The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-19
BEARS RAID The MARKET
RESULT Is a GENERALLY LOWER
LEVEL OF PRICES.
A Few Marked and Persistent Points
of strenEth-Better Conditions
Govern Foreign Money.

NEW YORK, June 1s--The pressure to
sell stocks was effectual In breaking
through resistance in the market to-day
and carrying the general level of prices
to a materially lower basis. There were
a few spots of strength persisting, and
there were occasionally successful efforts
20 check the decline, which resulted in
rallies by driving the room shorts to cover.
The bull element in the market by no
means abandoned il 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 mani
tested to secure stocks. Notwithstanding
all devices, however, the selling was re-
newed in force in the final dealings and
carried prices to the lowest Of the day,
except for those stocks which had mani
tested some strength. The closing was
quite active and weak. The most potent
influence in the market was the feeling of
doubt engendered as to the real status of
the much-discussed st. Paul deal. Inves-
tigation by some important authorities
ELECTED the Information that negotiations
were in progress, as was candidly admitted.
for bringing St. Paul within the scope of
the community of interest working out in
~O 49, 'OAt 49, 49,
of the specific assertions which have been
afioat by the very large speculative con-
tingent which is making the st. Paul
project the medium for it's operations were
stripped TO pieces. The most important
OF these was yesterdays assertion that 4
per cent. bonds were to be offered for st.
Paul at the equivalent of 200 for 100. To-
days version of the project carried ii no
further than an effort 10 secure the CO.
operation of the Morgan-Hill holdings in
ST. Paul with the MISUNDERSTANDING
holdings in exchange for cooperation of
the holdings of the latter interest with
those of the former in Northern Pacific.
The holdings of the MorSan-HiI syndicate
In 81. Paul dating back TO the efforts TO
secure control previous to the purchase
OF Burlington, are known to be large. An
other well-deined rumor had il that a
hitch had occurred in the contract alleged
81. Paul stock to Union Pacific. ST. Paul
declined nearly 5 points, as a result of these
closed within a small fraction of the lowest.
Missouri Pacific suffered from realizing on
the ground that all the good news regard
ing the stock was out. and the independent
steel companies were notable sufferers from
the same cause, the decline in Colorado
Fuel reaching 10 and in Tennessee Coal SIS.
The active exchange market was ex-
planned by the selling of bills against fur
Their intended gold shipments which will
go out on Thursday to Germany. 1t is ex-
pected that the shipment will reach $780,
900 at least. The reduction in the German
bank rate to-day is explained by the I'M
usually strong position of that institution,
and Was taken in its quasi-public capacity
as a government institute to ease the con-
dition of distrust in financial circles i'm Ber-
lin The call loan rate here stiffened to
5 per cent. again to-day. The stocks which
showed strength were influenced entirely
by individual causes. The firmness of
United States Steel was based on the dec
~laration OF. dividends by subsidiary COM
panies. The newly listed Distilling Com
pany OF America stocks were advanced
2 and 3 points. respectively. for the COM
mon and preferred, to ~signalize the first
transaction in the stock on the exchange.
The bond market was moderately active
and irregular. Total sales at par value
were $4,040.00. United States bonds were
all ~4nchangedaon the last call.
Following are the days share sales and
the closing bid prices.