The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-09

NEW YORK. July S.-Professional trad
ers made another unayailing attempt to
awaken some degree of activity in the
stock market today. During the early
market the rate of activity was equal to
the expanded dealings of the latter part of
yesterday, but the subsequent relapse was
into such complete stagnation that the
total dealings for the day dropped back
to about the low record level for the year.
In the light of this mornings develop
ments yesterdays late drive at United
States Steel stocks seemed to have no
other purpose than to provide better
vantage ground for an upward start. The
statement of the corporations earnings
for the quarter just passed, with its de-
crease of over $1,200,000 from the CORE
spending quarter of last year, was no
worse than had been expected and the
slight increase reported in the June esti-
mated earnings compared with June earn
lngs of last year was regarded as a IA
vorable feature The common and preferred
stocks were lifted about a point on the
score of this showing.
ST. Paul Gains.
In the active railroad list st. Paul and
Missouri Pacific were the only stocks to
gain as much as this. The further en-
gagement of $1500,0 600 gold for export and
the early sharp rally in the cotton market
seemed to have no effect in checking the
rise in stocks. 1t was after cotton had
reacted that the. unresponsiveness of the
stock market was perceived. Prices there
fell back into it's rut of stagnation. Re-
ports have been current for several days
that insiders were buying Erie stocks on
the certainty that the directors would to-
day advance the first preferred dividend
to per cent and would declare a per
cent on the second preferred.
CredulouS traders who have followed
this inside" buying learned today on in
quiry that nc directors meeting is in
contemplation for two weeks. The Incl
dent is characteristic of the present mar
ket, but so far as can be judged from
the resulting movement ia the stocks these
rumors have done no great harm nor con-
ferred any great benefit on anybody. The
rally in the cotton market is regarded as
d natural incident of the process of set
tlement to normal basis in that market,
but until the settlement is completed the
expected benefits to the financial and gen
eral business structure are not likely to
become evident.
Apprehension as to Corn.
The favorable crop condition was offset
by the expressive firmness in the wheat
market and the profit taking reaction in
corn did not entirely relieve the fear that
the government crop report on Friday will
make an unpromising showing for that
crop. Further weakness in International
disturb sentiment There was also fur
Their slump in Standard Rope and Irvine
issues, but pretty effectual recovery fol-
lowed. New York exchange at Chicago
declined 20 points to 80 cents discount
The disposition at that center to recall
funds and the complete cessation of any
stock market inquiry from that source
gives rise to some troubled surmise in
Wall street circles. 1t is significant of
the prevailing dullness of business that
many stock brokerage houses are largely
reducing their clerical forces. .
Active railroad bonds were pretty
steady, but high grade inactive issues
are settling to lower price basis. The
New York Central general mortgage 31as
which sold last week as low as par for
the first time in their history, sold today
at 81. Total sales. par value, 81. lis, 900
United States bonds were all unchanged
ON the last call
Trading on the Stock exchange today
was the lowest in three years, being but
ITS, 1876 shares.