The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-17

NEW YORK, June ia comparison Of
today's last prices with the last prices
last night gives no idea of the wide fiuc-
tuations in the days market. The prin-
cipal speculative favorites this morning
were from 1 to over 2 points lower than
last night and within a range running
points of the low level touched on We'd
nesday last in many cases. The days
movement. while generally small, there
fore represents a very substantial recoV-
cry from the low point of the day. But
when it was attempted to rush prices up
late In the day to much above last nights
prices again fell back. The closing, how
ever, was firm but very dull and near the
top level of the day.
The inference drawn from the action of
the market as that professional Specula-
tors tested the market on the short side
and encouraged resistance in substantial
buying demand. The buying by the bears
to cover was substantial element in the
rally and when the attempt was made to
carry the movement further, pressure to
sell was again encountered. In addition
like further liquidation during the early
hours this morning, the weakness of yes
terdays market having awakened fears
That an extensive decline was In prospect
investment Buying Reappears.
1t was evident also that when prices
approached last weeks low level, buying
Of an investment character again came
into the street. The deduction drawn by
the average operator in stocks at the end
OF the day was that attacks on the market
would encounter substantial buying power
and that the urgent liquidation of the
character in evidence last week was no
longer overhanging the market On the
other hand, attempts to bull the market
aside from the probable lack OF money re-
sources, seemed to encounter heavy SELL
ing at the high levels. The prospect thus
indicated of dull and sluggish market
is viewed not without satisfaction in fl
ndnc1aI quarters generally.
That the resources which have been &C
cumulated by such painful process Of
liquidation should be Immediately put
back into speculative use with the needs
OF the coming autumn still to be met is
a course generally disapproved by bankers
and those with large property interests
During the early decline today the sus-
pense over the probable decision Of the
coal miners convention was of important
influence. The final action by the con-
vention and the apparent improvement
IN feeling of the two sides of the con-
troversy which has resulted from the in
cldent is regarded with vast anxiety ex-
pressed over the crop news during the
early part of the day, but the weekly crop
report and the reaction in wheat and cot
ton served to relieve this somewhat.
Atchison was cOnspicuously weak and
rumors of a probable reduction in the
dividend continued to circulate.
Depression in London.
The payment of an instalIment of the
SUBSCRIPTION on the conSolS issue, call
ing Tor $15, DOC, 600 in the London market,
added to the depression there and was re-
hected here. Sterling exchange also
ruled strong with threat of further gold
exports. The determinations incident to
the law suit over the United States ship
building reorganization and the tone of
the testimony in the suit against the
lease of the Metropolitan Street. railway
by the Interurban company were the sub
Ject OF wide discussion in Wall street
and caused very unfavorable impression
in the market. The suicide of an official
OF one of the banks was also used during
the morning to induce selling of stocks,
but the prompt assurances that no flnan-
c1aI irregularities We're involved took
away that effect. The reduction in price
Of copper weakened Amalgamated in the
early dealings, but the later announce
ment OF a further cut in the price of pig
iron did not interrupt the late recovery
of the market
Bonds showed early weakness and re-
covered in sympathy with stocks. Total
sales, par value, $500 900. United States
new As advanced IS per cent on the last
call.
ETOsiHn NJ