The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-15
ACTIVE DRY FOR STOCKS
FEATURE WAS THE HEAVY MAI
INGS IN ST. PAUL AND
UNION PACIFIC
SOME TALK OF A coMB1NE
Rumor That Union Pacific Interests
Are Trying to'5Pick Up Con-
troll of the ST. Paul
Road.
CIosing


Friday. Thursday
Bar silver. New York 1914 5s5a
Call money, New York.21h-3l5 z1a-3
NEW YORK. June f4ZAn overwhslro-
ing proportion of the day deal ngs was
in Union Pacific and st. Paul. and the
scrutiny or the day transactions Will re-
veal that the strength in the market was
largely confined to the same stocks. The
influence of that strength on the general
list was considerable during the early
part of the day, but 1t steadily waned
There were some other isolated upward
effect on the general list. But while
prices in general refuse to respond in
sympathy with the points of strength
they were not conspfcuously affected by
the heavy realizing that went on all day
under cover of the strength in the two
market leaders. In fact, it was not until
Union Pacific itself lapsed in the last
hour of trading that the selling made
that time there We're sharp breaks all
around which carried the average level
Of prices below last night and the sub
seQuent rallies were insignificant the
market closing heavy under renewed SELL
ing. All of the professional elements in
the market seemed to Join in the Specula-
tive movement in ST. Paul and Union Pa
cif1c. Authentic official statements r.hgard-
ing the many runors prevalent of Closer
relations between the properties were
conspicuously lacking, but those found
credence as the tape, according to the
method Of confederation accepted bV
spectators, gave proof of the rumors
The specific assertion that Union Pacific
had acquired 250,090 shares Of St. Paul
from long standing insiders was stoutly
denied in ST. Paul interests, while Union
Pacific interests refused a confirmation
Whatever may be the origin of the re-
port, or the nature Of the buying of the
two stocks, 1t is very clear that they
were made use Of to cover large specula-
yo&f foly ~ IN ntf auto Of he
list. The extreme rise in st. Paul reached
612 and in Union Pacific 134. Colorado Fuel
made another sensational advance of IL
points, with a relapse Of IL, and TenneS-
see Coal rose ~, apparently in sympathy.
Rumors continued that these companies
are to be taken in by the United States
Steel corporation. Today's rumor made
the terms of exchange with Colorado
Fuel 100 shares each of United States
Steel common and preferred for every LOO
shares of Colorado Fuel. The move
ment in glucose was based on assertions
that the absorption Of National Starch
was near at hand. There is in the Read
ings had no other explanation than buy
ing for Philadelphia account, and in New
York Central it was said that the expec-
tation of a buying order for several thou
sand shares, apparently for investment
account, found the supply OF stock very
scarce. The advance of 2% in Peoples
Gas was unexplained. The stock fell
sharply in the reaction, but saved net
was feverish, rallying sharply on the
refusal Of an injunction against the pur-
chase OF other companies, but going off
again on the further announcement Of a
stay pending an appeal to higher court.
Mexican Central, Mexican National and
louisville & Nashville showed compar-
ative firmneSS though they were affected
by the late reaction. The jump IN the
call loan rate to "A per cent late in the
day and the unexpected announcement OF
the engagement for export of $500 GOO for
Germany, which, however, later appears
is not to go out until tomorrow. were
Influences in the selling movement md
carried suggestions of some such disa-
greeable surprise In tomorroW's bank
statement as that in last Saturday
statement Syndicate operations melted
the steel cCmpany's transactions In Phil
adelphia, the continuation of payment Of
subscriptions to Pennsylvania stocks and
preparations for next weeks STANDARD
Oil dividend payment may each or all
have made encroachments on banking re-
serve. The usual preliminary figures OF
the weeks cash changes, as furnished by
nifcant net result. The low money rate
In London, which the high sterling rate
in Paris and the stiffening Of the local
money rate, combined to cause diff
Guilty in finding an explanation Of the
gold shipment at this time.
United. States registered declined "A
per cent on the last call
The bond market was irregular in sym
pathy with stocks. Total sales, par value,
81, 240, 600
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith e
Co., members of the New York Stock
Exchange. Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid