The Saint Paul globe., 1901-06-19
WALL STREET WAS WEAK
BEARS HAD THE EoNG END OF
THE STOCK Market ALL
DAY YESTERDAY
BULLS BROKE FOR COVER
Willing Enough tp Bid Up Prices,
but Did Not vEantsstiae Actual
GoOds-Comb1natio Stories
Discounted.

nL q Closing.
Ia Tues. Mon.
Call money, New York ......3-5 So
NEW YORK, June fS.-The pressure to
sell stocks was effeetlIal in break ner
through resistance in the market today
and carrying the general level of prices
to materially lower basis. There were
few spots of strength perSiSting and
there We're occasional successful efforts
to check the decline, which resulted in
rallies by driving the room shorts to
cover. The bull element in the market
by no means abandoned it to the bears
and at recurring periods when the selling
had spent it's force there was alert readi-
ness to bid up prices without any desire
manifested to secure stocks. Notwith
standing all devices, however the sell
ing was renewed in force in the final
dealings and carried prices to the lowest
of the day, except for those stocks VIII ch
had. manifested some strength The clos
ing 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-diScdSsed st. Paul
deal. investigation by some independent
authorities ELECTED the information that
negotiations We're IN progress, as was
candj2ly admitted for bringing St. Paul
within the scope of the community of
interest working out in the Western rail-
road world, but many of the specific as
ScrtiOnS Which have been set at1Oat by
the very large speculative contingent
which is making the st. Paul project the
medium Tor their operations were
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 go To-
days version of the project carried it
no further than an effort to secure the
cooperation of the Morgan-Hill holdings
in st. Paul with the Hartman Kuhn
Loeb holdings in exchange for co-opera-
ton OF the holdings ofztRe latter interest
with those. of the former in Northern
Pacific. The holdings bf the Morgan
Hill syndicate in st. Paul. dating back
to the efforts to secure control previous
to the purchase of the Burlington are
known to be large. ARother well de-
lined rumor had it that a hitch had oc-
CURED in the contract alleged to have
been made to sell a large block of St
Paul stock to Union Pacific. St. Paul
declined nearly points as a result of
these rumors and Union Pacific about g.
and closed within a spIaff fraction of the
| lowest. Missouri Pacific, suffered from
realizing on the ground tisat all the good
news regarding the stocks was out and
the independent steel Companies were
notably sufferers from the same cause
the decline in Coloradoy Fuel reaching
10 and in Tennessee Goal 58k Amalga-
mated Copper reacted 'Ss4 from yester-
DAYS upward squirt, but Fallied strongly
IN favor of the company's~ merger project
Inc rally was mostly lost in the late re-
action Of the market. The active ex-
citahge market was explained by the SELL
ing or bills against further intended gold
Shlpll2nents, which will go out on Thurs,
day to Germany. 1t is expected that the
S1lpmept Will reach 81, ,000, coo at least
Inc reduction in the German bank rate
today is explained by the unusuaIIv
strong position of that institution, and
was taken in its quasi-public capacity as
d government institution to ease the con-
qltlon OF d1strust in financial circles in
Bernn. The call loan rate was stfffened
10 per cent again today The stocks
Wh:ch showed strength e1were Influenced
ehtlreiy by individual causes. The firm
ness OF United States Steel was based on
the declaration of dividends by subsid arv
companies. The newly listed Distilling
company of America stocks were ade
vanced 2Q3 points, respectively, for the
common and preferred. to. signalize the
Hrst transactions in the Stocks on the
exchange. a ..(,~-N, ii mo
The bond market was moderately ar
81, ESQ., COO pa '"iue'
United States bonds were all unchanged
on the last CALL
STOCK QUOTATIONS.
Furnished by Charles Fl. F. Smith e.
o., members of the New York Stoctr
s-Nchange, Pioneer Press building who
nave direct wires to Chicago and NV
YORK. closing prices are bid:
Closing