The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-16
STOCKS IN THE DUMPS
SELLING PRESSURE REAPPEARs AND
CLOSING is HEAVY
Securities In Which the Great Bulk of
Trading Took Place Lose Two to Three
Points From Saturdays LeveI-No
News to Cause Decline.

NEW YORK. June 15.-Prices of securi-
ties had a decided backset as a result of
today s trading. Pressure developed from
the outset and with only occasional halts
and small fractional rallies the level of
prices sank lower throughout the day
and the closing was heavy at the low
est. me stocks in which the great bulk
OF trading occurred have lost all the way
from two to three points from Saturdays
level Th1s includes the principal Coalers,
Changers. Pacifics and Southwesterns.
The question whether the market was
on the eve Of the revival Of speculation
for the advance was thus @cisively an
SWered and there was a corresponding re-
lapse In prevailing sentiment about the
stock exchange in dependency. and ap-
prehensfon. There was no very important
development of news to account for the re-
neWed decline, but it was obvious that
the urgent demand for the uncovered short
interest had been mostly satisfied while
the investment demand had dropped out
with sharp recovery in prices from We'd
nesday's low level There was some large
selling early in the day, which had the
appearance of realizing on speculative ac-
counts, which Nd been secured at the low
level.
London Is In the Selling.
London took part in the selling and
Western wire houses also sent orders on an
important scale The selling was not so
large later in the day but prices yielded
without resisting power and there was
no attempt perceptible to support the
ma net. 1IS result Is To open uD former
doubts about the motive of the selling and
the extent to which liquidation may now be
purchased on the decline. Most of the cur
rent discussion had to do with factors in
the situation which were already in force
before the previous decline was arrested
last Thursday.
The uncertainty over the corn crop which
fell into the background in the satisfaction
over the government report on wheat came
into play again today, and the excited
jump in the cotton market called attention
aIreSh to the dangers of that crop. Last
weeks feeling that the elimination of the
Western floods left that factor amply dis
counted, gave place today to the reali-
Zation that statistics of railroad earnings
from that region for several weeks to come
must show the large inroads upon traffic
and then large expenses for repairs of the
damage caused by the floods. The as
senbling of the coal miners convention
and the extension of the lockout in the
New York building trades revived anx-
iety over the labor outlook. Money was
easy but sterling exchange recovered here
lin.
viii More Gold Go?
As a consequence there was close caIcu-
IatiOn over an export of gold by tomOr-
rows steamer, keeping alive expectation
on this point. The market closed, however
with no announcement of any engag cement
The satisfactory recuperation shown by
the banks in the Saturdays statement
leaves the surplus reserve still at a low
level for this season Of the year and there
is disposition to await with great in
terest the compilation of the returns to
the controller for June of the condition
of national banks throughout the country
The Inference from the foreign trade
statement for May, which shows falling off
in total exports, compared with last year
of over $2,000,000, is that our exports of
manufactured products are declining as
the exports of agricultural products were
slightly above those of last year The news
from London that a prominent fnancier
has booked a passage home for this week
after authorized intimationS had been
given that his vacation might be extend
ed into August, was made use of by the
professional operators with unfavorable
effect.
The bond market was dull but irregular.
Total sales, par value 81, 275, 900. United
States bonds were all unchanged ON the
last call.
CLOSING List