The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-06-18
HEAVY EXPORTS OF GOLD.
Stock Market Tried to Withstand the
Effect, but Couldn't.
FEW STOCKS MOVED AGAINST cURRENT
And They Were About the Only Ones
That Retained the Advances Made
During the Day.

New York, June 1.-THE stock market
made a vigorous attempt to Withstand the
chilling effect Of heavy exports Of gold ana
the furry in the money rate to per cent,
but the general show Of strength at the
opening was forced To suecumb to this
development In spite Of the persistence OF
some notably strong spots. The closing
showed advances very generally wiped out,
except in the few stocks which moved
against the current st. Paul continued
TO he the most conspicuous of these. and
the strength in that stock was supplement
ed by advances In other railroad stocks
from individual causes and by buoyant
tone for the independent steel companies
and few industrlals. Missouri Pacific
was lightly affected by the dividend
The action OF the market on Saturday,
after the appearance of the bank state
ment, had been sufficient notice that the
financial powers were prepared to ignore
the showing Of that statement and to con
tinue their efforts for an advance. The
opening was strong In consequence, with
1900 shares Of st. Paul taken at a spread
Of pa points, the quotations on running
sales varying from 49, to 1s4 compared
with $50 on saturday. Tho stock touched
1853 later in the day on enormous
dealings The belief is well defined that an
offer is to he made Of 4 per cent at the
ratio of 200 at par of the bonds for 500
at par Of the stocks, as was done for the
Burlington certificates. AS certificates for
the Burlington stocks are ruling nj lJGM,
mat price seemed to be the objective point
for St Paul The heavy realizing which
meets the stocks advance at each stage,
and Its lat" reaction, however, warranted
/ a conjecture that the hna settlement in
/ the matter remains to he mDdc.
! The Independent steel stock companies
were affected by rumors Of pending alb.
sorptiOn in thg United states Steel cor
! trcme ~; Colorado Fuel 59S; Republic
/ Steel 3Ja the preferred 3, and Hooking
! Goa "a. The advance of 41s in Illinois
! Central had no other explanation than the
price. Amalgamnted Copper was firm all
| day, hut IT was not until the final deal
lngs that it was rushed mp to 100, With
Indications of distress on the part Of the
shorts.
The. activity Of the trading decreased
| conspicuously after the gold shipment
belief is general that further shipments
| viii he made later in the week Berlin
~ clearly enough the point Of trouble for
which relief Is being provided. The stcr
ling exchange there feil today to % marks
| ~ pfennlg compared with 20 marks AZ
plenugs last Monday and % marks A
plennss two weeks ago. The. semi ANNA
| requirements NJ Berlin are always heavy
aud at this time, condition Of distrus
exists regarding many financial and indus
trial enterprises, which leads to heavy
liquidation of high grade securities, es
pecally American railroad securities
In the face Of fail in surplus reserve
ON Saturday of S4,55o375, following a de
crease for the week before of $7.795. $50
thus cutting down nearly two-thirds Of tn,
New York bank surplus over legal re
Wircments. and In view Of the prepare
tons this week for several large dividend
disbust n.cnts. including that Of STANDARD
OIL and the preparations for half yearly
icquircntn tS TO be met In the folowinl
week the demand for cash portion of tn
days gold export was not to be ignored
The market closed irregular, but at som,
recovery from the reaction
The bond market was rat active ana
Irregular Total sales par value, S3205,