The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-20


Call money, New York. .315-4112 3-5
NEW YORK, June 19.-Ehe decreased
activity in today's stock market reflected
doubts and hesitation Cin the speculative
mind. The many and various fluctuations
seemed to represent as much as anything
the efforts OF professional tfaders to dis
cover the actual condition of the market
by testing process. There was undoubted-
ly a considerable amount of speculative
liquidation, but the professional bears
also had their share in the weakness of
the market, as was quite cOnciuSiveiy
shown by the substantial rally late 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 process by the
professional bulls against the efforts of
the bears to cover having its share in
the movement.
1t VIII be seen that the large proper
ton Of the trading was congested in a
few stocks, which also showed the widest
price fluctuations st. Paul was con-
SplcuOuS in this class, and the appTehen-
SIGN that much of the recent :rumors re-
garding developments in that stock was
purely Conjectural had mucn to do not
only with it's movement, but with the
generally unsettled tone Of the trading.
There was seemingly good authority cit
ed today for assertions that it was not
contemplated at all to effect any actual
absorption or legal passing of control of
for new bonds. The absorption or a part
of st. Paul by ether railroad interests
may go far towards conserving the safe
ty of the general railroad situation, but
a question arises as to the increase that
would result in the interest value of St.
Paul stock itself. The absorption of
large amounts Of the stock puts it in
technical position to be easily manipulate
ed owing to the large reduction in the
floating supply and the plausbility given
to rumOrs regarding the plans for the
stock. The extreme decline in the after
noon reached 23s below last night. Union
Pacific moved in sympathy. The exports
of gold announced today reached only
81, 250,0 CO., leaving the weeks shipments
shipments made later than today could
reach Berlin before July l, so that a fur
ther outgo is not looked for The REQ
ognition of this fact had something to
do with the later rally Of the stock mar
ket. The weeks considerable depletion
of the cash reserves Of the banks and
the restricted requirements next week to
prepare for the unprecedented disburse
ment on July 1 make it probable that the
money market will continue active during
the rest of the month. Any large de
mands for speculative purposes would
endanger the comfort of the money mar
ket. This was a potent factor in dis
cOuraging speculative activity. At the
same time there was a disposition mani
fest to assume waiting attitude pend
ing the release of funds after July l,
when the generally propitous outlook for
values is expected to have larger effect.
A violent slump in Colorado Fuel of II
points and a sympathetic reaction in
Tennessee Coal Of AZ under last night
were due to doubts cast upon recent as
sertions that the company would be alb
served by the United States Steel cor
poratIon. st. Louis & San Francisco
rose 1894 over last night late in the day,
apparently as the result of the rights
offered to stockholders in consideration of
subscriptions to a cash fund A number
bacco, gave evidence of strength without
explanation. ~ go
The bond market was quite active and
Irregular Total sales, par value, 1885,
COO. United States bonds were all un-
changed ON the last call.
STOCK QUOTATIONS.
. Furnished by Charles H. F. Smith &