The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-01

NEW YORK, July 31.-The trading in
stocks became extremely apatneIic TO-DAY
and at times the dealings ON the teor
were no more than nominal The UNDER
tone was heavy, but. the price movement
was very narrow and uncertain The re-
cent weakness in Atchison was supposed
to be explained by the statement OF June
net earnings. showing decrease com
pared with the preceding June OF $64l, 80
An official explanation WAS added rhaI
the heavy cost of the floods was ac-
countable for the poor showing. The bears
who have been selling the stock sh1rt
ceased to operate on that side OF the mar
ket and covered.
The rally in Atchison relieved the mar
ket of yesterdays principal disturbing
factor and checked any downward ten
dency. but the demand became very light
and the market was Semi-stagnant. me
determination to keep out of the market
was partly due to the issuance of a cir
cHlar by the Rock Island directors asking
for authority to issue $3.50, 100000 re-
funding and unifying mortgage.
Rock Island Puzzler.
This is a confirmation of many rumors
which have circulated lately without re-
the stock yesterday was due to those ru-
mors and 1T rallied today, indicating that
yesterdays selling was for the short ae-
count. The proposed issue is a puzzle
to Wall street, in view of the present con-
dition of the security market. Money
condition retained yesterdays relaxation
and preliminary figures indicate a cash
gain by the banks for the week of nearly
1000, goo. The repayment of the Penn
sylvania loans has been expected to show
in tomorrow's bank statement, but the
purchase of the Evansville 4 Terre
Haute, and payments Of S5,000,000 on the
final installment on the international mer-
camille marine underwriting, and of So
500, 600 on the Louisville & Nashville bond
underwriting, may complicate the loan
item of the banks.
The nominal ease in the time loan mar
ket seems to be partly due to the light
demand for funds and this, in turn, does
not free the stock market from evidence
of forced liquida ton In spots. Yester-
days extreme weakness in some of the
specialties revived some fears of money
troubles in today's market and helped to
paralyZe the trading.
The struggle for the Consolidated Lake
Superior Company to obtain subscriptions
to it's bond offering was accorded atten-
ton for its possible echo in the stock
market.
Earnings of No Effect.
ST. Paul's moderate decrease in June
net earnings and Union Pacific's ,moder-
ate increase seemed to be equally without
effect on those stocks. The, Weekly, sta
tiStics of grain exports confirm the hope
of a good foreign 'denandlferZ which the
shipments, rising 500; 4s5 bushels over
those of the preceding week, but the corn
experts have fallen off 572,529 bushels for
the same period. The days movements
of prices We're mostly insignificant N.
Y c. was forced down over a point on
renewed ruHnors that a bond issue was
pending to provide for terminal improve
ments. United States preferred was not
ably heavy. The local fractions made
advances and Amalgamated Copper rose
a point over last night None of these
changes were maintained and the market
closed dull and heavy.
Bonds were irregular. Total sales par
value, 1,450 900. United States bonds
were unchanged ON call.