The Montgomery advertiser., 1901-06-19
WALL STREET REVIEW
PRESSURE TO SELL BROKE
 THROUGH RESISTANCE.
General Level of Prices Was Carried to a Materially Lower Basis. A Few Spots of Persistent
 Strength.

NEW YORK. June 1s.-The pressure to sell stocks was effectual in breaking through resistance In the market today and carrying the general level of prices to a materially lower basis. There were lew spots of strength persisting and there were occasional successful efforts 70 check the decline, which resulted in rallies by driving the room shorts to cover. The bull element in the market by no means abandoned 1t to the bears and at recurring periods, when the sell ing had spent itself there was alert read mess to bid up prices without any des re manifested some strength. The closing standing all devices, however. the selling was renewed in force in the final dealings Nday. except for those stocks which had manifested som estrength. The closing was quite active and weak. The most po- tent influence in the market was the status of the much-discussed St. Paul deal, investigation by some independent authorities elicited the information that negotiations were in progress, as cam didly admitted, for bringing St. Paul within the scope of the community of interest working out in the Western rail- road world. but many Of the specinc as sertions which have been set afloat oy the very large speculative contingent which Is making the St. Paul project the medium for their operations were str ppsd to pieces. The most important of these was yesterdays assertion that per cent.
  the equivalent of NO. Tvday's version of the project carried 1t no further than an effort to secure the cooperation or the Morgan-Hill holdings in St: Paul.. with change for cooperation for those inter ests for those of the, former in the North ern Pacific. The holdings of the Morgan interests in St. Paul. uating back U the effort to secure control previous to the purchase of Burlington, are known to be large.
 Another well-defned rumor had 1t that hitch had occurred in the contract al- legged to have been made to sell large block of St Paul stock to Union Pacific St. Paul declined nearly points as re- suit of these rumors and Union Pacific about B. and closed within small trac-
 Missouri Pacific suffered from realizing on the ground that all the good news re- garding the stock was out, and the in- dependent steel companies were notable sufferers from the same cause, the de- cline Tn Colorado Fuel reaching 10 and in Tennessee Coal 5ss. Amalgamated Cop. per reaeted SA from yesterdays upward squirt, but rallied strongly on the hopes of judicial decision today in favor of the company's merger project. The &C., tive exchange market was explained by the selling of bills against further intend ed gold shipments. which will go out on Thursday to Germany. It is expected that the shipment will reach s2,009,0O0 at least. The reduction in the German Bank rate today is explained by the un- usually strong position of that institu- tion, and was taken in it's quasi-pubIic capacity as Government institution to ease the condition of distrust in financial circles in Berlin. The call loan rate here stinened to per cent. again today. The stocks which showed strength were tn- l Muenced entirely by individual causes. ! The firmness of United States Steel was based on the declaration of dividends by subsidiary companies. The newly listed Iisttiling Company of America stocks were advanced to points. respectively Tor the common and preferred to signal ize the first transactions in the stock on the exchange "
 The bond market was moderately active and irregular. Total sales (par vafueh A.040000. United States bonds were ali unchanged O nthe last call