The age-herald., 1901-06-29
4 STRONG MARKET DESPITE FAILURES Prices Advanced Early in SeS- sion But Later Sagged THE MONEY RATE WAS HIGH Advances Were Made All Along the Line and Closing Prices Were
 to Points Higher Than
 Thursday Night.

New York, June 2S.-A strong advance In prices of stocks on the day of fail- nre of an important stock exchange house and on the day following failure of clearing house bank is an anomaly In Wall street. The action of the mar ket was the more notable as coming on practically the last day available for the money preparation for the dividend and interest disbursements due on the first of the month, which is Monday next Stock market borrowing made on Friday carries over until Monday. This anomaly in the movement of prices is un- noubtedly due in part to the fact that the bears were over confident in their antici- pations of the effect of these adverse factors. The early strength in the mar ket was largely due to the technical ex- planation that the accounts of the failed firm, which were closed out under the rule, were almost wholly on the short side of the market. That is to say, stocks had to be bought under the rule to close the contract thus creating forced de- mand which kept up prices. The firms Accounts covered a fair assortment of about fifteen of the principal speculative stocks on the exchange and the total number of shares bought in for their ac- count amounted to 21 200 together with b11, ,000 par value, on bonds. Apparently the only stock sold for their account was gas and electric company of Bergen coun- ty The promotion of this enterprise had been assisted by the firm and common Bupposition that the companies figured In the collateral s200,OO0 loan by the Sev- enth National Bank which was the di- rect cause of that banks suspension. The severe condemnation expressed by the Comptroller of the Currency Of the collateral of that loan and implied by the clearing house committee and their re- fusal to assist the bank, left very little demand for this stock when 1t was or fered on the exchange for H. Masquand & Co., On Monday of this week it set ex- change at 10A. The first sale today of BOO shares was at BOG cash. The next sale was at 32c cash and the stock subsequent- ly sold at 46sa regular. About this time other business was almost at stand still. With the conclusion of the settle ment prices again sagged and the money rate held high for long loans.
 A sharp recovery in sterling exchange hnd Berlin exchange was perceived rom their heretofore down course of yesterday This was attributed to the fact that per sons who anticipated a need of money al the end of this week had over supplied themselves from a too abundant caution and with the expiration this afternoon ol The period when funds in hand would be required they let go part of theil rvaIiable supply of money. The covering movement in the last hour was the n1os active during the day and resulted in es tablishing a final level of prices which is uuite generally point of more above las night. The most conspicuous stocks o1 the advance were Atchson and St. Paul which gained 2% each. There were gains of 2 points or over also by Louisville, Erie first preferred, Chicago. Indianapolis ant Louisville, Iaclxawana, Denver and Rit Erande preferred and Illinois Central Evansville and Terre Hautc rose points over the recent prevailing biG. Among the specalties there were gains of 21s tt Bst by Tennessee Coal, Colorado Fuel North American, General Electric ant American Linseed preferred. Tomorrow. bank statement was not factor, as n' )ne profsssed to be able to accurately fore east Ks showing in view of the weeks dis bursement. The easing of the money rat' today and the expectation that the money market will be relieved next week b, largo disbursements were looked to for guide to sentiment. A more cheerful situ ation reported in Berlin was a factor 1T the street strength of today's market
 The bond market was dull. but price! advanced In sympathy with stocks. Tota sales, par value, s2,S00000.
 United States bonds were all unchanged Dn the last call.
 New York Stock Market.