The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-23
STOCKS HOLDING FIRM
THIS IN THE FACE or EXCESSIVE
DULLNESS
Demand Is So Slight as to Be Scarcely
PerceptibIe-Minor Stocks and Spe-
ciaIties Give Support to the Market

NEW YORK. June 22.-The most
noteworthy fact about t0day's stock
market was its firmness in face of ex-
cessive dullness The dullness ap-
preached stagnation at considerable
periods But prices We're tenaciouSiy
held in today's market even with a
demand so scanty as to be impercepti-
BILE for most of the day. A number of
minor stocks and Specialties gave some
sympathetic support to the market by
their strength, which was unexplained
in the news events. The Canadian
group was a prominent example and
was in demand both here and in Lon.
don. The common surniSe was that
this movement was based on the crop
prospects in the Canadian Pacific'S
western territory. Our own granger
stocks, however did not extend the up
ward movement of yesterday to any
important degree.
There was a large accumulation Of
Consolidated Gas and of the rights to
subscribe to it's projected bond issue.
A rise in Refined Sugar was held to
account for the flrmness of the re-
fineries stock. An assortment of usual
ly inactive and lowpriced railroad
stocks made rather sharp advances,
without explanation. These various
movements were not simultaneous, and
their sequence extended their influence
| through the session. The Metropolitan
Traction group made some recovery
from yesterdays depression, the pub
LEGATION of the poor earnings statement
apparently ending the selling move
ment. The most effective sympathetic
influence in the market was the con-
tinued firmness of the United States
Steel preferred.
Southern Pacific Remains Quiet
The continued quietude of Southern
Pacific was also in favor of the market.
The May statement of net earnings Of
the Pittsburg, Cincinnati, Chicago &
st. Louis was considered of good
augury as showing retrenchment of
operating expenses more than Suffi-
cient to offset the decline in gross earn.
ings. The decline in North Westerns
gross earnings for May was a disagree
able contrast. The quick subscription
for the Burlington bond issue and the
sale of the Rock Island notes made
good impression, although the Rock
Island is recognized as an eXpedient
against the present poor market for
bonds.
The hardening of discounts in Lon
don and the fall in sterling in Paris
point to some demand for money for
the fiscal year end. But the interest
here in the movement is principally
confined to bankers who see in 1t a
modification of the threat of offerings
of foreign funds here on any sign of
advance in local money rates. With
interior funds still accommodating here
and with $4,000 more of Japanese
gold authorized for transfer to New
York on June 80, the abundance of
money promises to be undiSturbed.
The accumulation of stocks in the last
hour proved the most important of the
day, but the result on prices was mod.
crate and a slump of over four points
in Chicago Great Western preferred
"a" unsettled the advance and made
the closing irregular.
The tone of the bond market con-
tinued firm. Total sales, par value,
$2,485, 900. United States bonds were
unchanged on call.
CLOSING List