The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-23

NEW YORK. June 22.-There was a
briefly entertained purpose this morning
TO put prices UP, but it was soon aban-
doned and the stock market was al
lowed to drift for the rest of the day.
Scattered liquidation from various quar-
lerS and rather acute weakness of a few
STOCKS caused the drift to be downward
ana the closing was easy, at the lowest
OF the day, and very dull The news of
the day was not favorable to rise and
to be maintained and designed to contest
Saturday.
The announcement of gold exports was
the signal for prices to turn downward
Inc outgo Of gold also gave renewed eff
1ect to Saturdays bank statement and the
Ne Mea fn map for the day, being unfavor--
pie Tor the corn and cotton crops, as Well
as for the harvesting of the winter wheat
crop, was added to the depressing inf1u-
ences NO plausible explanation is forth
coming OF the discrepancy of over So, 900. :
700 between the cash showing of the banks
IN the statement and the known move
ments OF money for the week. So far
as can be learned the suggestion that
the trust companies have been making
WlthdraWals of their deposits was with
out warrant.
DIsaareeabIe Surprise.
The engagement of s., SOC, 600 of gold
Tor export TO Germany and France to-
morrow came as a diSagreeable sur
prise to the small speculative element in
stocks. which was counting upon cessa-
I1on OF exports since the reduction of the
BANK or England rate last Thursday. But
discounts have hardened in London and
the price of gold was advanced there this
morning, While the decline in sterling at
BeILn and Paris marks the procession of
WlthdraWal of French and German cap
ltal from London. 1t is evident also that
those centers are calling home resources
from New York as the avoWed purpose
OF the authority of the Imperial Bank of
Germany
The London Statist. of June 10, while
protesting confidence in the soundness of
the American situation in spite of, the
Decline in stocks, expressed the opinion
mat there will be for while a stiffening
O. an kinds Of business in the United
states which will make money more
abundant and cheap in New York, and
Which will enable the French and Ger
man man banks to decrease still further the
balance they are employing here This
weeks steamers are also the latest by
winch remittances can be made for inter-.
est ana dividends to foreign holders of
our securities due on July T.
Corn's Influence Important.
:, The stock market at present is sensi-
tive to the chances of the corn crop. the
acreage for which is now being finally
decided: The days unfavorable develop
n la Tor 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.
i Dnly one or two of the principal railroads
LtAoC1I as d point, pennsylvania
and Reading representing the coaIers and
Illinois Central the cotton carriers. IN
ternat1onal Mercantile Marine, although
not oealt IN on the stock exchange, was
weak on the curb on account of the an
nounced determination of the Cunard
company to act Independently Of the com
pm In making rates. Criticism of
the status of the Combination is PLAYING
an sIsn important part in causing the current
suspicion 81 OF the financial situation here
various judicial proceedings, a minor in
idustrial corporation was a contributing
influence to the depression. Special pres
sure was directed against Colorado Fuel
Metropolitan Street Railway, the Sc
cur1t1es company. the Union Bag stocks
and Leather preferred. The total trans
actions fell to near the low level for the
year. ny
Bonds were dull and weak. Total sales
par value, 81, 405, 900. United States new
IS registered declined Il per cent on the
last call. -
Closing List.