The age-herald., 1901-06-13
MISREPRESENTATION
 IN STOCK MARKET Some Strong Points But They | Failed to Influence Prices END OF BOER WAR IN SIGHT Believed That Adjustment of Troubles Between Great Britain and the
 eoers VIII Have Good Effect
 On the Money Market.

New York, June 12-The stock market fell in semi-stagnation during the latter part of the day and the gains which were established in the morning were pretty generally wiped out under the dribble of selling orders which came upon a market almost bare of demand. Va rious points of strength made their ap- pearance during the day. but they lost their influence in sustaining prices. The more cheerful feeling in London this morning was quite noticeable influence in the opening dealings. Rumors have been very persistent for several days now that peace is approaching in South Africa To appreciate the importance of an ad- justment of the long drawn out struggle there, that is for the world of capital, it must be borne in mind that enormous de- mands that the British make on accumulated capital for the conduct of the war well as the absolute cutting off of an important proportion of the worlds gold product while the war lasts. The large disbursements by the govern ment on account of the war, combined with transfers of Russian deposits from Paris is what has given the London
  led to some expectations that the gov ernors of the Bank of England will fur ther reduce the minimum discount rate at tomorrow's weekly session. A 10 per cent installment amounting to x3O,0OO.O0O of subscriptions to the new consol issue is due on Tuesday next, June IS, and the demand for money, which result Is fac tor against the reduction in the bank rate. In the local market the London influence soon spent itself. The most mo- table features of the market were Mis- souri Pacific and Pennsylvania which each rose as much as 21f at one time. The supposition in the street Is that Missouri Pacific directors will meet next Monday and put the stock on a per cent basis. Stocks of affiliated companies showed some sympathy, especially the Denver and Rio Grande stocks The movement in Pennsylvania was due to today's report of the acquisition of the Pennsylvania Steel Company by the railroad company to safeguard It's steel rail supply
 The United States Steel stocks were rather significantly heavy, but the stocks of independent companies shot up in striking manner. The movement in Colo rado Fuel was sensational, the extreme rise reaching 151s and the jumps between sales reaching as much as 2h points. A violent reaction left the stock only 81k net gain. Tennessee Coal rose Az and the American Car stocks and Republic Iron and Steel stocks, Sloss Sheffield and Smelting between 1 and points. The dealing In Colorado Fuel was for Chicago account. National Lead continued to dis play the effect of expected benefits from Standard Oil control of American Linseed. The New York public utilities were strong in the hope of escape from the provision of the franchise tax. Northwestern pre- ferred recovered points of yesterday 8 13 points loss. Movements of any signi- ficance outside these stocks were confined to few rarely active stocks.
 The statement of May exports of agri- cultural products, showing an increase over May last year of over $11, 100000 and the governments weekly crop bulletin, re- porting needed rains in the districts shown to be suffering by the monthly re- ports of June 1, seemed to warrant an as- sumption of increased values for securi- ties, but they had little effect in check ing the dropping tendency from the, open ing high level and the price changes for the day are somewhat mixed between gains and losses and are small in all cases outside of the special features indicated. Mexican Central income bonds were heav- fly bought. but the general bond market was dull and irregular. Total sales, par value, $S9, 695, 900. United States bonds were all unchanged on the last call.