The Montgomery advertiser., 1901-06-15
WALL STREET REVIEW
UNION PACIFIC AND ST. PAUL
 VERY STRONG.
There were Some Other Isolated Up- ward Movements, But These Had No Effect on the
 General List.

NEW YORK. June 14-An overwhelm- ing proportion of the days dealings was tn Union Pacific and St. Paul and the scrutiny of the days transactions will re- veal that the strength in the market was largely confined to the same stocks. The innuence of that strength on the general list was considerable during the early part Of the day, but it steadily waned. There were some other isolated upward movements. but these also had little ef- tect upon the general list. But while prices in general refused to respond in sympathy with the points of strength they were not conspicuously affected by the heavy realizing that went on all day under cover of the strength in the two market leaders; In fact it was not until Union Pacific itself relapsed in the last hour of the trading that selling made any notable impression on prices. At that time there were sharp breaks all around, which carried the average level of prices below last night and the subsequent. lal- lies were insignificant the market closing heavy under renewed selling. All of the professional elements in the market ment in St. Paul and Union Pacific. An unauthentic statement regarding the many rumors prevalent of closer relations between these properties were conspfcu- ously lacking, but they found precedence as the tape, according to the method of corroboration accepted by spectators, gave proof of the rumors The specific assertion that Union Pacific had acquired
  ing insiders were stoutly denied by St. Paul interests. while Union Pacific inter- ests refused confirmation. Whatever may be the origin of the report or the It Is very clear that they were made use of to cover large speculative profit taking m other parts of the list, the extreme rise In St. Paul reached 61A and Union Pacific IA. Colorado Fuel made another sensa- tional advance of Il points. with a re- lapse of BE and Tennessee Coal rose IA, apparently in sympathy. Rumors con tinue that these companies are to be taken fin by the United States Steel Cor poration. Today's rumor made the terms of exchange with Colorado Fuel 100 shares each of United States Steel common and preferred for every 100 shares of Colorado Fuel. The movement in Glucose was based on assertions that the absorption of National Starch was near at hand The rise in the Readings had no other explana- ton than buying for Philadelphia ac- count and in New York Central 1t was said that execution of a buying order Tor several thousand shares. apparently fer stock very scarce. The advance of 29s in Peoples Gas was unexplained. The stock fell sharply in the reaction. but saved net gain of q point. Amalgamated Copper was feverish, rallying sharply on the re- fusal of an injunction against the pur- chase of other companies, but going off again on the further announcement of a stay pending an appeal to a higher court.
 
 Louisville and Nashville show compara- tive firmness, although they were affect cdby the late reaction. The jump in the call loan rate to 41s per cent. late in the day and the unexpected announcement of an engagement of $500,000 In gold for ship ment to Germany, which. however, it sub sequently appeared, is not to go out to- morrow were in first in the selling move ment and carried suggestions of some such disagreeable surprise in to morrow's bank statement as that in last Saturdays statement. Syndicate operations incident to the steel company transactions in Philadelphia, the continuancy of paying of payments on subscriptions to Pennsyl vania new stock and preparations for next weeks Standard Oil dividend pay ments may each or all have made en- croachments on banking reserves. The usual preliminary announcement fur nished by banks themselves indicate an insignificant net result. The low money rate in London. the nigh sterling rate in Paris and the stiffening of the local money rate caused no difficulty in find ing an explanation of the gold shipment at this time. United States 3's registered declined A per cent. on last call.
 The bond market was irregular in sym pathy with stocks. Total sales (par value), $6, 4O0 O00-