The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-20
sTOCKS DISPLAY STRENGTH,
AFTER A WEAK OPENING.
TRADING HAS PERIODS OF,
INTENSE DULLNESS.
kteel Under Pressure at First, but
/. Is Openly Supported by
* Strong Financiers.

New York June l9.-After a weak open
ing this morning the stock market devei-
oped degree of strength. and closed hlsh-
er then last night. net gains running 10 Il
point OF over in the most important specu-
lative stocks. The trading became INTENSE
~ dull and approached stasnauon at times
at the higher range Of prices. ana the close
was heavy. but only slightly below the
best. The days dealings barely aggregated
half a million shares. and there was con-
siderable congestion of operations in Read
ing. The United States Steel stocks ana
Atchisoa The steel stocks were under
pressure at the opening. and had declined
sharply in London before trading here on
what was alleged 10 be selling Tor the New
York account. There Is general convic-
ition that the liquidation which has been
I going on in these stocks Is due TO the spe-
I ciai needs Of large interest in the corpora
ltion, and there were indications to-day that
THE stock being sold represented collateral
for a large maturing loan Support was
fort Incoming for the stocks and the principal
banking house In the steel syndicate under
takiAgs was an open buyer. The decision
{ of the United States Steel authorities TO
maintain the schedule Of prices at TINS
large orders for steel rails for 1904 had been
booked gave an upward impetus to the
OWN PREFERRED AT TOP.
Tho common touched 30 but closed at
zslA, and the preferred closed at the top
price at 50. After a rally had set in for the
stocks the second-mortgage bonds. were
forced down by considerable selling orders
20 So. with a fractional recovery at the
last
1 4 he coalers were conspicuous in the up
ward movement and the principal buying
of them was attributed 10 speculative
combination OF professional operators. Ru-
,nors were circulated of a very favorable
showing OF net earnings for May by Read
ing, while the upward movement was in
progress. The rise reached points in Read
Ing. Atchison was also in conspicuous de-
mand and was helped by favorable reports
regarding crop prospects in its territory.
The decline in the cotton market was IA
vorahle factor for the whole list. So was
the prospect Of a favorable bank state
Ssnent, although the money market has lit
tie immediate influence on the STOCK mar.
ket, owing to the disprOportionate ease of
call loans as compared with the time-loau
rates, which are firmly held.
GAIN FOR BANKS.
With a gain for the banks on Subtreasury
operations Of sl,S65,Ooo, due principally to the
high rate Of disbursements on account of
per sions. the indications are that receipts
ON balance on the interior movement have
in cash of the banks up to 100000. 1t
Is not expected that the loan account will
show any such contraction that of last
week, since the liquidation in the stock
market has been largely suspended. But
reither is an important increase in the loan
account anticipated. 1t is hoped, therefore,
that the surplus reserves of the banks will
show considerable recuperation. AS this
Item was small for the season last week,
The promise Of recuperation is viewed with
sausfaction, especially with the period of
scmiannual requirements for money APP
pre- aching.
Bonds were dull and irregular. Total sales.
par value So 2l0o0O
! Unit I'd States bonds were all UNCHANGED
on the last call.