The daily morning journal and courier., 1901-06-26

1 speculative and investment interests as | in itself invites to attack on prices by professional bears. There was con
 tinual slight dribble of stocks on the
 market under which prices slowly but pretty steadily yielded, except for a | few special cases where a desultory speculation for the rise centered or | where buying was induced by causes l individual to the stocks. These were i entirely without influence on the gen. | eral list. A rather general tendency to
 recovery from some opening declines 1 had the edge taken off it by the first bulletin announcement of suspension of
 an important bank in Leipsic. The | course of German bank shares for the
 last few days has indicated an unset tied state of affairs in Germany and to-day's occurrence arouses apprehen-
 sion that the coming semi-annual set
 dement's In Berlin may be the occasion
 of a more or less extended collapse.
 The recent failure of bank in Dresden
 revealed such state of involvment
 with formerly inflated industrial secur-
 ities which had suffered from the indus
 trial depression in Germany that the
 credit of many industrial enterprises
 was considerably undermined. The fear
 of crisis has probably prompted the
 imperial bank of Germany to recuper-
 ate it's resources to their present eX-
 traordinary strength. With the gain In
 cash this week and the receipt next
 week of the New York gold shipments
 the banks cash reserves will be lifted
 to near $250, 100000 next week. The
 banks outstanding note issues are also
 nearly $100, o00 GOO below the legal maxi mum exempt from taxation so that the
 German money market is unusually
 well equipped to meet a crisis The consideration of these conditions made the speculative mind sensitive and late in the day when many rumors began to circulate of local banking troubles there was a lively spilling out of stocks all through the list. The bears made the most of their unexpected oppor- tunity and offered prices down boldly while the rumors were at the high tide of exaggera tion. They succeeded in breaking through the defenses which had been established by the bull lead CTS while they were away for their va cations and heavy. stop loss orders were uncovered. Stocks with any large speculative accounts in them were nat urally most affected. St. Paul and Missouri Pacific were conspicuous in the decline, as were a number of less prominent stocks which were marked up in the early dealings to-day. The drop in St. Paul extended to five points, When the nature of the inves- tigation being made by the clearing house association of the affairs between one of the banks and the association became more known and it was an- nounced that no action would be neces- sary there was lively scramble on the | part of the professional shorts to cover and the rally in the principal active | stocks was between 1 and ? points. St. . Paul recovered 1-2, Missouri Pacific . 2 IA and Manhattan ? 1-8. But the ' closing was not free from feverishness and was rather irregular. The money market was not disturbed, the some what easier tone of yesterday being The earlier gains in the market were from causes peculiar to the stock affected, such as has been the motive of those movements for several days past
 The bond market was affected by the ate selling but in a much less degree than stocks. Total sales par value $2- 770, 900.
 United States refunding 2s and new Is advanced IA per cent. on the last all