The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-02
HOPES FOR BETTER STOCK
MARKET DISAPPOINTED.
STIFFENING OF COAL LOAN
RATE ACTS AS BRAKE.
Money Easier on Account of Lack
of BuSiness-ClOse of the
Session Is Heavy.

New York. July 1.-The newly awakened
hope on the part OF the commission brokers
Of a revival Of speculation. which prompted
the exchange governors yesterday TO dis
miss the resolution Of members in favor Of
holiday on FRIDAY received a setback to-
dav. All the animation was gone from the
market. and the apathetic conditions of last
week seemed TO he renewed IN full force.
Yesterdays stiffcning in the cail-loan rate
10 10 per cen; served TO intmidatc the trad
ing element. TIE rate did not 20 abov" 6
per cent ;o-da-. and in the late dealings
eased of to nominal after the principal de-
nland had been satisfied TIL. course. of the
call money however. was felt to BE- d;ie TO
the moderation displayed by stock arket
borrowers. and the late easing of the rate
had no other eject than moderate re-
coEcry from the earlier depression in the
market. due 10 the covering Of shorts b.
preferential traders. The recovery hated at
about last nights level. and the closing WAS
rather heavy.
ADVANCE IN STEEL.
Yesterdays sudden advance of over .
points in United States Steel preferred,
which was coincident with the return TO the
street after 4 long absence Of a noted OPP
orator conspicuous in the fo:ation period of
the United States Steel. subsequently
aroused some hope that "A renewed bIil cam
pai2n was to he undertaken in those stocks
under syndicate auspices but the inertia OF
the preferred stocks liz tie neishborhood Of
o. W men ~ INC Subscription price offered 10
employees. strengthened the surrnise that
that price level was the objective OF yester-
DAY movement. Other news of the cor
poration's affairs caused hope that the re-
cent pressure in liquidation has not been
completed. and there were rumors current
that the holdings recently in course of
liquidation mad been taken care of The
sec0nd-rnortGage bonds were lifted about
point during the morning. but did not hold
wen. London was conspicuous seller dur
ing the morning, and this was a consider
aUie factor in the heayinasg Of RI
Some recovery in the exchange market also
resulted and an advance in the price of
noted. TO-day's advance in the n-icc Of
American Gold Coin in London was also
noted.
BALANCES HIGH.
To-day's clearinghouse balances footed
UP s4.59s.ie0 which is close to the high rec
ORD level. and Is a reflection of yesterdays
he2vy financial transactions incident TO the
turn of the fiscal year The renewed
Strength IN the cotton market disappointed
.nie hopes mat the violent speculation there
va, Was not elimination. and the firmness OF
t.ie corn market was also detriment 10
Stocks. although sharp reaction in wheat
was laECfaoiy regarded. AtchisOu, Southern
ana al ~ pac ,ih Were carried up to last night
AT one time. Hooking Valley fell 8, with
a ra!iy OF ~. and the preferred dropped 8
on account of fears by speculative holders
mat the as yet unannounced plan of joint
control would not yield any benefit TO them.
Inc weakness OF Colorado Fuel was due 10
the existence of a large order in li1uida-
ton. Sugar suffered from the marking
down OF the price of the product and the
weakness of the London copper market af-
fected Amalgamated. The May net earn
tEgs reported by Lehigh Valley and New
York. Ontario and Western confirmed be-
lief in the very favorable conditions in the
coai-carrying trade and revived some buy
ing OF Reading. but the May reports of St
Paul. Louisville and Nashville and South
ern Railway showed the effect OF the
large increases in operating expenses. ST.
Paul showing a net return slightly less than
tl,e corresponding month last year
The bond market was quite firm. but not
active, outside OF United States Steel sec
ond 5s. Total sales, par value, 81 OoCO
United States % advanced Il and the old
As II per cent on the last call