0. United
,tstes bonds were ell unchanged on the last
call.