The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-23
EFFORT TO PUT UP PRICES
Is SPEEDILY ABANDONED.
STOCK MARKET ALLOWED TO
DRIFT REST OF DAY.
News of the Day Considered Unfa-
yorable, Weather's Effect on
Crops Being a Factor.

New York. June 22.-There was briefly
prices, but it was soon abandoned. and the
stock market was allowed to drift for the
rest Of the day. Scattered liquidation from
various quarters and acute weakness OF
few stocks caused the drift to be down.
ward. and the closing was easy at the low
est of the day, and very dull. The news
of the day was not favorable. and the early
attempt 10 put IN prices seemed 10 De
manipulative and designed to contest the
effect of the poor bank statement Of Satur-
day. The announcement OF gold exports was
the signal for prices to turn downward.
The outgo OF gold also gave renewed effect
10 Saturdays bank statement, and the
weather map for the day. being unfavor-
able for the corn and cotton crops. as well
as Tor the harvesting of the winter-wneat
ences No plausible explanation is forth
coming OF the discrepancy of over $S,"i.-
60 between the cash showing OF the banks
In the statement and the known move
ments of money for the week.
WITHDRAWALS DENIED.
So far as can be learned. the suggestion
that the trust companies have been max
ing Withdrawals of their deposits was
without warrant.
The engagement of $4,000 of gold for
export to Germany and France tomorrow
came as disasreeable surprise to the
small speculative element in stocks. which
has counted upon cessation of exports
rate last Thursday. But discounts have
hardened in London, and the price Of golf
was advanced there this morning, while
the decline in sterling at Berlin and Paris
marks the process Of withdrawal of French
and German capital from London. 1t is evil
dent also that those centers are calling
don Statist of June 13. while protesting CON
hdence in the soundness OF the American
situation in spite of the decline in stocks.
expresses the opinion that there will be for
awhile slackenins OF ali kinds of business
in the United States. which will make
money more abundant and cheap in New
man banks TO decrease, still further the
balances they are employing here. This
weeks steamers are the latest from which
the remittances can be made for interest
and dividends to foreign holders OF our Sc
curitieS. due on July l.
CORN CROPS EFFECT.
The stock market at present is sentitive
TO the chances of the corn crop. the acreage
for which is not being finally decided. The
days unfavorable developments for the
crops, as indicated by the strength both in
the cereal and cotton markets. was perhaps
OF equal influence with the gold exports in
depressing stocks. Only one or two of the
principal railroad stocks lost as much as A
point. International Mercantile Marine al
though not dealt in on the Stock Exchange,
was weak on the curb on account of the an
nounced determination OF the Cunard Com
pany TO act independently of the comb.na-
ton in markets. Steps taken in various
judicial proceedings against minor Industrial
corporations We're a contributing influence to
the depression. Special pressure was di-
rected against Colorado Fuel. Metropolitan
Street Railway, the Northern Securities
Company, the Union Bag stocks and
Leather preferred. The total transactions
fell to near the low level for the year.
Bonds We're dull and weak. Total sales
Par value S.4S.GJQ. United States new Is
registered declined !. per cent on the last