The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-25
STOCKS ARE QUIESCENT
PROFESSIONALS STILL IN CHARGE
AND BUSINESS SMALL
Conditions Are Such that Little Hint Of
the Controlling Motives Can Be Deduced
Market for Once Is Unaffected by Nor
CANS Return Home.

NEW YORK, June 24.-Very little can
be gathered Of prevailing speculative
sentiment from the movement of prices in
.today's stock market. For one reason,
sequence and We're still freely in the hands
OF professional traders. The movement
OF prices was so conflicting and SO con-
Stantly Huctuating as to leave no room
for consistent interferences as to the mo-
tlVeS that promoted the operations. There
was some degree of strength in the
morning which seemed to be ample con-
hrmation of yesterdays late rally. Last
last nights.
Probably the real reason for this is that
prices advanced yesterday. In the prevail
ing doubt and timidity of the board room
operators they shrunk from carrying
prices far in any direction. While one
small party buys stocks, another party
aVallS itself of this demand to go short
and an opportunity for a fractional profit
IS sufficient to prompt the closing out
Didn't Mind Morgan.
For several years Mr.. Morgan's return
from his annual vacation in Europe has
peen made the occasion for a bull demon
strat1on in the stock market Today the
passage of the steamship bearing him
was bulletined from various points after
she was sighted, but the stock market
failed to respond. Some of the questions
regarding the formations connected with
MI. Morgan's name awaiting decision have
which may account for the changed atti-
tuGe towards his home coming. The en-
gagement of $1,500O00 of gold for ship
ment to Paris tomorrow was a chilling in
huence on the market, especially in view
OF the condition of the surplus reserve of
the banks and the approach of the period
Of the semi-annual settlements.
The requirements of this period are
complicated this year by the falling due
of subscriptions for the so per cent in
Staiments on the new stock issue Of the
scription for the stock are being made
In deSultory manner, but the large hold
ers of privileges are evidently deferring
their payments until the last moment.
y. The payments SO far made have not
disturbed the money market, but it is es-
timated that upwords of $50, 900, 900 re-
mains to be paid on this account.
"Hope Deferred"
1t has been expected that disturbance
IN the money market would be prevented
by the use of the proceeds of these SUBJ
scriptions for prompt repayment of the
$4,000, 900 Pennsylvania loan taken out
last January. 1t appears, however that
this loan, which was for six months, does
not mature until near the middle of July.
money was higher in London today, and
discounts hardened in Paris and Berlin
While sterling fell away in both centers.
In1S leaves the question of further gold
exports from New York still open, in spite
OF an easing in the sterling exchange rate
mere today The, excitement prevailing
in the cotton market today and the not
able strength in wheat and corn are nor
NAL Influences for contrary movement
of prices in stocks.
Enormous selling Of United States Steel
Is and 5s carried the price down to 81
compared with a previous low record Of
30 There was a sudden rally of 70 at
the last, but the depression of these bonds
had sympathetic influence in the stock
list The bond market otherwise, was
dull and irregular. Total sales, par value
5000, 900. United States new As coupon
advanced II per cent on the last call
CI0enn I iS+