The age-herald., 1901-06-19
PRESSURE ID SELL STOCKS WAS HEAVY
 ----- Small Resistance Offered and Prices Suffered Somewhat ST. PAUL STILL IN DOUBT Many Rumors Are AfIoat But Little Fact EIiclted From Those Closely Identified With the Merger
 of Railroads.

New York, June 1S.-The pressure to sell stocks was effectual in breaking through resistance in the market today, and car rying the general level of prices to a ma tcrially lower basis. There were a few spots of strength persisting and there were occasional successful efforts to check the decline, which resulted in ral- lies by driving the room shorts to cover. The bull element in the market by no means abandoned 1t to the bears, and at recurring periods, when the selling had spent its force, there was alert readiness to bid up prices without any desire mani fested to secure stocks. Notwithstanding all devices, however, the selling was re- newed in force in the final dealings, and carried prices to the lowest of the day except for those stocks which had mani fested some strength. The closing was quiet and weak. The most potent influence in the market was the state of doubt engendered to the real status of the St. Paul deal Investigation by some inde- pendent authorities elicited the informa- tion that negotiations were in progress as candidly admitted for bringing St. Paul within the scope of the community of interest working out in the western railroad world. but many of the specific assertions which have been set afioat by the very large speculative contingent which is making the St. Paul project the medium for their operations, were strlp- ned to pieces The most important of these was yesterdays assertion that four per cent bonds were to be offered TOT St. Paul at the equivalent of 200. Today
 11A fad ther than an effort to secure the coop eration of the Morgan-Hill holdings in St. Paul with the Hartman, Kuhn Loeb and Company.
 Missouri Pacific suffered from realizing on the ground that all the good news regarding the stock was out, and the independent steel companies were notable sufferers from some cause, the decline in Colorado Fuel reaching ten, and in Tennessee Coal 52s. Amalgamated cop per reacted 3% from yesterdays upward spurt but rallied strongly on the hopes of a judicial decision today in favor or the company's merger project The ac- tive exchange market was explained py the selling of bills against further intend ed gold shipments, which will go out on Thursday to Germany. It is expected the shipment will reach $2,O0O0O0 at least. The reduction in the German bank rate tos day is explained by the unusually strong position of that institution and was taken in it's quas-public capacity as a govern ment institution to ease the condition of distrust in financial circles in Berlin. The call loan rate here stiffened to per cent again today. The stocks which showed strength were influenced entirely by indi- yidual causes The firmnesS of United States Steel was based on the declartion of dividends by subsidiary companies The newly listed distiiling company ot America stocks were advanced two and three points respectively for the common and preferred to signalize the first trans actions in the stock on the exchange.
 The bond market was moderately ac- tive and irregular. Total sales, par value $4,0400O0 United States bonds were all unchanged on the last call.
 New York Stock Market.
 By Private Wire to Murphy & Co.