The daily morning journal and courier., 1901-06-12

rumors which came thick from London | that peace was imminent in South Africa. The crop report had the great CT effect on account of the short sell ing which has been done by the bears during the past week in expectation of a showing of great deterioration in the crops Notwithstanding the decline in condition of winter wheat crop during the month and the decrease in acreage of the spring wheat crop, experts are able to figure a bumper crop on the government showing. The rains which have fallen since the first of the month, which is the date of the governments data, were also taken as an offsetting to the unfavorable features of the re- port. The short covering, which devel- oped yesterday afternoon was there fore continued with energy this morn ing. There was an attempt neverthe- less to distinguish in detail the effects of the report as bearing on different states. The spring wheat grangers were consequently strong, while the Texas Missouri and Kansas lines were held back. A sharp raid carried Texas and Pacific down ? 7-S from the high point and Missouri Pacific itself fell under last night. The whole market suffered from realizing until the ag
 gressive movement in Missouri Pacific checked the decline. This stock touch ed 122 3-S on we'll defined expectations of a coming dividend. There was ru- mor that the company's bonds which have the option of exchange into stock and which pay per cent, are to have the option exercised in their behalf. The pressure on Texas and Pacific was attributed to q change in the ratio of it's proposed exchange with Missouri Pacific stock, which has been sup posed hitherto to be two shares for one of Missouri Pacific The Mexican Central issues were largely dealt in in connection with report of the refund- ing plan, which would bring the stock nearer to dividend claims. The appear ance of Standard Oil interests in con- trolling numbers in the directorate of the American Linseed company was responsible for the strength of those stocks and of National Lead, which it is said will benefit from the change. A number of the high priced specialties such as Sugar, Amalgamated Copper and American Tobacco fiuctuated fe~ verishly under the influence of what seemed purely speculative operations. There were some sharp advances in less prominent specialties which were unexplained, including American Ex- press, North American, General Elec- tric, Virginia-Carolina Chemical and others in which the gains ran from 1 to points. The money market was free from disturbance, but reports of transfer of several million dollars in currency to Philadelphia yesterday in connection with the steel company consultations was an influence upon sentiment The selling pressure gained force at the last and the closing was heavy at about the lowest and general ly below last night, declines from the top ranging from to points in the principal active stocks The sale of 100 shares of Northwestern preferred was made at 13 points lower than the pre- ceding sale. 5m
 The demand for bonds was well dis tributsd and prices advanced. Total sales par value $3975000.
 United States bonds were all un- changed on the last9oall.