The age-herald., 1901-06-20
STOCKS INACTIVE BUT KEENLY ALERT There is Undoubtedly a Lot of Liquidation Proceeding TRADING WAS CONGESTED The Latter Part of the Session Wit messed Several Small Rallies
 The Close Was Quiet and
 Fractionally Lower.
TRADING WAS CONGESTED

New York, June 19.-Decreased activity in today's stock market reflected doubts and hesitation in the speculative mind Many of the traders tried to discover the testing scheme. There is undoubtedly a considerable amount of speculative liqui- dation, but the professional bears also had their share in the weakness as quite con clusvely shown by the substantial rallies later in the day, when they began to look for stocks to cover their short contracts and found a limited supply The late rally was achieved, however, on a light volume of dealings, the bidding up pro- cess by the professional bulls against the efforts of the bears to cover having it's share in the movement.
 It will be seen that the large proportion of the trading was congested in d few stocks which also showed the widest fluctuations. St. Paul was conspicuous in this class and the apprehension that much of the rumors regarding developments in that stock was purely conjectural, had much to do not only with its movement but with the general unsettled tone of the trading. There were seemingly good au- thority cited today for assertions that the control of St. Paul or any interchange for new bonds had been stalled off for a brief period The absorption of large amounts of stocks of St. Paul put 1t in In technical position to be easily manip- ulated owing to the large reduction in the floating supply and the plausibility given to rumorS regarding the plans for the stock. The extreme decline in the afternoon reached 2as below last night. Union Pacific moved in sympathy.
 The exports of gold announced today reached only $1,250,OOO leaving the weeks shipments below $7,0O0 900. It is not probable that shipment made later than today can reach Berlin before July l, so that a further outgo is not looked for. The recognition of this fact had something to do with the latter rally of the stock market There was considerable depletion of the cash reserves of the banks, and the expected requirements next week to prepare for the unpre- cedented disbursement on July 1 make it probable that the money market will continue active during the rest of the month. Any large demands for specua- tive purposes would endanger the com fort of the money market This was po- tent factor in discouraging speculative activity. At the same time there was disposition manifested to assume a wait ing attitude pending the release Of funds after July 1 when the generally propit- ious outlook for values Is expected to have larger effect. violent slump in Colorado Fuel of II points and a sympa- thetic reaction in Tennessee Coal to 41a under last night were due to doubts east upon recent assertions that the company would be absorbed by the United States Steel Corporation. St. Louis and San Francisco rose a3a4 oyer last night late in the day, apparently as the result of the rights oered to stockholders in consider ation of subscriptions to cash fund. A number of industrials, including Amer ican Tobacco, gave evidence of strength without explanation.
 The bond market was quite active and irregular. Total sales, par value $3, 135, 900. United Bonds were all unchanged on the last call.