The Wichita daily eagle., 1901-06-18
.HBLL STREET STOCKS
Stock Market Succumbad to
Chilling Effects.
ADVANCES WIPED OUT
Notwithstanding There Were
Some Strong Points.

New York, jane 1.-THE stock market
made vigorous attempt today 10 with
stand the chilling effect OF heavy exports
Of gold and the furry IN money rate 10
) per cent, but with a general show OF
strength al the opening was forced 10
succumb to this Development in spite OF
the persistence OF some notably strong
spots The closing showed advances
very generally wiped out, except IN few
stocks, which moved against the current.
st. Paul continued to be most conspicuous
OF these, and the strength IN that stock
were supplemented by advances n vsri-
Gus other railroad stocks from Individual
cases and By q buoyant tone FOR the
independent steel companies snd few
industTials. Missouri Pacific was slightly
affected By the dividend The action Of
the market on Saturday. after the ap-
pearance Of the bank statement had been
sufficient notice that the financial powers
that be were prepared 70 Ignore the
showing Of that statement and 70 cor
tinue their efforts for an advance. The
opening was strong II consequence, with
15,0oe shores OF St. Paul taken at q spread
OF "a points, the running sales varying
from 1914 TO 1s4 compared with $50 on
Saturday The stock touched 1854 later
II the day on enormous dealings. The
belief is well defined that an offer is 10
be made Of ( per cent al the ratio Of 2C3
At par Of the bonds for 100 at par Of
the stocks, as was done for the BurlinE-
ton AS certificates for the Burlington
stocks are ruling At 1s61s. the price
seemed 10 be the objective point for ST.
Paul The heavy realizing which meets
the stocks advance at each stage and
It's late reaction, however, warranted
conjecture that the final settlement IA the
matter remaine 70 be made. The depend
ent Steel stock companies were affected
by rumors Of pending absorption into the
United States Steel corporation Tennes-
see Coal rose an extreme ~, Colorado
Fuel 5ss, Republic Steel sis, the preferred
3, and Hooking Coal 21s. The advance
OF 47s In Illinois Central had no other
explanation than the high rate CT divi-
dend. Amalgamated Copper was firm all
day, but II was not until the anal deal
ings that IL was rushed precipitately up
70 80, with indications OF distress on the
shorts. The activity OF the trading de-
creased conspicuoUsly when gold ship
ments were announced to an aggregate
Of s4.o00.0o9- The belief is general that
further shipments VIII be made later IN
the week. Berlin is clearly enough the
point Of trouble for which relief is being
provided. The sterling exchange rate
there fell today 20 20 marks, 40dz pfenigs,
compared with % marks. Az pfenigs last
Monday. and % marks. 4s pfenigs two
weeks ago. The semi-anuual require
ments at Berlin are always heavy and at
this time a condition OF distrust exists
regarding many financial and industrial
enterprises. which leads 10 heavy liQui-
dation OF grade securities. especially
American railroad securities. In face OF
a fan in surplus reserves on Saturday OF
A55s.S75, following a decrease Tor 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, In
cluding that Of Standard OF. and the
preparations for half yearly requirements
70 be met in the following week. the de-
mand for cash OF the proportions Of to-
DAYS gold export was not 10 be ignored.
The market closed irregular, but at some
recovery from the reaction.
The bond market was rather active
ard irregular Total sales. par value.
s. 2e5,o00. United states refundinE twos.
TIE threes and new fours declined = per
cent on the lest call.
Closing stock quotations were as fol-
lows: