The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-28
NO LIFE IN STOCKS
MARKET is EVEN MORE LISTLESS
THAN USUAL
Traders Hope for Expanded Business and
Broader Interest, but Are Disappointed
Railroad Situation Appears More
Hopeful

NEW YORK. June 27.-There was hope
and some expectation in the circles of
professional operators in stocks that the
new week opening would witness an ex-
panslon of the dealings and a broadening
OF interest in the market. The market
proved even more listless and sluggish
than usual. Last weeks hardening of
prices and the good tone with which the
light profit taking at the end of the week
was absorbed were the basis Of hopes
that the rising movement would gain
force and attract outside demand A
summing up OF general conditions bore out
some or the forecasts upon which it was
supposed last weeks rise was based But
the new demand for stocks failed to de-
Yeiop and the disappointment caused
prices to drop after the opening. The
later fluctuations were languid and to-
tally Indifferent
Railroad officials in the customary
weekly discussion of traffic. expressed a
feeLng or encouragement for the first
time in many weeks and prOfesSed to see
some actual growth of the movement of
merchandise The lake competing lines
We're an exception, the opening Of lake
navigation. with the settlement of the
strike, serving to turn back some traffic
TO the water route which was diverted to
the railroads during the strike. But Off
Gals of Western and Southwestern rail-
roads asserted that the stagnation in
business seemed to be passing. Reports
or gross earnings for the third week Of
over last year. But some of the important
systems reported decreases. Atchison's
net showing for May cost it the gain made
early on the circulation of rumOrS that
an important holding was being built up
In the property in the interest of Union
Pacific. Hooking Valley and Wisconsin
also made poor shOwings of May net earn
ings.
Rain UnWeIcome
Reports of rains over Sunday in the win
ter wheat belt were received with dis
satisfaction, but the weakness of the
wheat market deprived this news of any
great influence in the stock market At
tentlon in financial circles is very keenly
alive. however, to all developments throw
Ing light on the condition Of the crop.
The heavy loan expansion by the banks
last week was a good deal discussed.
Notwithstanding the present redundancy
of the money market. A desire is felt to
know how far the expansion may be due to
corporation borrowings which would be
regarded unfavOrable or how far the
preparations for the usual half-yearly
and periodical settlements on july
which would be viewed with indifference
quite freely in this market. A bank
suspension in Saratoga, although placed in
the usual ''unimportant" class had its
usual effect in chilling sentiment as an
Individual instance of a prevalent general
condition. Price changes proved to be
entirely insignificant and the closing tone
OF the market was heavy:
There was an appreciate investment
demand for high grade bonds. but the
price movement was irregular. Total
sales. par value, 81 055, 900. United States
IS declined Is and the old as registered
advanced Is per cent on call.
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