The daily morning journal and courier., 1901-06-21
Financia1.
THE STOCK MARK fGI.
Several Rallies II ith Renewed Realizing
 Sending Prices Back.

l DUCK,
 | New York, June 20.-Opening prices of stocks were at the highest level oi | the day and all rallies of which there were several of some slight force during
 the day, were met by renewed realiz-
 ing, which drove prices downwards. Af-
 ter the opening spurt there were de- velopments of strength here and there
 in individual stocks, but they were in
 the class of securities that usually have
 little prominence in the trading and
 were without great sympathetic intlu-
 ence on the list The descent from the
 opening high level was considerable,
 but the selling pressure showed ten
 dency to diminish when prices got down
 to about last nights level. In fact
 there was no severe pressure to sell
 at any time and the market reflected
 rather the disposition of the class of
 large spectators to refrain from oper-
 ation and let the market lie fallow dur
 ing the period of doubt regarding the
 capacity of the money market to afford
 resources for speculation between now
 and the turn of the half yearly period.
 The volume of dealings showed a not
 able shrinkage and fell below that of
 the million share mark, which Is the
 lowest level touched since before the
 presidential election Even this mea-
 ger aggregate was largely dependent on the congested dealings in few stocls., notably Amalgamated Copper
 hic etn oil do and fell an extreme 3-4 under last night, with a final rally of 2 points on the declaration of the customary 1 1-2 per cent. quarterly dividend and 1-2 per cent extra This selling is said to be in large part due to arbitrage oper- ations against buying of stocks eligible for exchange. Colorado Fuel contin- ued its sensational fluctuations, falling at ore time points under last night and 2S 1-2 under the high price of Monday. but rallying at the last to q point above last night. General Elec- tric was bought on the report of acqui- siton of the British Thomson Houston company, and the stock being in very light supply the buying lifted it 15 points by wide jumps There was per |. Louis and the Iowa Central stocks, which rose to 1-2 on rumors of a merger and final absorption by the Illi- nois Central. The strength of Chicago Great Western was based on a feeling that the settlement of the western rail- road situation will necessitate its con- trol. The early strength of the market in sympathy with London was clearly due to the improvement here of the situat tion where the govern ment is making haste to redisburse the resources os Tuesdav's installment of consol subscriptions. But doubts con- tinue over the local money situation The sub treasury has already taken from the market this week $2,306 900, which includes the payments for the gold exported. The sale at auction at Washington to-day to satisfy gov lien of the Sioux City and Pa fife Railway company to the Chicago md Northwestern will involve the further payment to the government of nearly S2,000,000, although period of wenty days is permitted. The rise in New York exchange at Chicago is 25 'ents premium per thousand, shows hat the interior is responding to the pressure for fund at New York. But 1 he heavy requirements incident to the | interest and dividend f disbursements on July 1. which must | ,e met next week admonish to contn- l led caution in over straining the | honey market for speculative pur- | oses. This and the subsistence of talk | egarding the St Paul. Union Pacific | cal sufficiently explain the dullness nd heaviness of the speculation.
 The bond market was moderately ac- i've and irregular. Total sales par ] alue $2,92O, 900.
 United States bonds were unchanged t the last call.
 NEW FORK STOCK MARKET