The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-29


Call money New York -. 5la-l0 3-l5
NEW YORK, June PA strong ad-
vance in prices of stocks on the Gay of
fallure OF an important Stock exchange
house and the day following the failure
of d clearing house house bank Is an
anomaly in Wall street. The action of
the street was more notable as coming
on practically the last day available for
the money preparations for the dividend
and interest disbursements due on the lst
OF the month, which Is Monday next. The
SDock market borrowing made on Friday
carries over until Monday. This anom-
ally In the movement OF prices is I'M
doubtedly due in part to the fact that
the bears were overconfident in their an
tlclpatIonS of the effect of these adverse
factors. The early strength in the mar
ket was largely due to the technical ex-
pianation that the accounts Of the failed
rule, were almost wholly on the short
side of the market. That is to say, stocks
had to be bought under the rule to clos
The contract. thus creating a forced de-
mand which kept up prices. The firm s
accounts covered fair assortment of
about fifteen of the principal speculative
stocks on the exchange and the total
number of shares bought in for their ac-
count amounted to 2I,200 together with
1900 par value bonds. Apparently the
only stock sold for their account was
county. The promotion Of this enterprise
had been assisted by the firm and the
common suppostlon in Wall street was
that its securi les figured in the collateral
OF the $,600, 600 loan by the Seventh Ma
tional bank, which was the direct cause
of that banks suspension. The severe
condemnation expressed by the comptrol-
Ter of the currency of the collateral of
that loan and implied by the clearing
mousse committee In their refusal to assist
the bank, left very little demand for this
stock when it was offered on the ex-
change for the account of Marquand &
Co. On Monday of this week 1t sold on
the exchange at 1O1A The first sale to-
day of 300 shares was at 80 cash The
next sale was at % cash and the stock
subsequently, sold at 46$4 regular way.
While the settlement of the firms stock
exchange contracts was in progress other
business was at standstill.
The eXpecta tons among traders was
that with the concl q ion of the settle
ment prices would sag away again but
after the sales under the rule had ceased
to make their appearance on the tape
the money rate began TO yield under
large offerings of loanable funds Equally
significant of the relaxation in the money
situation was the sharp recovery in ster-
ling exchange and Berlin exchange from
their downward course of yesterday This
was attributed to the facs that persons
who anticipated a need Of money at the
end of this week had over-supplied them
selves from too abundant caution, and
with the expiration this afternoon of the
period when funds in hand would be re-
qulred they let go part of their available
y.
ment in the last hour was the most ac-
tive during the day and resulted in es-
tabliShing a final level of prices which is
generally a point or more above last
night. The most conspicuous stocks of the
advance were Atchison and st. Paul,
which gained 2% each. There were gains
OF points or over also by Louisville
Erie first preferred, Chicago, Indianap-
Oils d Louisville. Lackawanna and Rio
Grande preferred and illinois Central.
Evansville & Terre Haute rose 6 points
over the recent prevailing bid Among
the specialties there were gains of 21b to
"a by Tennessee Coal, Colorado Fuel,
North American. General Electric and
American LinSeed preferred Tomor-
rows bank statement was not factor,
as no one processes to be able to accu-
rately forecast its showing in view Of
the weeks disbursements. The easing of
the money rate today and the expecta-
ton that the money market will be re-
heved next week by large disbursements
were looked to for guide to sentiment
A more cheerful situation reported in
Berlin was a factor in the strength of to-
days market, the bond market was dull
but prices advanced in sympathy with
stocks. Total sales, par value, 50, 500 OG0
United States bonds were all unchang-
ed on the last call.
STOCK QUOTATIO NS.
Furnished by Charles II. F. Smith &
Co.. members of the New York Stock
Exchange, Pioneer Press building, who
nave direct wires to Chicago and New
York. Closing prices are bid: