The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-30
STOCKS LOOK UP AGAIN
MORE ANIMATION ON A RISING
SCALE THAN FOR WEEKS
Substantial Net Gains Are General Among
the Leaders-Grain Carriers Came For
ward VigorousIy-StimuIatin Influence
of the Pennsylvania Subscription.

NEW YORK. June 29.-Today's stock
market showed more animation on a
strongly rising scale than has been seen
for many weeks. Business for the first
two hours was considerably in excess Of
the average for the daily trading of last
week. The market closed very active and
strong with the top level of the day well
maintained.
Net gains of l to "a were general
among the leaders and active stocks
Reading was easily the leader of the day 8
markets and it's advance of "a on the
purchase Of enormous blocks on a con-
Stantly rising scale. The Pennsylvania
group of coalers was conspicuous through
out and Pennsylvania itself broke through
the opposition which held it for a time
at 125 and rose to the best in the late
dealings. The grain carriers were later
to respond, but they came forward vigor-
ously in the final dealings, with the Paci-
flcS leading.
Union Pacific and Southern Pacific rose
more than two points over Saturday. The
buying of Reading was concentrated and
the personality of the brokers employed
gave rise to renewed SurmiSeS as to pos
Slble new adjustment of relations and
control in the field of the trunk line and
coalers as an outgrowth of the final lodge
ment OF the new Pennsylvania stock.
Measuring Factor.
The action of that stock was a reas-
Surlng factor upon sentiment. The appre-
henSlon that with the completion of the
stock subscription the motive for support
of the stock by the underwriting syndi-
cate having passed the price would give
away. was seen to be without ground.
The brilliant success of the subscription
was a stimulating influence upon the
whole market. The official announcement
that the total issue was subscribed for by
stockholders and that 80 per cent of sub
ScrlptlonS were paid in full, indicates a
money requirements of S>J.t't tp
IEitr this ieuU rement CT uld have been
met with practically no disbursement in
the money market has greatly strength
ened the confidence in the money Situa-
t1on, the more so, as it is now understood
that the subscription payments have not
yet been diSemburSed for repayment of
the Pennsylvania $40 900, 900 negotiated
last January, although it is stated on au-
thority that this loan would be paid at it's
maturity in the second and third weeks
| of July. The Pennsylvania subscriptions
seem to have operated for the benefit of
| the New York money market by the diver
sion or the payments to this center both
] from Philadelphia and from foreign stock
holders The ability of the money market
to carry through this great operation has
| detracted from the fears of a money
| squeeze in meeting the July 1 require
ments which, however. are unprecedented
| IN amount 1t is estimated that the to-
! tai interest and dividend disbursements
for July will amount to $136, 800, 900.
| Call Money Higher
| Call money ruled at higher rate to-
| day, however, and the time money mar
| ket was perceptibly f1rmer. Discounts rose
| III ana DELHI anu the price OF
| money in London was higher, but sterline
here was easier. The condition of the
national banks throughout the country
| ON June shows a percentage of legal re-
| serve to deposits of 22.08 per cent, com
pared with 216S per cent on April l and
~. 80 per cent on July 16 last year. The
increase in lOarA and discounts since July
10 OF last year has been $194, 1856 119. This
| does not constitute a favorable shoWine
| on its face as to the ability of the banks
| to meet the coming demands to move
the crops, but this showing was lost sight
OF today in face Of the more immediate
| situation. The special strength of Read
/ ing was connected with rumors of a com
| ing increase in the dividend disburse-
ments on the stocks of the company. The
reports Of rains in the Northwest and the
reaction resulting in the wheat market
nelped stocks. The weekly railroad traf-
nc statistics show the general merchandise
movement we'll sustained and this was
used to point the argument that the agri-
cultural communities would not keep up
their demand for merchandise if the crops
were really in danger. Speculative senti-
ment among professional traders became
very bullish as result of the turn in the
market.
United States Steel second SIS were
dropped down to near 80 by persistent
selling. The bond market otherwise was
nrn. Total sales, par value, $500, 900
United States bonds were all unchanged
on the last CALL
Closing List.