The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-01
STOCKS BOOM AT FIRST
BUSINESS THE FIRST HOUR EQUALS
TWO EARLY HOURS OF MONDAY
Strength Is Well Sustained Meanwhile, but
the Squirt Soon Exhausts the Markets
Absorptive Power and General Reaction
Follows Under Profit T aking.

NEW YORK. June 30.-Almost as
many shares of stocks changed hands
during the first hour of trading today as
there were for the first two hours in the
newly awakened activity of the previous
days market. This first hour of trading
had every appearance of animation and
well sustained strength, but the abSorp-
tive power of the market was pretty we'll
exhausted by this squirt. and the dull
period of firmneSS which followed gave
way in the last hour to a general reac-
ton under professional profit taking.
The slight fluctuations during the first
hour, in view of the renewed activity.
gave sufficient warning that profit-taking
was going on freely This mornings pur-
they attempted to take their profits in
the last hour The days net changes
show very small net gains left for any OF
the speculative leaders and some of the
went slightly below last night under the
selling of the last hour Yesterdays heavy
buying and sharp upward movement in
Reading was sufficiently explained by the
statement of net earnings for May show
ing an increase for all the companies over
the corresponding months of last year OF
$1,420,07
Strike Losses Wiped Out.
This wipes out all of the loss incident
to the great coal strike and establishes
an increase in the net earnings of all the
fiscal year of $1,093, 241. This showing
gave color to the current rumors that
dividends would be commenced on the
second preferred stock. Combined with the
continuing effect of the Pennsylvania
stock subscription. the coal carrying roads
were made very strong for time. Mean
time, in another department OF the list
the Wabash, debenture bonds were be-
ing freely sold at an extreme decline of
rs, owing to the disappointment of hold
ers that the directors at their meeting
yesterday had decided not to disburse any
of the surplus earnings available for an
interest payment upon these bonds.
The days weather map. which showed
rains in the Northwestern states. where
the drought conditions have threatened the
spring wheat crop, was strengthening
influence on stocks With this indicated
relief in the dry season, the weather bu-
reaus weekly crop report was given a
sharply, corn more moderately after a
period Of strength and cotton violently.
Yesterdays disposition to ignore the ris7
ing rate for call loans was rather sharp
ly admonished by rise in the last deal-'
ings to 10 per cent in the call money
rate.
Disbursements Unprecedented. HF'
This development seemed to offset the
supposition that the serenity of the
money market in face of the PennSyf-s
vania stock subscription offered assurance
that the July l requirements would pass
without disturbance. 1t is borne in mind,
also that the New York money market
Is sometimes slow to respond to the ef-'
feet of the periodical disbursements after
the period of the disbursements, which
will be of unprecedented volume for this
July. In the last half hour after ~
profit taking movement had spent it's
force United States Steel preferred was
marked up. ~ over last night on COM
paratively light dealings. The nominal
ground for this movement was that the.
fail in the stock below the subscription
price offered to employees of the corpora
ton were calculated to prejudice it's rela-.
lions with it's employees The market
closed unsteady. .TA.I
The cessation of the pressure of liquida :;
ton against the United States Steel fives
seemed to be regarded as the favor
able opportunity for marking up the pre-!
ferred stock. The bond market generally
was dull and firm. Total sales, par
value, $2,430, 900. United States bonds
were all unchanged on the last call vI.i
The governors of the. stock exchange
today voted not to suspend business on
Friday.
Closing List.