The Saint Paul globe., 1904-06-10
STOCKS STILL DROOP
UPWARD MOVEMENT FINDS NO EN-
cQURAGEMENT
Halt in the Advancing Tendency of Prices
Throws the Market Back into condi-
tion Of Apathy-Influence OF Crop i'm
provenent Grows

NEW YORK, June S.-The light specu-
latIoh for an advance in prices which was
III evidence yesterday was somewhat dis
couraged today and gave little show of
enthusiasm. The poor market afforded
for taking profits yesterday afternoon
served to discredit the upward movement.
London gave some upward impulse to
prices early in the day and took stocks
here until they reached the London parity
when the foreigners turned sellers again.
London was said to be somewhat disap
pointed over the failure to reduce the dis
count rate of the Bank of England But
the statement of the bank left no room
for anxiety over the financial situation
in London, the $500, 900 bullion increase
being accompanied by loan contraction
of over $14, 600 bringing the proportion of
reserve to liability to over so per cent.
showed further rise in its gold holdings
of over $500, eco with reduction of over
5000, 000 in its bills discounted.
1t was not surprising, therefore, that a
violent advance in the sterling rate at
Paris should reflect the turn in the cur
rent of the stream of capital away from
the French capital again. The sterling rate
eaSed here, although an additional con-
Slgnment of $2,697 900 in japanese gold
arriving at San Francisco was made avail
able to New York bank reserves by tele-
graph. The result is something like re-
dundancy Of capital at the great hnan-
cial eenterS of the world with a corre-
spending apathy of speculative and even
of investment demand which seems to
point to a world wide cause. Here in
New York the halt in the advancing ten
dency of prices threw the market back into
an apathetic condition
Iron Attracts Attention
There was further discussion of the
statistics of production and consumption
of iron which made their appearance yes
terday just before the close of the stock
market. The shrinkage in consumption
of iron is so generally accepted as highly
significant of business conditions in gen.
erai that the discussion was bound to
have some influence on speculative Senti-
ment: The New York CentraPs state
ment of May gross earnings, showing a
falling off. of $342.500. or more than per
cent from the previous year, was a re-
minder of an unpleasant fact in the situa-
ton.
An opinion is held that the May state
ment of net earnings may show the benefit
of measures of retrenchment not yet re-
fiected in any statements published. The
coalers are especially pointed to as bene-
fciaries from this development Grain
authorities aroused some apprehensions
that the government report, due tomOF
row afternoon might not prove as favor
able as has been hoped. The influence of
the crop prospects on speculative markets
gains in force as the crops mature. The
question Of labor troubles was kept in
evidence by the maintenance of the YES
Selmen'S strike on the lakes, the strike
ordered of marine f1remen i'll the coast
wise trade and the course of events in
Colorado
There was some investment absorption
of well secured bonds, but weakness
among speculative issues made the price
movement irregular. Total sales par value
$1080, 900. United States Is declined n
per cent on call.