The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-18
HEAVY EXPORTS OF GOLD
THEY CAUSE SHARP FURRY IN
CALF LOAN RATES.
A Few Stocks, Notably st. Paul, Adj
vance Strongly, but the General
Trend Is Down-Money Market.

NEW YORK, June 1.-THE stock market
made a vigorous attempt to-day to with
stand the chilling effect of heavy exports
of gold and the furry in the money rate to
per cent, but the general show of
strength at the opening was forced to sue
cumb to this development. in spite of the
persistence of some notably strong spots.
The closing showed advances very general
~ wiped out, except in the few stocks
which moved against the current. ST. Paul
continued to be the most conspicuous of
these, and the strength in that stock was
supplemented by advances in various other
railroad stocks, from individual causes. and
by Oouyant tone for the independent steel
companies and a few industrials. Missouri
Pacific was slightly affected by the divi-
dend. The action of the market on Satur-
day, after the appearance of the bank
statement. had been sufficient notice that
the financial powers were prepared to ig-
more the showing of that statement and TO
continue their efforts for an advance. The
opening was strong in consequence, with
Of points, the quotation on running sales
varying from 1912 to 1S. The stock
touched 1875 later in the day on enormous
offer is TO be made of per cent. at the
ratio Of 200 at par, of the bonds for 100 at
par Of the stocks as done for the Bur
lington. AS certificates for the Burlington
stocks are ruling at 1867. that price seemed
TO be the objective point for st. Paul The
heavy realizing which meets the stock
advance at each stage and its late reaction
however warranted conjecture that
final settlement in the matter remains 10
be made. The independent steel companies
stocks were affected by rumorS OF penang
ABSORPTION by the United States Steel Cor
pOration. Tennessee Coal rose an extreme
11a Colorado Fuel SIS, Republic Steel 512,
the preferred and Hooking Coal "a Inc
advance of AS in Illinois Central had no
other explanation than the high rate or the
dividend return at its price. Amalgamated
Copper was firm all day, but 1t was not
until the final dealings that ii was rushed
UP to 1876 with indications of distress on
the part of the shorts The activity OF the
trading decreased conspicuousiy after gold
shipments were announced to the aggregate
og S4OO0OD The belief is general that
further shipments will be made later In the
week Berlin is clearly enough the point or
trouble for which relief is being provided.
The semI-annual requirements at Berlin are
always heavy. and at this time a condition
of distrust exists regarding many financial
and industrial enterprises, which leads TO
heavy liquidation of high grade securities,
especially American railroad securities. In
lace of fall in surplus reserves on Satur-
DAY or StJ09,St 10, IOllOWlnS Il ueCTtdSe u the
week before of 1891. So thus cutting down
nearly two-thirds the New York banks
surplus over legal requirements, and in
view of preparations this week for several
large dividend disbursements, including
that of Standard Oil, and the preparations
Tor half yearly requirements to be met in
the following week, the demand for cash
OF the proportions of to-days gold exports
was not TO be ignored. The market closed
irregular, but at some recovery from the
reaction.
The bond market was rather active and
irregular. Total sales, at par value, were
So 80. 900 United States refuding twos, the
threes and new fours declined a per cent.
OH the last call.
Following are the days share sales and
the closing bid prices: