The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-06-19
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THE STOCK MIRK EFT
Pressure to Sell eau es n Break In
Prices

Pressure TO Sell eau es Break /,
Prices.
New York, June 1S.-The pressure t.
sell stocks was effectual in breakin,
through resistance in the market to-
day and carrying the general level o
prices to a materially lower basis
There were few spots Of strength per
sisting and occasional successful eff
forts to check the decline resulted II
rallies by driving the room shorts tC
cover
The bull element in the market by nc
means abandoned it to the bears and
at recurring periods, when the selling
had spent it's force there was alert
readiness to bid up, prices without any
desire manifested to secure stocks
Notwithstanding all devices, however
the selling was renewd 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 active
and weak The most potent influence
in the market was the state of doubt
engendered as to the real status of the
much discussed st. Paul deal Investi-
cation by some Independent authorities
ELECTED the information that negotia-
tons were in progress, as was candidly
admitted, for bringing st. Paul within
the scope Of the community Of interest
working out in the western railroad
world. But many of the specific asser-
lions which have been set afloat by the
very large speculative contingent which
is making the st. Paul project the me-
dunn for their operations We're stripped
to pieces. The most important of these
was yesterdays assertion that per
cent. bonds were to be offered for st.
Paul at the equivalent of 200. To-
days version of the project carried it
no further than an effort to secure the
CO. operation of the Morgan Hill hold
ings of st. Paul with the Hartman
Kuhn Loeb holdings in exchange for CO.
operation of the holdings of the latter
interest with those of the former in
Northern Pacific. The holdings of the
syndicate in st. Paul dat
ing back to the efforts to secure con-
troll previous to the purchase of Bur-
ington are known to be large. An
other well-defined rumor was that a
hitch had occurred in the contract al
eyed to have been made to sell a large
block Of st. Paul stocks to Union Pa
tific St Paul declined nearly five
points as a result Of these rumors and
Union Pacific about and closed within
| small fraction Of the lowest. Mis-
ouri Pacific suffered from realizing on
he ground that all the good news re-
sarding the stock was out and the in
dependent steel companies were nota-
lie sufferers from the same cause, the
lecline in Colorado Fuel reaching 10
md in Tennessee Coal 3-S Analga-
mated Copper reacted 3 ga from yes
erdays upward squirt but rallied
trongly on the hopes of a judicial de-
ision day in favor of the companys
merger project. The rally was mostly
lst in the late reaction of the market.
he active exchange market was eX-
lained by the selling of bills against !
urther intended gold shipments which |
ill go out on Thursday to Germany. |
is expected that the shipment will !
each 81, 100000 at least. The reduction |
the German bank rate to-day is eX- |
lained by the unusually strong posi- |
on of that institution and was taken
| its quasi public capacity a as gov
on of distrust in financial circles in |