The Saint Paul globe., 1904-06-30
STOCKS AT LOWEST EBB
RECORD FOR DULLNESs IN WALL
STREET is I'm DANGER
Regular Attendance on Change is Depict
ed to Startling Degree-Permanent
Closing on Saturdays is Proposed

NEW YORK, June 29.-The principal
interest attaching to today's stock mar.
ket was the question whether it. would
score new low record for dullness. But
while it is possible to point out isolated
occasions when, for a single day there
was less business done on the stock ex-
change than on any day in the current
duiineSs, it is undeniable that the lack of
interest in the stock market and the dull
ness of the average business for a given
period are more pronounced now than for
many years past. Large transactions in
such stock as Phenix Mining save the
record IN actual number of shares trans
ferfed, but when it is considered that
these shares are of par value of 81, thus
requiring a transfer of 10000 shares to
equal q transaction in single full share
lot of an ordinary stock, the security of
the record is seen to have been achieved
al small outlay.
The regular attendance in the Wall
street region is strikingly depleted, and is
indn!IeSL not only to a casual observance
Dut IN the reduced requirements for ordi-
nary service and also for Office room. An
ingenious calculator points out that the
total sales OF stock for the present aver
age of business would yield, in full conf
missions, only few dollars a day to
each or the members of the exchange. OF
course much of the business Yields only
part commissions from one member to
another, while the room trader who oper-
ateS on his own account Yields no com
heard among the less serious minded of
tne auV1Sablllty of closing the exchange
entirely on Saturdays, the two hours ses-
sion proving a futiIity to the minds of
those eager for holiday privileges Such
considerations, little serious as they
seem, give the only adequate conception
present market.
Merely Index of Uncertainty
1t is scarcely fair to attribute the slug
HUctl9 in Al
10 consideration OF such vast issues as
the country crops, the course of buSi-
ness ana proprlety as whole and as
barometer OF events of so prodigiouS a
character to come. The present market
can be accepted only as an index of Dro-
FOUND uncertainty and lack of conviction
over the future course of events. and de-
cisive developments are awaited to dis
solve the uncertainty. The next govern
ment crop report, due on July TO- with the
nTSt government estimate on the corn
crop, may, it is believed have AN i'm
portant effect in forming convictions, and
It's early appearance after the coming.
hohday ADDS to the indiSposition to make
commitments until that period has pass
ed. F
July disbursements are to be an
pafentiy close to the high record and it
nand for loans may result But no rres-
ent anxiety over the money market can
De eonjured up. influential buying OF
Southern Pacific and TIninr Fsarifiss 1,ad q
sustaining effect in the general market
Trade reports of the anthracite traffic
We're more conservative than has recent
ly been the case. Erie's reduction in
operating cost for May was favorably re-
garded but this and other mixed show
ings or railroad earnings was without in
f1uence on prices. So was the resumntion
Of dividends on Lehigh Valley after an
eleVen-year interval The rise in the Met
ropoltan fractions pulled prices up
sIightly and held them to the closing
which therefore shows slight gains as a
Bonds were dull and irregular, but with
an investment demand for many dormant
issues. Total sales, par value 81 8)fl OOa
United States bonds We're unchanged on
call. -" va