The Wichita daily eagle., 1901-06-15
WALL STREET STOCKS
Days Dealings Were in 81.
Paul and Union Pacific.
STRENGTH WAS CONFINED
But Had Considerable lnhu-
ence on Entire List
STRENGTH WAS CONFINED

New York, June 1A-An overwhelming
proportion Of the days dealings was in
Union Pacific and ST. Paul and the scru-
+ tiny OF the days transactions viii reveal
that the strength in the market was
/ largely confined 10 the same stocks The
+ inuence Of that strength on Il~ general
! list was considerable during the carly
part Of the day bat it stesdiiy waned
There we're some other isola-ed upward
: movements. but these also had but little
effect upon the general list. But while
pri1es in general refused 10 respond in
( the point OF strength. they we're not COZ
spicuously affected by ;hs heavy rezliz-
ing thar went on al day under cover Of
the strength in the two market leaders.
In fact, it was not until Union Pacific
itself. rela apsed IN the last hour OF the
trading that the selling mad any notable
impression on prices. At that time there
was sharp breaks al around, which car
ried the average level OF prices below last
night. and the subsequent rallies were in
significant. the market closing heavy un-
der renewed selling All OF the profess
sional elements IN the market seemed 10
join in the speculative movement in st.
Paul and Union Pacific. Authentic OH
cial statements regarding the many ru-
nors prevalent OF closer relations be-
tween these properties were conspicu-
ously lacking. but they found credence as
the tape. according to the method OF cor
roboration accepted by spectators. gave
proof Of the rumors. The specific asser-
ton that Union Pacific had acquired 250-
900 shares Of st. Paul from long standing
insiders was stoutly denied by St. Paul
interests, while Union Pacific interests
refused a confirmation.
Whatever may be the origin Of the re-
port, CT the nature OF the buying Of the
two stocks, it is very clear that they
we're made use Of to cover large specula-
tive profit taking in other parts OF the
list. The extreme rise in St Paul reached
6 - and in Union Pacific 81 Colorado
fuel made another sensational advance
OF II points. Rumors continue that these
companies are 70 be taken in by the Unit
ed States Steel corporation. Today's ru-
NOR made the terms OF exchange with
Colorado Fuel 100 shares each OF United
States Steel common and preferred for
every 100 shares Of Colorado Fuel The
sertions that the absorption OF the Ma
tional Starch was near at hand. The rise
IN the readings had no other explanation
than buying for Philadelphia account
and in New York Central II was said
that the execution OF a buying order FOR
several thousand shares, apparently for
investment account, found the supply OF
stock very scarce. The advance OF 2 3.S
IN Pennsylvania Gas was unexplained
The stock fel sharply in the reaction,
but saved g net gain Of a point Amalga-
mated Copper was feverish. rallying
sharply on the refusal OF an Injunction
against the purchase Of other companies
but going of again on the further an
nOuncement OF a stay pending an appeal
to a higher court Mexican Central Mex
lean National and louisville and Nash
vile showed comparative firmnsss. al
though they were affected By the iata
reaction. The jump IN the can loan rate
to IL per cent late in the day and the
unexpected announcement OF an engage
ment OF 90 in gold for shipment u
Germany, which. however, is subsequent
y appeared, IS not 70 20 out tomorrow,
were influences in the selling movement
and carried suggestions OF some such
disagreeable surprises IN tomorrow's
bank statement as that IN last Satur-
days statement Syndicate operations in
cident TO the Steel company's transac-
tions IN Philadelphia, the continuance of
payments or subscriptions to Pennsyl-
vania new stock and preparations for
next weeks Standard oil dividend pay
ment may each or all have made en-
croachments on banking reserves. 7-he
usual preliminary figures of the weeks
cash changes furnished By the banks
themselves indicate an insignificant net
result. The low money rate n london
the high sterling rats n Paris. and the
stTening OF the local money rate con-
bined TO cause difficulty IN finding an
explanation of the gold shipment at this
time. United States threes registered.
declined il per cent on the last call
The bond market was irregular IN SYM
pathy with stocks. Total sales. par value
S5.2i00o0