The Montgomery advertiser., 1901-06-13
WALL STREET REVIEW
MARKET FALLS INTO SEMI
 sTAGNATIoN.
Gains Established in the Morning Pretty Generally Wiped Out. by the Dribble of Selling
 Orders in Afternoon.

NEW YORK. June 12-The stock mar ket fell into semi-sta gnation during the latter part of the day and the gain6 established in the morning were pretty generally wiped out under the dribble of selling orders which came upon a mar ket almost bare of demands. Various points of strength made their appearance during the day. but they lost thsir infiu- ence 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 adjust ment of the long drawn out struggle there, that is for the world of capital. 1t
 must be borne in mind that enormous de- mands the British Government makes on accumulated capital for the conduct of the war as we'll as the absolute cutting off of an important proportion Of the worlds gold product while tine war lasts. The large disbursements by the Govern ment on war account, combined with transfers of Russ'a an deposits from Paris. is what has given the London money market it's present ease and has led to some expectations that the governors of the Bank of Eng.and will further reduce the minimum discount rate at tomorrow's weekly session. A 10 per cent. instailment amounting to $30,000,0O0 of subscriptions to the new consol is is due on Thurs day next, June 1S and the demand for money, which result is factor against the re0uctlOn Tn the Dank rdle. III lHe local market the London influence soon spent itself. The most notable feature; of tho market were Missouri Pacihc and
 Pennsylvania, which each rose as much as 21h at one time. The supposition in the street Is that the Missouri Pacific direc- tors will meet next Monday and put the stock on per cent. basis. Stock5 or affiliated companies showed some sym pathy, especially the Denver and Rio Grande stocks. The movement in Penn sylvania was due to today's report of the acquisition of the Pennsylvania Steel Company by the railroad company ,r, to United States Steel stocks were rather significantly heavy, but the stocks of in dependent companies shot up in strik-
 ing manner. The movement In Colorado Fuel was sensational, the extreme rise reaching 151z and the jumps between sales reaching as much as 21a points. vio- lent reaction left the stock only Sh net American Car stocks. the Republic Iron and Steel stocks, oss-Sheffield and Smelling between l and points. The dealing in Colorado Fuel was for Chicago account. National Lead continued to show the effect of expected benefits from Standard oil control of American Lin seed. The New York pubic utilities were
 strong on the hope of escape from the
 provision of the franchise tax. North western preferred recovered points of yesterdays 13-point loss Movements of any significance outside these stocks were
 confined to few rarely active stocks.
 The preliminary statement of the May exports of agricultural products, showing an increase over May of last year of over $11 0OO0 600 and the Governments weekly
 crop bulletin. reporting needed rains in the districts shown to be suffering by the
 monthly report of June l seemed to war
 rant an assumption of increased values for securities, but they had little effect in checking the dropping tendency from the opening 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 in- dicated.
 Mexican Central income. bonds were market was dull and irregular. Total sales (par value). $39. coo. United States
 bonds were all unchanged on the last call