The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-04

NEW YORK, June 3.-The recovery
again today by the stock market from an
opening depression and the disregard of
some of the bad news of the day seemed
to give a fresh demonstration that a sta
BILE basis of prices had been reached, and
after midday the price level was lifted
quite substantially. But when the pro-
fessional operators commenced to take
their profits in the last hour of the SeS
sion the days gains melted away in short
order and last prices generally showed
net loss.
The opening setback was due to the
| reported threat of a strike by the an
thrac1te coal miners unless the refusal
OF the operators to accept the miners
| representatives on the Cancellation board
should be rescinded. The resulting de-
cline on the prices reached point or
ers, but for other leading representative
railroad stocks. ST. Paul, which contin-
ued to be accepted as the index of the
market, ran off ". 1t became manifest
at the decline that the short interest was
awaiting itself Of the opportunity to COW
er at the same time support was in the
market as on yesterday. A party Of pro-
fessional traders, seeing the direction of
things. commenced to buy and bid up
stocks in an effort to take away the mar
ket from the shorts.
Recovery of Canadian Group.
A sharp recovery in tne Canadian group
from yesterdays deInoralized break help
co the movement. st. Paul was carried
LIS over last night in the course of the
movement. Many other gains of a point
or more were achieved before the final
setback occurred. The comment by Of
f1clalS of the coal roads on the labor sit
uatlon revealed rather conciliatory spir-
IL ana an apparent willingness to nego-
tiate the dispute. and on this tne coal
erS made vigorous recOveries. The i'm
provement in the Western weather sit
uation and the subsistence of the floods
We're taken as encouraging features and
had added force by reason of the sharp
reaction in the grain market
The heavy engagements of gold for out
go tomorrow seemed to be ignored as
the call money market continued very
easy. The engagement of gold for
France, Germany and Canada for tie
day amounted to considerably over SIS,
9O0, 600. Although the coal money mar
ening tone in the time money market
rates for six months rising to pei
| cent, and for eight months to 5h per
cent. There was a slight reaction also
in foreign exchange, and this was said
to be due to some offerings of loan bills
which the advance in time money made
profitable.
Llquidating Foreign Debts.
Exchange bankers reported that nc
| bills We're sold against the gold shipments
which We're clearly in liquidation of ma
turing foreign Indebtedness. The ster-
ling exchange market steadied again be-
| fore the close. There was a decline also
in the sterling rate at Paris which sery-
| ed to increase the margin of profits or
! gold exports There was some selling
OF stocks for Boston account, and re-
ports that loans We're being called there
New York exchange at Chicago, how
| ever, advanced to so cents premium. The
outlook in the money markets may have
induced the renewed selling OF stocks in
| the last hour, which converged on Penn.
! sylvania, carrying that stock down to 8
| parity with the low level of the move
! ment at 1251s. Prices broke to below
| last nights level all around. but steadieC
slightly just at the close. Several. good
reports Of railroad earnings and a SHARP
| recovery in the London copper market
ment.
| The bond market was firm, and the
new Rock Islands were lifted two points
| States Is, coupon, advanced u per cent
and the new As, coupon. declined u pei
| cent On the last call