The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-19

NEW YORK, June 1S.-There were
few individual stocks in which active
trading and wide movements made cross
currents IN the stock market today, but
the great body of securities listed for trad
ing on the exchange was stagnant. The
market started off with some show Of
strength with the influence of the reduc-
ton in the rate of discount of the Bank
of England to 3 per cent and the easier
tone of private discount in response A
higher range of quotations for Americans
as a consequence awaited the opening of
the stock market here. Some of the lead
erS We're lifted a point over last night
during the first half hour.
Pennsylvania was in special demand,
but rumors continued to circulate that
the Pennsylvania Gould dispute had been
adjusted. 1t was possible to secure Of
were being made, but these seemed to be
by outside interests rather than by mutual
approach of the two parties to the differ
ence The progress of subscriptions to the
new Pennsylvania stock had a favorable
effect on its market as well.
Can't Force a Rise.
When it was learned that the price of
cotton was running off sharply, the pro-
fessional operators in stocks INDUCED the
hope that they would be able to force an
upward turn, but they met selling pressure
and had to abandon the attempt.
This selling was especially acute il.
Metropolitan Street Railway, Metropolitan
Securities and the iron and steel stocks.
the selling being notably large in United
States Steel. both common and preferred.
The former touched 287sc and
the latter exceeded its previous low
record of 1874 by fall to 78A. The pres
ence in the market of a large and persistent
selling order in United States Steel was
the occasion of much surmise 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. A further reduction
in the price of iron was announced dur
ing the day. The incident of a delayed
payment of maturing obligations by the
Colorado Fuel company was a continuing
Colorado Fuel itself dropped at one time
"a. but recovered the greater part of that
loss. The weakness Of Metropolitan
curities was directly traceabIe to the
statements regarding the company's earn
ings made by its president on the wit
ness stand.
Drop Nearly -Four Points.
The drop in Metropolitan Street Railway
reached 3A, and in the Securities COM
pany 3. with a partial recovery in both
cases. The effect of the Bank of England
discount reduction was partly offset by
the continued strength of sterling here,
and its weakness in Berlin and Paris.
The inference seems to be a disposition on
the part Of Berlin and Paris to withdraw
capital from London on account of the re-
duced interest rate with an attempt on the
part of London to divert the demand upon
New York. Money here continues easy
and the banks are gaining from the sub
treasury and it is believed from the in
terror as well. Rates for time loans,
however, are firmly held, and 51z per cent
is demanded for loans over the year end.
The ease of call money Is said to be 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 ont
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 a number of leading stocks.
Bonds were weak; total sales, par
value, $1,610, 900; United States bonds
were all unchanged on the last call.