The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-06-18
EimnnetaV.
THE STOCK MARKET

New York, June 1.-THE stock mar
| ket made a vigorous attempt day to
withstand the chilling effect of heavy
exports of gold and the furry in the
money rate to per cent. But the gen.
eral show Of strength with which the
market was forced to succumb to this
development, in spite of the persistence
of some notably strong spots in the
market. The closing showed advances
very generally wiped out except in the
few stocks which moved against the
current of the market. st. Paul con-
tinued to be the most conspicuous of
these and the strength in that stock
was supplemented by advances in va
rious other railroad stocks from ind-
vidual causes and by a buoyant tone
for the independent steel companies
and a few industrials. Missouri Pa
cific was slightly affected by the divi-
dend,
The action Of the market on Satur-
day after the appearance Of the bank
statement had been sufficient notice
that the financial powers that be We're
prepared to ignore the showing of that
statement and to continue their efforts
for an advance. The market opened
strong in consequence with $4,000
shares Of st. Paul taken at a spread Of
2 IL points, the quotation on running
sales varying from ISL IL to 1874 COM
pared with 1870 on Saturday. The stock
touched 1856 rs later in the day on enor-
nous dealings The belief is well de-
fined that an offer is to be made of
per cent. bonds at the ratio of 200 at
par Of the bonds for 100 at par of the
stocks as was done for the Burlington.
AS certificates for the Burlington stock
are ruling at 1856 1-2, that price seemed
to be the objective point for st. Paul
But the heavy realizing which meets
the stocks advance at each stage and
it's late reaction warrant the conjecture
that the final settlement in the matter
remains to be made Stocks Of the in
dependent steel companies were af-
fected by rumors of pending absorp
ton into the United States Steel Cor
poration. Tennessee Coal rose an ex-
IRENE 7 1-2, Colorado Fuel SIS. Re-
public Steel 10, the preferred 8, and
Hooking Coal IA. The advance Of
4 rs in Illinois Central had no other ex-
PLANTATION than the high rate Of the divi-
dend return at its price. Amalga mated
Copper was firm all day, but it was not
until the final dealings that it was rush
ed precipitatedly up to 1870 with indca-
tions of distress on the part of the
shorts The activity of the trading de-
creased conspicuously after the gold |
Were announced to an aggre-
gate of S4000,000. The belief is gen. |
eral that further shipments will be
made later In the week, the sum en-
gagged to-day emasuring the limits of a
single shipment for insurance purposes. |
Berlin is clearly enough the point Of |
trouble for which relief is being pro-
7ided The sterling exchange rate there
fell day to 20 marks 40 1-2 pfennigs
with 20 marks "A IA pfennigs |
asst Monday and 20 marks As pfennigs
two weeks ago. The semi-annual re-
luirements at Berlin are always heavy
and at this time condition Of distrust
Exists regarding many financial and in
1ustrial enterprises, which leads to 1
heavy liquidation Of high grade securi-
lies, especially American railroad Sc
curities. In face of a fall in surplus
on Saturday of $4559, 375, fol-
owing decrease for the week before
If $7911, $50, thus cut ting down by near
Y two thirds the New York banks sur
plus over legal requirements and in h
view Of the preparations for half year
y requirements to be met in the fol-
owing day, the demand for cash of the
of to-day's gold exports
vas not to be ignored. The market
closed irregular but at some recovery
rom the reaction.
The bond market was rather active
md Irregular. Total sales par value
3d. 295, 900
United States refunding twos, the
hrees and new tours declined IA per
,ent. on the last call.