The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-03
STOCKS SAG HEAVILY
AGAIN is SPECULATIVE ANTIcIPA-
TON CHEATED BY EVENTS
Money Market is Easier, but That Fact
Does Not Help Trading in Stocks-Duii-
ness Is Helped Along by Approach of
Holiday.

NEW YORK. July 2.-Another specula-
tive anticipation was disappointed by the
action of today's market This was that
with the Pennsylvania stocks subscription
money market out of the way, some spec
ulative interest in stocks would be
aroused. Todays money markets re-
fiected clearly enough the refiux of funds
after the tyingup incident to the settle
mentS.
Some doubt is felt over the showing CT
the weekly bank statement, which will be
published tomorrow owing to the Saturday
noliday: 1t is expected that this will
show the effects of the large opera lions
incident to the beginning of the fiscal year
as was the case with returns of the Bank
of England and the Bank of France. which
We're made today Both institutions show
ed a decline in reserve, the English bank
OF nearly 100000 and French bank a
signify smaller amount and both insti-
tutions showed an enormous expansions of
credits. But the procession of repayment
OF these extended accommodations is al
ready proceeding both in Paris and Lon
don. In New York the maximum call
loan rate today was 4 " per cent compared
with 6 per cent yesterday and 10 per cent
on tuesday. A bank statement unfavor-
able on its face is not likely therefore to
be factor in the speculation.
Buying Demand Nil.
But the easing money market failed to
help the stock market There was no mr.
gent pressure to sell. but the buying de-
mand was almost impalpable and prices
Sagged heavily throughout the session
The approach of the holiday was a posi-
Bile influence on the dullness and espe-
cially as many members are preparing to
leave town this evening until next week
1t would be difficult to hit upon any fac
tor as the dominant cause of the weak
ness, but sentiment in speculative circles
over the future of values is undoubtedly
discouraged. London reported some selling
OF Americans on fears of disturbance
OF our relations with the Russian govern
Inent, put there was no trace of this feel
ing in New York. -
Reports Of plans of reorganization for
additional industrial combinations and the
terms proposed created distinctly bad
impression, although the securities affect
ed are not dealt in on the stock exchange.
me further discrepancy of over six points
in Hooking Valley today. marked the APP
prenenSlons OF minority stock holders that
they will receive benefit from the passing
OF a bare majority of the stock TO the
Joint control of the leading railroad pow
ers In the coal-carrylng trade. ~
Northern Securities Parallel.
Parallels We're drawn with the palmy
plans. the INSCRIPTIONS of the Burlington
system and the formation of the Nor'tffl
ern Securities company. The weekly re-
view OF the iron trade. the favorable news
from the crop region and the days reports
or railroad earnings including thu Penn
sylVan1a decrease for May, afforded no as
slstance in advancing prices.
There was a further yielding of prices,
bringing Southern Pacific. Kansas & Tex-
as preferred, Rock Island. Norfolk, &
Western, Ontario q Western, Delaware &
Hudson, Minneapolis. st: Paul & Sault
Ste. Marie. Sugar and Brooklyn Rapid
Transit into the range of 1@1k points
losses. Tennessee Coal fell "a; Hooking
Valley 6h. and the preferred l. The close
was dull and slightly irregular.
In the bond market some of the older
issues tended downward. The semi an
nual interest OF IL per cent came off the
New York Central general mortgage BIAS
and they sold at par for the first time
in their history. The issue of this refund
ing mortgage late in 1897 was regarded
as the opening of a new era in our finar-
cial history and was one of the notable
events heralding the following period Of
prosperity. In 1899 they sold as high as
113A, and last year as high as 1O94a Taey
sold earlier this year at 101, which was
the previous low record. Total sales OF
bonds, par value. $1.725, 600 United States
5s advanced " per cent on the last call.
CLOSING List