The Wichita daily eagle., 1901-06-20
STOCKS AND BONDS.

New York. June I9.-The decided actfvi-
" in today's stock market reflected
doubts and hesitaticns in the speculative
mind The many and various huctua-
tons seemed to represent as much as any
thing the efforts OF professional traders
TO iscOver the actual condition OF the
market BY & testing process There was
undoubtedly a considerable amount Of
speculative liquidation but the profes-
sional bears also had their share in the
weakness Of the market as about quite
conclusively shown by the substantial
rally late in the day, when those began 70
look for stocks TO cover their short con-
tracts has found limited supply The
late rally was achieved. however, on 2
light volume Of dealings. the bidding up
process by the professional bulls against
the efforts OF the bears TO cover having its
share in the movement II VIII be seen
that the large portion OF the trade was
congested in a few stocks which also
showed the wide price fluctuations. St
Paul was conspicuous IN this class and
the apprehension that much Of the recent
rumors regarding developments in that
stock was purely conjectural had much
10 do not only with its movement. but
with the generally unsettled tone Of the
trading. There was seemingly good auth
ority cited today for assertions that II
was not contemplated al all 70 effect any
actual absorption or legal passage Of con-
troll of St. Paul or any Interchange Of
the stock for new bonds. The absorp-
ton OF q part OF ST. Paul by other rival
railroad interests may go far towards
concerning the safety OF the general rail-
road situation but a question arises as TO
the increase that would result in the IN
vestment calue Of St Paul stock itself.
The absorption Of large amounts Of stock
puts IL in technical position TO be easily
manipulated. owing to the large reduction
in the floating supply and the plausioility
given 10 umors regarding the plans OF
the stock The extreme decline in the
afternoon reached rs below last night
Union Pacific moved in sympathy The
exports Of gold announced today reached
10 pounds, leaving the week s shipments
Below s. .000O00. It is not probable that
shipments made later than today VIII
reach Berlin before July 1, so that
further outgo IS not looked for. Recog-
milton of this fact had something 10 do
with the later rally Of the stock market.
The weeks considerab bic depletion Of the
cash reserves Of the bank and the ex-
pected requirements next week to prepare
for the unprecedented disbursements on
July l, make il probable that the money
market viii continue active during the
month. Any large demands for specula-
tive purposes would endanger the COM
fort OF the money market This was a
potent factor In discourastng speculative
activity. At the same time there was
disposition manifest TO assume q waiting
attitude pending the release Of funds at
ter July l, when the generally propi-
tious outlook for values is expected TO
have larger effect. A violent slump IN
Colorado Fuel Of II points and a sympa-
thetfc reaction IN Tennessee Coal 70 ~
under last night were due TO doubts cast
upon recent assertions that the company
would be absorbed by the United Steel
corporation. st. Louis and San Francisco
rose 81 over last night late IN the day
apparently as the result of the rights
offered to stockholders in consideration Of
subscriptions TO a cash fund. a number
of industrials including American Tobacco
gave evidence of strength without ex-
planation.
Closing quotations Of stocks were as
follows:
MI -, 5f,,-- s+crt~e closed a c follows.