The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-26
7EVEN THE PROFESSIONALS
DISCOURAGED OVER MARKET.
TRADING FALLS TO A LOW
EBB IN WALL STREET.
j. p. Morgan's Return Still Appar-
emily Without Effect-Prices
Are Uncertain.

New York. June 25.-Even the profess
efforts to move prices in to-day's stock
market. The drift on the average was with
In range of less than full point and was
uncertain and irregular all day. rhe total
dealings we'll below the quarter million
share mark. marking the low level for the
year. If the dealings in Pennsylvania, St.
Paul, Colorado Fuel and Wabash preferred
we're subtracted. there would be little left
or the days market. The business con-
gested in these stocks and the continued
large selling of United States Steel second
hves made up the market of the day. The
selling of the Steel bonds down to a new
low level at S1& is commonly attributed to
Inc nqu1dation OF large individual account
in connection with which developments are
ton.
STEEL DEPRESSED.
But the iron and steel stocks as q VIII Die
were somewhat depressed to-day by the
tone CT the Iron Ages review of The trade
which was somewhat skeptical as TO the
stability of prices for steel products f,r 1904
owing TO the fact that 1.-The outside mills ere
acting freely Independent of the leading
product, and no one talks of 1901 require
merits" The special weakness in Colorado
Fuel. which fell an extreme 35. seemed due
the assumI ton of control by the Could
Rockefeller interests. This announcement
also seemed to he the motive of a sliy ht
upward movement in some of the Cold
stocks early in the day, Denver and Rio
Grande md Wabash preferred rising point
or over. There was an air OF expectation
among professional operators in stocks of
some development affecting securities as
result OF the return of J. p Morgan but
nothing occurred TO justify the expectation;
the DAYS weather map was considered I'M
favorable.
The weather in the crop regions is studied
critically from day to day. as the progress
and final outcome of the crop is believed to
affect vitality the financial future The
money market IL Very calm. notwithstand-
ing the near approach of the requirements
for the new fiscal year and the important
operations in connection with the Pennsyl-
vania stock subscriptions. But apprehen-
sion of money squeeze for the month-end
acted its part in suppresSing speculation TO
the low level which was reached during the
day; Inc pennSylvania stock operation was
an influence also in the foreign exchange
market. the subscriptions by foreign STOCK
holders for the new stock saving 20 weak
en- the sterling rate to n marked degree.
STERLING ADVANCED.
Sterling also advanced at Paris and Ber-
the Bank of England for German account.
In the local market not only did call loans
fail TO stiffen. but there has been relaxation
in the rate for time loans within the last
TWO ua!s. tne CAUSES OF winch are somewhat
puzzling. The new lease of life for the
labor dispute in the local building trades
was disauieting factor and had its infiu-
ence in weakening the iron and steel stocks.
PepoTs Of disturbance of passenger rates
in the West was minor influence. The
market closed easy. but at very small net
changes.
Aside from the large selling of United
States Steel second 5s. the bond market was
dull and irregular. Total sales par value.
$2.SS50oo; United States bonds were all UNI
changed on the last call.
Wall Street Gossip.
Reported by the Commercial Advertiser through
Francis, Bro. & Co., No. ga North Fourth street;
New York. June 25.Pennsyirania-Thc fea
ture of the trading Pennsylvania which SOLE
down In the carly trading TO 1875. the loves
price Of the present movement. Mcintyre & Mar
sha sold 1000 shares and were followed b. othel
conirniseion-hcuses. while W. u. Oliver sold S.0E
shares and other room traders followed his lead
THE prevailing impression of the selling was
chiefly against purchases of the rights. Prohst