The daily morning journal and courier., 1901-06-27
E11ranctaI
THE STOCK M1RKET
Effect of Apprehension Caused by Bank
 ing Disturbance.

I
 New York, June 26.-The sentiment
 reflected by the changes in stock prices
 underwent an astonishing number of
 mutations to-day considering the small volume of trading and the narroWness
 of the interest in the market. The
 market was palpably soft, notwith-
 standing. these occasional variations
 There was a residue of apprehension
 caused by yesterdays banking disturb
 ance in spite of the clearing up of
 many wild rumors that circulated yes-
 terday by the explicit statements put
 out over night. It was doubtless owing
 to this feeling of uneasiness that strong
 supporting orders were put in the
 market at the opening to guard against
 any violent disturbance of prices. The
 advances which were caused in that
 way were( in fact, met by considerable 1 selling orders by the element which
 professed to expect further trouble The
 persistence of the support and the news
 that the bank which was affected yes ! terday had met to-day's debit balance at the clearing house quieted the slight tendency to feverishness in the mark ct. Afterwards the trading took on the
 tone of the recent market and consid- eration returned to the situation of the money market. The fact that the clear ing house association had considered it unnecessary to accord assistance to the bank in trouble yesterday was re- garded in itself reassuring, as indlcat- ing a belief that the banks affairs of fered no threat to the general situation and that the trouble was localized. When this state of sentiment had de- velored the support of the market seemed to be less, as though it were not deemed necessary. When the money rate stiffened to above per cent and increased offerings came upon the market, prices therefore yielded easily. This period of greatest weakness in the market was also that of the great est activity. The furry in money rates was exactly what has been anticipated for two weeks past and what is usual incident of the last week in June on account of the large accumulation nec- essary to provide for dividend and in- ltI tSl ulSbul stllIGlllS- ioul olONh SpCN- ulators are notorously prone to ignore this periodical tendency and to persist in an optimistic spirit in the hope of money market relief. This week the hope has hinged on the probability of the repayment to the market of some very large borrowings by syndicates and railroad companies. Very possibly yesterdays disturbance to credit slight though it was, had its effect in the shifting of loans which occurred to-day and which precipitated the sprinkle of liquidation owing to the difficulty of se- curing new accommodations The de- cline in prices was most pronounced in St. Paul Union Pacific, Manhattan and some of the less prominent stocks which have been under manipulation recently for an advance St. Paul fell 2M under last night. The latter part of the day was taken up by very general but desultory recovery. With ! the cessation of selling pressure friends l of different stocks bid them up again | and the hopeful professional element | had q story that the secretary Of the | treasury would pay out governments interest immediately in anticipation of | the July disbursements. Not a few of | the most important stocks were lifted | well above last nights level, while the larger number rallied to that level The | closing was very dull, but firm. The | reaction in sterling exchange in re- sponse to the rise in the money rate and the favorable progress in the stock exchange settlements in London and | also in Berlin, in spite of yesterdays | bank failure in Leipsic carried the price of exchange well away from the gold export point.
 The bond market was dull, but prices yielded to selling in sympathy with stocks. Total sales par value $2, 995, 900. United States refunding 2s' advanced 1-4 per cent. on the last call.
 SEW YORK STOCK MARKET.
 Opening, Highest, Lowest Quotntions