The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-06-21
new York stock Market


New York, June 19.-The decrease in
activity in today's stock market re-
f.ected doubts and hesitations in the
speculative mind. The many n va
riouS fluctuations seemed to represent
as much as anything the efforts OF pro-
fessional traders to discover the actual
condition Of the market by a testing
process. There was undoubtedly a
considerable amount of speculative IL
quotation, but the professional bears
also had their share in the weakness
of the market as was quite c~onclusively
shown by the substantial rally late
in the day, when they began to look for
stocks to cover their short contracts
ard foun a limited supply. The late
rally was achieved, however, on a light
volume OF dealings, the bidding up
process by the professional bulls against
the efforts of the bears to cover hav-
ing its share in the movement.
1t Will be seen that the large proper
ton of the trading was ~congested in a
few stocks, which also showed the wild
est price fluctuations. St. Paul was
conspicuous in this class. n the ap-
prehension that much Of the recent
rumors regarding developments in that
stock was purely conjectural had much
to do, not only with its movement, but
with the generally unsettled tone OF the
trading.
IneTe was SSeIIliLSly SQgu dulioIihy
cited today for assertionS IL was
not contemplated at all tv2effect any
actual absorption or lega1Sassing of
control of st. Paul OF any interchange
of the stock for new bonds. The alb
sorption of a part Of st. Paul stock by
other rival railroad interests may go
far towards confirming the safety Of
the general railroad situation, but a
question arises as to the increase that
would result in the investment value
of ST. Paul stock itself. The absorption
of large amounts of the stocks puts IL
in a technical position to be easily ma
nipulated owing to the large reduction
in the floating supply and the plaust-
bility given to rumors regarding the
plans for the stock.
The extreme decline In the afternoon
reached 2S below last night. Union
Pacific moved in sympathy. The ex-
port of gold announced today reached
only 81, 25o, 900. leaving the weeks ship
ments below $4,000, 900. 1t is not prob
able that shipments made later than
today could reach Berlin before July
LIST. so that a further outgo is not look
ed for. The recognition Of this fact
had something to do with the later rail-
ly of the stock market
The weeks considerable depletion OF
the cash reserves OF the banks and the
expected requirements next week to
repair IOT the unprecedented ulSDuicS-
ment on July 1st make it probable that
the money market will continue active
during the rest of the month. Any
large demands for speculative purposes
would endanger the comfort of the
money market. This was a potent fac
tor in discouraging speculative activ-
ity. At the same time there was a dis
position manifest to assume a waiting
attitude pending the release Of funds
after Just LIST, when the generally pro-
pitious outlook for values is expected
to have larger effect.
A violent slump in Colorado u or
II points and a sympathetic reaction in
Tennessee Coal and Iron to ~ under
last night were due to doubts cast upon
recent assertions that the company
would be absorbed by the United States
Steel Corporation. st. Louis and San
Francisco rose 81 over last night late
in the day, apparently as the result OF
the right offered to stockholders in
consideration of subscriptions to a cash
fund. A number OF industrials includ-
ing American Tobacco gave evidences
of strength without explanation.
The bond market was quite active
and irregular. Total sales, par value.
were s3.315, 900. United States bonds
were all unchanged on the las call.
The total sales Of stocks today were
49,, 200 shares.