The age-herald., 1901-06-18
STRONG EFFORT
 ID STEM THE TIDE Heavy Exports of Gold Caused Furry in Money Market INTEREST RATE ADVANCED The Show of Strength at the Open ing Succumbed Early In the Ses-
 sion Despite Persistence of
 Some Strong Spots.
INTEREST RATE ADVANCED

New York, June 17.-The stock market made a vigorous attempt today 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 succumb to this development in spite of the persistence of some notably strong spots. The closing showed advances generally wiped out with the exception of the few stocks which moved against the current. St. Paul continued to be the most conspicuous of these and the strength In the stock was supplemented by advices in various other railroad buoyant tone for the independent steel buoyant tono forthe independent steel companies and a few industrials. Mis- souri Pacific was slightly affected by the dividend. The action of the market on Saturday after the appearance of the bank statement had been sufficient notice that the financial powers that they were prepared to ignore the showing of that statement and to continue their efforts for an advance. The opening was strong in consequence with 15,00O shares of St. Paul taken at spread of 2h points; the quotation on running sales varying from 1S1h to 1S4, compared with 1SO on Saturday. The stock touched 1S5B later in the day on enormous dealings. The belief is we'll defined that an offer is to be made at per cent at the ratio of 200 at par for the bonus at 100 at par for the stocks as was done for the Burling- ton. As certificates for the Burlington stocks are ruling at 196h, that price seemed to be the objective point for St. Paul. The heavy realizing which meets the stock advance at each stage and it's reaction, however, warranted conjecture that the final settlement re- mains to be made. The independent steel stock companies were affected by rumors of pending absorption in the United States Steel Corporation.
 Tennesse Coal rose an extreme 71s, Colo rado Fuel. 55s, Republic Steel S1a, the pre- ferred 8, and Hooking Coal 2A. The ad- vance of 47s in Illinois Central had no other explanation than the high rate divi- derd return at its price. American cop per was firm all day, but 1t was not un- till the final dealings that it was rushed up to 130 with indications of distress on the part of the shorts. The activity of the trading decrased conspicuously after the gold shipments were announced to az gregate $4,0OO,OO0 The belief Is general that SnlpueuIS VIII us 1Hdoo iabSA In the week. Berli nis clearly enough the point of trouble for which relief Is being provided. The sterling exchange rate fell there today to 20 marks 401s pfenigs, com- pared with 20 marks IA pfenigs last Mon day and 20 marks 46 pfenigs two weeks ago The semi-annual requirements at Berlin are always heavy and at this time d condition of distrust exists regarding many financial and industrial enterprises, which leads to heavy liquidation of high grade securities especially American rail- road securities. In face of a falling in sur plus reserves on Saturday of $4,559375, fol- lowing a decrease for the week before or S7, ,991, $50, this cutting down nearly two- thirds the New York banks surplus over legal requirements and in view of the preparations this week for several large dividend disbursements, including that of Standard Oil, and the preparations for half-yearly requirements to be met in the week following, the demand for cash Of the proportions of today's gold exports was not to be ignored. The market clos ed irregular, but at some recovery from the reaction.
 The bond market was rather active and irrgular Total sales, par value, s, 900. United Stated ref. 2s, Ss and new As de- clined A per cent on the last sail.
 New York Stock Market.
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