The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-06-20
A DECREASED ACTIVITY.
II Reflected Doubts and HesitatlOnS
in Stock Speculation.
THERE WAS A RALLY BEFORE CLOSE
The Partial Recovery Was Due to Fact
that Only Limited Supply Could Be
Found to Cover Short Contracts.

New York. June lg.-The decreased ac-
tlvlty in todays stock market reflected
doubts and hesitations in the speculative
mind The many and varied fluctuations
seemed 10 represent as much as anything
the efforts Of the professional traders TO
discover the actual condition Of the market
by testing process There was undoubt-
cdly "a considerable amount OF speculative
liquidation, but the professional bear also
had his share In the weakness Of the mar
ket as was quite conclnsively shown by
the substantial rally late in the day when
they began to look FOR stocks TO cover
their short contracts and found a lin
tied supply
The late rally was achieved, however,
on light volume u dealings. the bid.
dins up process by the professional bulls
against the efforts Of the bears to cover
having he share in the movement II VIII
bc seen that the large proportion Of the
trading was congested in few stocks,
which also showed the widest price huctna.
tons ST. Paul was conspicuous in this
class ana the apprehension that much of
the recent rumors regarding developments
30 thai stock was purely conjcctulal had
much in do not only with its movement
bvt WITH the general undcrtone of trading.
There was seemingly good authority cited
lo1aI FOR asSer lions that II was not con
tomplatcd at uh 70 effect any actual alb.
soipiiou u legal passing Of control Of 81.
faul or any Interchange of the stock Tor
new bonds The absorption Of n part OF
st. Paul by other rival railway interests
may 90 far toward the safety Of the gen
eral rnill"ad situation but question
arises as no the increase that would result
In the investment value OF st Paul stock
Itself The absorption Of large amounts Of
the STOCK puts u IN technical position
10 be easily manipulated owing to the
large reduction IN the floating supply and
Z ne FEASIBILITY given 10 rumors regardln"
the plans for the stock The extreme
dccliues 10 the afternoon reached ~ he
low last night Union Pacific moved In
sympathy. The exports Of gold announced
today reached only Sl2J0.o00. leaving the
week. shipments below S5,0000O0 II Is
rot probable that shipments made later
than today could reach Berlin before July
!, SO that further outgo Is not looked
for. The recognition of this fact had some
thing to do with the later rally of the
stock market
There was considerable depletion Of the
cash reserves of the banks and the OK
perted requirements next week to prepare
idr the Unprecedented disbursement on
July l. make II probable that the money
market VIII continue active during the
rest OF the mouth. Any large demands
Irr speculative purposes would endanger
the comfort Of the money market There
was n potent factor IN discourasing specu-
lAtlve activity st the same time there
was a disposition manifest 90 assume n
WaiilhG attitude pending the release of
funds on July /, whom tn. generally urn
pituons outlook for values Is expected to
have good effects st Louis rose 39i over
last night late in the day. apparently as
the result Of rights offered to stockhold
ers In consideration Of subscriptions TO a
ciS9 Iuna number OF industrals IN
ending American Tobacco, gave evidence
Of strength without explanation
The bond market was quite active and
steady. Total sales. S3,3lJ,ooo