The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-19
GREAT MASS OF SECURITIES
IN STATE OF STAGNATI0N.
ONLY 4 FEW STOCKS ACTIVE
AT NEW YORK.
Reduction of Bank of England's
Rate Is Offset by Strength
of Exchange.

New York, June S.-There were few in
dividual stocks in which active trading and
wide movements made cross-currents in the
stock market to-day. but the great body OF
securities listed for trading on the eN-
change was staGnant. The market started
off with some show OF strength. with the
influence of the reduction in the rate OF the
discount in the Bank of England to 9 per
cent. and an easier tone prevailed in re-
Spouse. The higher range of quotations for
Americans as a consequence awaited the
opening Of the stock market here. Some of
the leaders were lifted a point over last
night in the first half hour. Pennsylvania
was in special demand. and rumors con-
tinucd to circulate that the Pennsylvania
Gould dispute had been adjusted. 1t was
possible to secure official admissions that
efforts to this end We're being made but
these. seemed to be by outside interests
rather than by mutual approach of the two
parties 10 the difference. The progress OF
subscriptions to the new Pennsylvania
value as we'll When IL was learned that
the price of cotton was running off sharply
the professional operators in stocks inuulgei
the hope that they would be able to force
an upward turn. but they met selling pres
sure and had TO abandon the attempt.
SELLING is ACTIVE.
This selling was especially acute IN Met
ropolitan Street Railway, Metropolitan Sc
curities and the iron and steel stocks. the
selling being notably large in United States
Steel. both common and preferred. The
former touched rs, and the latter exceeded
its previous low record of 49,. by a fall TO
7Si.. The presence in the market Of a large
and persistent selling order in United States
Steel was the occasion for mucn Surmlse, as
to its source.
The whole group was depressed by the
admissions made by an authority in the
trade that concessions made in the price of
iron do not yet tempt consumers. and that
concessions are being quietly made by some
of the larger interests in the steel market
y further reduction in the price of iron was
announced during the day The incident of
a delayed payment of maturing obligations
by the Colorado Fuel Company was d con-
group. Colorado Fuel itself dropped at one
time "a. but recovered the greater part of
that loss. The weakness of Metropolitan
Street Railway and OF Metropolitan securi-
ties was directly traceable TO the state
ments regarding the company's earnings
made by its president on the witness stand
The drop. in Metropolitan Street Railway
reached 32t. and in the securities company
5, with a partial recovery i'll both cases.
DISCOUNT RATES.
The effect of the Bank of England dis
count reduction was partly offset by the
continued strength of sterling here, and its
weakness i'll Berlin and Paris The inference
seems to he disposition on the part of Der
lin and Paris to withdraw capital from
London on account Of the reduced interest
rate. with an attempt or the part of London
to divert the demand upon New York. The
money here continues easy. and the banks
are gaining from the Subtreasury. and it is
believed from the interior as well. Rates
for time loans. however. are firmly held
and Size is demanded for loans over the
year-end The ease OF call money is said
to he due to the fact that large provision
has been made by many interests in the
way of time loans to guard against the
period of stringency. and in the meantime
keeping the proceeds of these time loans
out at call on stock collateral. The market
closed intensely dull and weak. and near
the low level of the day. with losses OF
about a point in number of leading stocks.
Bonds Were weak. Total sales. par value,
Sl6l0.0p1 United States bonds were all I'M
pCod ha Ia 81