The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-14
STOCKS FLAT AGAIN
UPWARD MOVEMENT IN PRICES RE-
: CEIVED DECIDED CHECK
Hope That the Market Had Beer Taken
Out of the Rut Is Bfasted-flo Absorp-
tive Power for the Moderate OFFERINGS

NEW YORK, June l3.-The fattenine
out of the speculative upward movement
IN prices was sore disappointment today
TO the professional trading element The
rise which developed in the latter part of
IaSt week had aroused great hopes that
the market was at last stirred out of its
rut. The presumption was widespread
tnat the advance in prices had received
countenance and assistance from some Of
the large banking and railroad interests,
whose cooperation in me market has
been vainly looked for by the traders for
many weeks past. There was no evil
.dence today of buying of this character
and when the smaller class of spectators
attempted to take profits on some of the
| holdings taken over last week they found
they had the market to themselves and
no absorptive power for their moderate
offerings
The reasons which the habitual traders
expect always to be present for move
ment OF prices were variously assigned.
Probably the true explanation would be
tnat suggestions as to the influential
character of last weeks buying were mis-
taken.
The opening advance was promptly
challenged by the heaviness @of United
States Steel preferred and unfavorable
conclusions were drawn from the person
al1ty of the brokers employed in that
| stock, who were supposed to be informed
on trade affairs. The weekly discussion
OF. railroad traffic by officials was de-
c1dedly peSSimiStic and served to upset
the calculations that better traffic condi-
lions for the railroads would result from
the better crop conditions of last week. On
the contrary, railroad officials were rather
generally agreed in the opinion that the
merchandise movement over their lines
was markedly smaller than last year, and
that merchants and manufacturers were
still persisting in their conservative hand
to-mouth method of buying.
Empty Cars Accumulate
Accumulation of empty cars was an
Item OF many of these weekly interviews.
The discussion bears on the traffic of last
| week. but it anticipates reports of gross
in the future, and which influence
will then have to be reckoned
with The resumption on a small scale
of recently suspended traffic on the lakes
of railroads to which it was diverted dur
ing the effective period of the lake tie up.
The domestic exports for May make a
poor contrast with the relative improve
ment in April which it was hoped marked
the turn for the better in our export trade.
May exports of domestic products on the
contrary, have decreased over $4,000, 600
from those of May last year and upwards
to $18,O0O,0 600 from April of this year. OF
the decrease from last year more than
81, 900, 600 is in value of breadstuffs and
over So ,000, 900 in value of cotton, The
81, 1874, Sol OF the breadstuffs exports
makes the lowest valuation of any one
month for years past. The advance in
the grain markets today helped to unset
tie the stock market, as did reduction
in the price of copper. The circular to
stockholders of the Northern Securities
company renewed attention to the tying up
of the dividends on the 1895, GOO, 900 of
advance of a point in Ontario & Western
was ineffective to hold the market which
closed heavy at the lowest of the day.
There was a good inquiry for bonds and
prices were firm. Total sales par value,
81, S55, 900. United States bonds were I'M
| changed on call.