The daily morning journal and courier., 1901-06-11
F t1ranctal.
HE STOCK M-iRKEI.
Liquidation Induced by Saturdays
 Bank Statement.

| l Bank Statement,
 New York, June 10.-There was some 1 liquidation in the stock market to-day induced by Saturdays bank statement, | as was foreshadowed by the drop in | prices on Saturday after the statement appeared. The bear part which sold
 stocks at that time continued their ef- 1 forts to get prices lower and extend their profits. A number of develop
 ments helped them in this purpose. But after the pressure of the selling had
 been relaxed, and supporters of stocks
 began to bid up prices again, the bears took alarm and began to cover their short lines, causing very general re-
 coveries of losses and in a few stocks
 quite notable net gains. As long as the trading was going on in the London
 stock market the feeling of depression continued. London was quite a large
 seller in this market and there was
 feeling of some uneasiness lest the
 gloomy tone there foreshadowed some
 later unfavorable development This
 weeks stock exchange settlement is
 somewhat dreaded, although assurance
 Is given that the shorts in Northern
 Pacific are fully prepared to meet the
 decision to-day of the stock exchange
 committee for general purposes in end-
 ing the moratorium granted to the
 Northern Pacific shorts after the cor
 ner developed in the stock. The per-
 sistent heaviness of consols in face of
 the growing ease of money in London
 gives rise to some dread of 8 secret de-
 velopment in diplomacy or internal gov
 ernment policy.
 The heavy demands disclosed by the
 bank statement on banking resources here caused uneasiness, as it was not known how much further they might proceed Payments for the $6O, ,0O0, ,000 worth of new Pennsylvania stock are required between June and June 15, so that the needs on that account might | run over period to come But the | easy rate for money to-day caused a i more cheerful feeling and encouraged | the hope that the requirements for | large corporate transactions have been | mostly satisfied for the present This | was a potent factor in the later rally l of the market, when the adjournment | of the London stock market had relax ed the pressure here.
 The mystery attaching to the pur- chase and consolidation of some of the important steel companies was made much of by the bears, who circulated that a breach In the steel trade was imminent between the two finan- eial groups which figured in the North srn Pacific quarrel. The steel stocks ost 13s and IS, respectively, for the common and preferred during the peri 1d of weakness, but rallied to a frac- ion over Saturday. The bears were llso inclined to discount their supposi- ion that the government crop report, which was not due until an hour after he closing of the stock market, would : lesclose a decided deterioration in the of cereal crops. Some sharp ;ains which had been established in the group were wiped out by he pressure to sell stocks in that group declining in sympathy with the general ist Rock Island fell as much as AZ rom the best. st. Paul 3h and Mis- ouri Pacific 3% The leading industri-
 Is showed rather acute depression, Stu ar falling nearly A. Amalgamated Cop er 3la and American Tobacco, Peoples las and the New York public utilities , rom 1M to 2M l,+
 The late rally left the net changes ignificant in only few stocks. Mis- ouri Pacific rose very strongly to 120 l the late dealings, which was PIE oints over Saturday The southwest rn stocks generally. Southern Pacific, a tchison and Union Pacific made nota- ( ly good recoverles, and Pennsylvania c as lifted a point over Saturday. The osng. nevertheless, was slightly irreg lar, the market yielding again in spots. merican Linseed rose S1a and the pre- rred on the buying of only few undred shares.
 The bond market was moderately ac- we and showed some irregularity, but |, as in the main firm. Total sales par llue s2,420, GOO. United States bonds were all un- langed on the last call.