The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-01
EARLY Squirt IN STOCKS
GIVES WAY TO DULLNESS.
GENERAL REACTION TAKES
PLACE TOWARD CLOSE.
Days Weather Map Is a Helpful
Factor-Call Loans Rise
to Ten Per Cent.

New York. June 30.--TheTc were almost as
many shares OF stocks that changed hands
during the first hour OF trading to-day as
there were for the first two hours in the
newly awakened activity Of the previous
days market. This first hour OF trading and
every appearance OF animation and we'll
sustained strength. but the absOrptive pow
er of the market was pretty well exhaust
ed by this squirt. and the dun period Of
frmness which followed gave way in the
last hour to a general reaction under pro-
fessional protit-takin-. Tie slight huctua-
tons in tn. first hour. in view Of the re-
newed ACTIVITY. gave sufficient warning that
pTOtit-taklng was going Oh freely. This
mornings purchasers, however. had less sue
cess when they attempted TO Lake the!r
profits in the last hour. The days net
changes show very small net gains left for
any OF the speculative leaders. ana some of
them went slightly below last night under
the selling OF the last hour.
READINGS EARNINGS
Yesterdays heavy buying and sharp up
ward movement in Reading was sufficiently
explained by the statement of net earnings
FOR May. showing an increase for all the
companies over the corresponding months
OF the loss incident to the great coal strike
and establishes an increase in the net earn
inGs OF an the companies Tor the eleven
months Of the fiscal year of Sl.gt3.2n.
This showing gave color to the current
rumOrs that dividends would be com
menced OF the second preferred stock. Com
bned with the continuing effect Of the sue
cess Of the Pennsylvania stock subscrip-
ton. the Goa! -carry!n2 roads We're made
very strong fo- time. Meantime, in
other department OF the list. the Wabash
debenturc Il bonds We're being freely solu
at al extreme decline Of rs. owing to the
disappointment Of holders that the directors
| at their meeting yesterday had decided not
to disburse any Of the Surplus earnings
available for an interest payment upon
these bonds.
The days weather map. which showed
! Gains IN the Northwestern States where the
drought conditions have threatened the
fuance on stocks. With this indicated re-
lief in the dry section the Weather Bu-
reaus weekly crop report received a favora-
BILE Interpretation. Wheat reacted sharply.
corn more moderately after a period OF
strength and cotton violently. Yesterdays
disposition 10 ignore the rising rate for call
loans was rather sharply admOnished by a
rise in the late dealings TO 10 per cent in
the call money rate. This development
seemed to offset the supposition that the
serenity OF the money market in face Of the
Pennsylvania stock subscription offered as
suTance that the July l requirements would
pass without disturbance.
SLOW TO RESPOND.
| 1t IS borne in mind also that the New
| York money market is sometimes slow to
| respond to the effect Of the periodical dis
| bursements after the period of the disburse-
MeHts. which Will be OF an unprecedented
| volume for this July. In the last half hour.
! after the protit-taking movement had spent
| its force. United States Steel preferred was
marked UP "a over last night on compare
| lively light dealings The nominal ground
| for this movement was that the fall in the
| stock below the subscription price offered
| to employees OF the corporation were calcu-
lated to prejudice its relations with its en-
ployss. The market closed unsteady.
| The cessation of the pressure OF liquida-
| ton against the United States Steel second
1 . seemed 10 regarded the favorable
| opportunity for marking up preferred stock.
| The bond market was generally tIll and
| firm. Total sales. par value. s. 1900.
| United States bonds were all unchanged on
| he las call