The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-02
STOCKS ILLUMINATED
HOPE FOR REVIVAL OF SPEcULA.
TON GOES GLIMMERiNG
Trading Element Is Intimidated by Stiff
fleming in the Call Loan Rate-London Is
a Conspicuous Seller, Which Is a Factor
In the Heaviness of the Market.

NEW YORK, July 1.-The newly awak-
ened hope on the part of commission
brokers of a revival of speculation, which
prompted the exchange governors yester-
day to dismiss the resolution of members
in favor OF a holiday on Friday, received
a setback today All the animation was
gone from the market and the apathetic
conditions of last week seemed to be re-
newed in full force.
Yesterdays stiffening in the call loan
rate to 10 per cent served to intimidate the
trading element. The rate did not go above
6 per cent today, and in the late dealings
eaSed off to nominal figures after the
principal demand had been satisfied. The
course of the call money market, however,
was felt to be due to the moderation dis
played by stock market borrowers and the
late easing of the rate had no other eff
feet than a moderate recovery from the
earlier depression in the market due to the
covering of shorts by professional traders.
The recovery halted at about last nights
level and the closing was rather heavy.
Course of Steel.
Yesterdays sudden advance Of over two
points in United States Steel preferred
which was coincident with the return -
the street after long absence of a noted
operator conspicuous in the f1uctuation
period of the United States Steel Securi-
ties had aroused some hope that Il re-
neWed bull campaign was to be under
taken in those securities under syndicate
auspices, but the inertia of the preferred
stock in the neighborhood Of 80, which is
the SUBSCRIPTION price OI1efeQ TO employees
strengthened the surmise that that price
level was the objective of yesterdays
movement. Other news OF the corporations
affairs caused hope that the recent pres
sure of liquidation has not been completed
and there were rumoTs current that the
holdings recently in course Of liquidation
had been taken care of. The second mort
gage bonds were lifted about a point
during the morning, but did not hold
we'll q.
London was conspicuous seller during
the morning and this was considerable
factor In the heaviness of the market.
Some recovery in the exchange market
also resulted and an advance in the price
OF American gold coin in London was also
noted noted Toda a.s, clearing house balances
the high record level and is a reflection
OF yesterdays heavy financial transac-
lions incident to the turn of the fiscal
years. Renewed strength in the cot
ton market disappointed the hopes that
the violent speculation there was not
elimination and the firmness of the corn
market was also a detriment to stocks
favorably regarded.
Weakness in Copper.
Atchison. Southern Pacific and Union
Pacific We're carried a point IN
Hooking Valley fell five with rally OF
IA and the preferred dropped three on
account by speculative holders that as
yet unannounced plan Of joint control
would not yield any benefit to them. The
weakness of Colorado Fuel was due to
the existence of large order in liquida-
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
ings reported by Lehigh Valley and New
York. Ontario & Western confirmed the
belief in the very favorable conditions in
the coal carrying trade and revived some
buying of Reading. but the May reports of
ST. Paul, Louisville e. Nashville and
Southern Railway showed that the effect
of the large increases in operating ex-
penses. st. Paul showing a net return
slightly less than the corresponding month
last year.
The bond market was quite firm. but
not active outside of United States s, ~
second 5s. Total sales, par value, 2,33U,-
600. United States rs advanced II and the
old As " per cent on the last call.
Closing List.