The daily morning journal and courier., 1901-06-20
Financial.
---------------- THE STOCK MIRA EI.
Decreased Activity-DOubt and Hestta-
 ton in Speculative Mind.

ton tn Speculative Mind.
 New York, June t9-The decreased
 activity in to-day's stock market re- ! flected doubt and hesitation in the spec
 ulative mind. The many and various
 fluctuations seemed to represent as
 much as anything the efforts of profess sional traders to discover the actual
 condition of the market by a testing
 process. There was undoubtedly con-
 siderable amount of speculative liqui- dation, but the professional bears also had their share in the weakness of the market as was quite conclusively shown
 by the substantial rally late in the day when they began to look for stocks to cover their short contracts and found limited supply. The late rally was achieved, however, on a light volume of dealings, the bidding up process by the professional bulls against the ef- forts of the bears to cover having it's share in the movement. It will be seen that the large proportion of the trad ing was congested in a few stocks which also showed the widest price fluctua- tions. St. Paul was conspicuous in this class, and the apprehension that much of the recent rumors regarding developments in that stock were purely pOnippturD1 had tn Gp not OrIV with it's movement, but with the gen orally unsettled tone of the trading. There was seemingly good authority cited to-day for assertions that it was not contemplated at all to effect any actual absorption or legal passing of control of St. Paul or any interchange of the stock for new bonds. The ab- sorption of part of St. Paul stock by other rival railroad interests may go for 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 stock puts it in a technical position to be easily manip- ulated, owing to the large reduction in the floating supply and the plausibility given to rumors regarding the plans for the stocks. The extreme decline in the afternoon reached 29s below last night Union Pacific moved in sympathy. The exports of gold announced to-day reached only s1,250,O00, leaving the weeks shipments below $5,000,000. It is not probable that shipments made later than to-day could reach Berlin before July 1. so that a further outgo is not looked for. The recognition of this fact had something to do with the late rally of the stock market But the weeks considerable depletion of the cash reserves of the banks and the expected requirements next week to prepare for the unprecedented disburse- ment on July 1 made 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 facy loI III ulScpuldSlHB SpeculdllNe dCllNl- ty. A violent slump in Colorado Fuel of r points and sympathetic reaction in Tennessee Coal to A under last | night were due to doubts cast upon re- cent assertions that the company | would be absorbed by the United States | Steel corporation. St. Louis and San i Francisco rose 3% over last night late | in the day, apparently as the result of | the rights offered to stockholders in of subscriptions to a | cash fund. A number of industrials, | including American Tobacco gave evil denve of strength without explanation, |
 The bond market was active and ir- regular Total sales par value, $3135, | O00
 United States bonds were all un- on the last call.
 NEW TORK STOCK MARKET