The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-21
STOCKS TEND DOWNWARD
EFFORTS OF WALL STREET BULLS
TO HOLD UP PRICES PROVE
UNAVAII4NG
OPENING WAS AT THE BEST
Pressure to Sell Eases, When Prices
Reached the Neighborhood of
Wednesdays CIesins
Level.

essIb Closing
Bar silver, New York ....-.. 5s5s 59h
Cali money. New York; x2A-454 S1A-41s
NEW YORK, June 20.-0pening prices
of stocks were at the highest average
level of the day. and all rallies. of which
there were several of some slight force,
were met by renewed realizing, which
drove prices downwards. After the open
ing squirt there were developments of
strength here and there in Individual
stocks, but they were in the class of Sc
curitieS that usually have little promi-
nence in the trading, and were without
great sympathetic influence on the list
The descent from the opening high level
was considerable, but the selling pressure
showed a tendency to diminish when
prices got down to about last nights
level. In fact there was no severe pres
sure to sell at any time, and the market
reflected rather the disposition of the
class of large spectators to refrain from
operation and let the market lie falow
during the period of doubt regarding the
capacity of the money market to afford
resource for speculation between now and
the turn of the half-yearly period The
volume Of dealings showed a notable
shrinkaSe and fell below the half-milion
mark, which is the lowest level touched
since before the presidential election
Even this meager aggregate was largely
dependent on the congeSted dealings in
few stocks, notably Amatgamated Cop
per. This stock was under pressure all
day, and fell an extreme 3% under last
night, with a final rally Of points on
the declaration OF the customary 1h per
cent quarterly dividend and half per
cent extra. This selling is said to be IN
large part due to arbitrage operations
against buying of stocks eligible for ex-
change. Colorado Fuel continued it's
sensational fluctuations falling at one
time points under last night and 28h
under the high price of Monday but rail-
lying at the last TO a point above last
night: General Electric was bought on
the reported acquisition of the British
Ihompson-HoustOn company, and the
stock being in very light supply, the buy
ing lifted it IS points. There was per-
slStlng strength in Minneapolis &. St
Louis, and the Iowa central stocks,
which rose to AZ on UlImors Of a mer-
ger and final absorption by the Illinois
central. The strength Of Chicago Great
western was based on a feeling that the
settlement Of the Western railroad situ-
alton will necessitate It's control The
early strength of the market, in sympa-
thy with London, was1sclearly due to
the Improvement there Of the monetary
situation, where the government is max
ing haste to disburse the resources of
Tuesdays installment Of .conSoI subscrip-
IONS. Doubts, however, continue over
the local money situation The sub
treasury has already taken from the mar
kct this week 81, 306, 000- which includes
the payments for the gold exported. The
sale at auction at Washington today to
City 4 Pacific railway to the Chicago &
North-Western viii involve the further
payment to the government of nearly
$2,OOO,OCO, although period of twenty
days Is permitted. The rise in New York
exchange at Chicago to rs cents premium
per thousand shows that the interior is
responding to the pressure for funds at
New York. The very heavy requirements
incident to the unprecedented interest
and dividend disbursements on July /,
"h'cn must be met next week, admonish
continued caution in overstraining the
money market for speculative purposes
rms and the subsistence of the talk re-
gardlng the st. Paul Union Pacific deal
sufhclGntly explain the dullnes and heay-
mess OF the speculation.
Inc bond market was moderately active
and Irregular. Total sales, par value,
$2,920,CO0. United States bonds were ali
unchanged on the last call.
STOCK QUOTATIONS.
Furnished by Charles Fl. F. Smith e.
90 o. members of the New York Stock
exchange, Pioneer Press building. who
nave direct wires to Chicago ana Nav
YORK. Closing prices are bid: