The Montgomery advertiser., 1901-06-20
WALL STREET REVIEW
DOUBT AND HESITATION IN
 SPECULATIVE MIND.
Large Amount of Liquidation, But Substantial Rally Took Place
 Late in the Day. Bonds Quiet.

NEW YORK. June 1s.-The decreased activfsy in today's stock market re- nected doubts and hesitation in the speo- niative mind. The many and various iiuc- tuations seemed to represent as much as anything the efforts of professional trad CTS to discover the actual condition of the market by testing issue. There was undoubtedly large amount of liquida- tion, but the professional bears also had their share in the weakness of the mar ket. as was quite conciusively shown by the substantial rally late in the day. when they began to look for stocks to limited supply. The late rally was achieved, however, on light volume of dealings, the bidding up process by the professional bulls against the efforts of the movement.
 It will be seen that the large propor- ton of the trading was congested in a few stocks. which also showed the widest price fluctuations. St. Paul was conspic- uous in this class. and the apprehension that much of the recent rumors regard ing developments in that stock was purely conjectural had much to do, not only with its movement but with the general unsettled tone of the trading. There was seemingly good authority cited today for assertions that it was not contemplated at all to effect any actual absorption or legal passing of control of St. Paul or any interchange of the stock for new bonds. The absorption Of a part of St. Paul by other rival railroad inter- ests may go far towards concerning the safety of the general railroad situation, but question arises as to the increase that would result in the investment value of St Paul stock itself. The ab- sorption of large amounts of the stock puts in a technical position to be easily manipulated owing to the large reduction in the floating supply and the plausfbinty given to rumors regarding the plans for otos the stock. oT The exports exports oo1v of gSld 25O.ocO. leaving the weeks ship ments below 1000 GOO. It Is not probable that shipments made later than today could reach Berlin before July so that a further outgo is not looked for. The recognition of this fact had something to do with the later rally of the stock mar ket. There was considerable depletion or the cash reserves of the banks and the expected requirements next week to pre- pare for the unprecedented disbursement on July l makes 1t probable that the money market will continue active our- ing 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 discour- aging speculative activity. At the same time there was disposition manifest to assume 6 waiting attitude pending the release of funds. after July l, when the generally propitious outlook for values. is expected to have larger effect. A violent slump in Colorado Fuel of 17 points and a sympathetic reaction in Tennessee Coal to A under last night were due to doubts cast upon recent assertions that the company would be absorbed by the United States Steel Corporation. St. Louis and San Francisco rose 33A over last night late in the day, apparently as the result of the rights offered to stockholders in consideration of a cash fund. A number of Industriais. Including American To- bacco, gave evidence of strength without explanation.
 The bond market was quite active and irregular. Total sales (par value), B, l3s,- 900. United States bonds were all un- changed on the last call. 'r