The Wichita daily eagle., 1901-06-19
WALL STREET STOCKS
General Level of Prices Carried
Lower.
ST. PAUL DEAL INFLUENCED
Specific Assertions Mere
Stripped TO Pieces.
ST. PAUL DEAL INFLUENCED

New York, June 1S.-The pressure 70 sell
stocks was eTsctual in breaking through
resistance in the market today and car
rying the general level OF prices 10 a ma
tertally lower basis. There were q few
spots OF strength persisting ard there
were occasional successful efforts 10
check the decline which resulted in rallies
by driving the room shorts 10 cover. The
bull element IN the market by no means
abandoned II 10 the bears and az recur-
ring periods when the selling had spent
its force there was alert readiness 70 bid
up prices without any desire manifested
70 secure stocks. Notwithstanding all de-
vices, however, the selling was renewed
in force IN the final dealings and carried
prices TO the lowest OF the day, except
FOR those stocks which had manifested
some strength. the closing was quite ac-
tive and weak. The most potent influence
in the market was the state OF doubt
engendered as 70 the real status az the
much-discussed St Paul deal. Investiga-
ton by some independent authorities ellie
tied the Information that negotiations
were in progress. as was candidiy admit
ted, Tor bringing St. Paul within the scope
OF the community Of interest working out
in the western railroad world. but many
OF the specific assertions which have been
set afOat by the very large speculative
contingent which Is making the ST. Paul
project the medium for their operations
were stripped TO pieces. The most import
ant OF these was yesterdays assertion
that per cent bonds were 10 be offered
for ST. Paul at the equivalent OF go. To-
days version OF the project carried It no
further than an effort TO secure the CO.
operation OF the Morgan-Hiu holdings IN
81. Paul yith the Harriman-Kuhn-Lo
holdings IN exchange for cooperation Of
the holdings OF the latter interest with
those OF the former in Northern Pacific
The headings OF the Aorgan-Hnl syndi-
cate IN St. Paul dating back 10 the ef-
forts to secure control previous 10 the
purchase Of Burlington are known 70 De
large. Another well-defined rumor had #
that a hitch had occurred IN the con-
tract alleged TO have been made 10 sell
a large block as a result Of these ru-
mors. and Union Pacific closed within a
snan fraction Of the lowest. Missouri
Pacific suffered from realizing on the
ground that ali the good news regarding
the stock was out and the independent
steel companies were notable sufferers
from the same cause the decline in Colo
rado Fuel reaching 10 and IN Tennessee
Coal 52s. Amslgamated Copper reacted
80 from yesterdays upward squirt. but
rallied slightly on the hopes Of q judi
cial decision today in favor Of the COM
pany's merger project The rally was
mostly lost IN the late action Of the mar
ket. The active exchange market was ex-
planned by the selling Of bills against fur
ther intended gold shipments which viii
go out or Thursday 70 Germany. II IS
expected that the shipment VIII reach
S2.090.O0o, at least. The reduction n the
German bank rate today IL explained by
the unusually strong position OF that IN
stitutfon and was taken IN its QUASI
public capacity IS a government lnstitu-
tioE.
The frmness Of United States Steel was
based on the declaration OF dividends By
subsidiary companies The newly listed
distiuing company stocks we're advanced
and points respectively FOR the com
mon and preferred TO signalize the first
transactions IN the stocks on the eX-
change.
The bond market was moderately active
and irregular. Total sales par value.
s4.00000 United States bonds were all
unchanged or the last call.
Closing prices Of stocks were as follows.