The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-18
CLOSE 1t THE WEAKEST
EARLY STRENGTH IN WALL.
STREET GAyE-WAY TO BEAR
INFLUENCE LATER
SOME sPECIALTIEs STRONG
Notably st PauI-GeneraI List, How
ever, Weakenedaon High Money
and Heavy Gold Ship
ments to Europe.

81 Il Closing.
Mon. sat.
Bar silver, New York ..... 59A 593s
CGu money, New Yorkn......3-5
NEW YORK, June 1E-The stock mar
ket made a vigorous attempt today TO
withstand the chilling effect of heavy
exports of gold and the furry in the
money rate TO ) per cent, but the gen.
eral show of strength at the opening was
forced to succumb to this development.
in spite of the persistence of some nota-
bly, strong spots. The closing showed
advances very generally wiped out, ex-
c6pt IN the few stocks which move
against the current. St Paul continued
to be most conspicuous of these and the
strength in that stock was supplemented
by advances in various other railroad
stocks from individual causes and by a
bUoyant tone for the independent steel
companies and few industrials. Mis-
souri, Pacific was slightly affected by
the dividend. The acton of the market
on Saturday. after the appearance of the
ficient notice that the financial
powers that be were prepared to
ignore the showing of that state
melt and to continue their efforts for an
advance. The opening was strong in con-
sequence, with Is, go shares of st. Paul
taken at a spread of 212 points, the quo
tation or running sales varying from
lol12 to 1S4, compared with $50 on Satur-
day. The stock touched 1858 later in the
day on enormous dealings. The belief IS
well defined that an offer is to be made
of 4 per cent, at the ratio of 200 at par
Of the bonds for 100 at par OF the stocks,
as was done for the Burlington. AS
certificates for the Burlington stocks are
ruling at 1862, that price seemed to be
the objective point for st. Paul. The
heavy realizing which meets the stocks
advance at each stage, and its late re-
action, however, warranted a conjecture
that the final settlement in the matter
remains to bemade. The Independent steel
stock companies were affected by ru-
mors of pending absorption into the
United Steel corporations Tennessee Coal
rose an extreme f12j-Colorado Fuel, 69s;
Republic Steel, 312; the preferred, 3; and
Hooking Coal, pa. The advance of AS
in Illinois Central had no other expIa-
nation than the high1rate Of the dividend
return at its price. Amalgamated Cop
per was firm all day. but it was not until
the final dealings that it was rushed
precipitately up to 130a with indications
Of distress on the part of the shorts.
The activity of the trading decreased
conspicuously after the gold shipments
were announced to an aggregate OF A. %
coo The belief is general that further
shipments will be made later in the week
Berlin is clearly enough the point Of
trouble for which relief is being pro-
Vided. The sterling exchange rate there
fell today to 20 marks 4e12 pfennigs, com
pared with 20 marks 4fA pfenningS last
Monday, and 20 marks 46 pfennigs two
weeks ago. The SeTnI-annual require
ments at Berlin are always heavy, and
at this time a condition of distrust ex-
lists regarding many financial and indus
trial enterprises, which leads to heavy
liquidation of high-grade securities,
especially American railroad securities.
In the face OF a fall in surplus reserves
on Saturday of 81, sos, 375, following a de-
crease for the week before of S79Gl $50.
thus cutting down nearly two thirds the
New York banks surplus over local re-
quirements, and in view of preparations
this week for several large dividend DIS
bursements, including that of Standard
Oil, and the preparations for half-yearly
requirements to be met in the following
week, the demand for cash Of the pro-
portions of todays gold exports was not
to be ignored. The market closed irFeg-
ular, but at some recovery.
The bond market was rather active
and irregular. Total sales, par value,
SO, 295 900. United States refunding 2s tho
SIS and new As declined u per cent on the
last call.
STOCK QUOTATIONS..
Furnished by Charles II. 3. Smith &
Co, members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid: r.