New-York tribune., 1901-06-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Weakness and irregularity were the character
istics OF the stock market yesterday, a change
of sentiment traceabe TO lower prices in Lon
don TO uneasiness over the possibility that the
gold export movement might become large
enough 10 diminish materially the reserves here,
to realization that preparations are being made
for the payment OF probably the largest amount
Of interest and dividends ever disbursed at
semi-annual settlement and TO the absence Of
news regarding any Of the deals currently re-
ported TO be under way. Call money advanced
TO . per cent, and closed al 4, AT which figure
most OF the days loans were made; and many
loans were called. Crop reports. however. con-
tinued good. and railroad earnings showed the
customary increases The best opinion is too.
that the demand from Germany for gold is
likely 10 be only temporary. and that the finan-
cial outlook there is not unfayorable. a view
strengthened by the action of the Imperial Bank
OF Germany in reducing its discount rate from
{ 70 3ls per cent. the lowest figure for several
years. While. too, the advance in call money
necessarily has The immediate effect of curtail-
ing stock market operations. and while per
haps coincidently. it was accompanied by a re-
sumption OF currency shipments TO the interior,
81 is expected that the prospect Of a permanently
advanced rate viii attract TO this market
funds in large volume from other financial
centres in the United States.
Interest in the stock market again was con-
centrated chiefly upon st. Paul and Union Pa
ciic but no news in support Of the persistent
rumors that the two railway systems were get
ting together" was forthcoming. and both de-
clined. St. Paurs opening figure 1891 was the
highest OF the day, and IL sold down 10 19Sas,
closing at l79. net loss Of 414 points. Union
Pacific ranged between 1874 and ll0S4, and
closed at III. net decline Of 25s points There
is the highest authority for discreditng the
story that Union Pacific is negotiating for the
control Of st. Paul. although il would occasion
no surprise IL II should be found a little later
on that the latter had formed some sort OF al-
Nance with still another railway system in its
territOry-an alliance which would, although in
directly. benefit the Union Pacific. Colorado
Fuel and Iron did a lofty tumbling act. dropping
swiftly from 1873 TO 123 and then clambered
back TO 129 at the close. points below its final
price Of Monday. Its fall was due TO more or
less explicit denial of the report that negotia-
tions were in progress looking 10 the taking over
OF the company by the United States Steel Cor
poration-a denial. however, which il might be
well for the present to regard as technical"
Tennessee Coal and Iron declined 2A points.
acting in sympathy with Colorado Fuel and
Iron. Missouri Pacific notwithstanding its re-
markable showing OF prosperity, sold off yes
terday, losing nearly points the traders act
ing on the theory that the dividend declaration
had been fully discounted. Amalgamated Con-
per lost three points, its decline following the
denial by f. A. Heinze that he had come 10 any
compromise with the Amalgamated interests
T'ts announcement that the Chicago City Coun-
cil had accepted the new contract with the Peo-
ples Gas Light and Coke Company gave decided
strength 10 the stock OF this company which, in
the face OF a declining market made a frac-
tonal net gain for the day. From earnings al
ready made and estimates Of results from con-
tracts now in force. interests identified with
Peoples Gas are confident that the property
VIII earn 10 per cent net this year. Chicago and
Northwestern lost points yesterday. apparent
" In sympathy with st. Paul. Rock Island on
the contrary, held firm, closing without change
from Monday, at 1102.. The shares OF the Dis
tiling Company OF America We're dealt In for
the first time the Exchange. The common
advanced Ia points from the opening closing
at 9&, and the preferred closed at 317k las
points above the initial quotation.