The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-26
STOCKS ARE SOLD DOWN
SHARP RECESSIONS IN VALUES
SHOWN IN PRACTICALLY THE
ENTIREJIIST
PROFESSIONAL BEARS GET BUSY
Rumors Of Embarrassment of a New
York Bank Enable Them to
Hammer Prices Down
the Line


NEW YORK, June z5.77frices of stocks
reacted sharply today,sand were carried
down unGer such active selling as has
not been seen in the market for several
weeks past. This development did not
make itself felt until late IN the day and
after such period OF neglect and apathy
on the part Of the speculative and invest
ment interests as in itself invited TO at
tack on price by professional bears.
There was a continual slight dribble of
stocks on the market under which prices
slowly but pretty steadily yielded, except
for few special cases, where a de-
sultory speculation for the rise centered.
or where buying was induced by causes
individual TO the stocks. These were en-
tirely without influence on the general
list A rather general tendency to re-
cover from some opening declines had
the edge taken Off by the first bulletin
announcing the suspension of an impor-
tant bank at LeipSic. The course OF
German bank shares for the last few
days has indicated an unsettled condition
of affairs in Germany, and today's oc-
currence arouSeS apprehension that the
coming Semi-annual settlements in Berlin
may be the occasion of more or less
extended collapse. The recent failure of
bank in Dresden revealed such a state
of involvement with formerly inflated
industrial securities which had suffered
from the Industrial depression in Ger
many that the credit OF many industrial
enterprises was considerably undermined
The fear of crisis has probably prompt
ed the Imperial Bank of Germany to re-
cuperate it's resources to their present
extraordinary strength. With the gain IN
caSh this week and the receipt next
week of the New York gold shipments,
the banks reserves will be lifted to near
$Z5O, 100000. The banks outstanding note
issues are also nearly 500 Goo 900 below
the legal maximum exempt from taxa
ton. So that the German market is I'M
usually we'll equipped to meet a crisis
lie consideration of these considerations
made the speculative mind sensitive and
late in the day, when many rumors be-
gan to circulate of local banking trou-
bles, there was lively splitting OF stocks
all through the list. The bears made the
most of their unexpected opportunity
and offered prices down boldly while
the rumors were at the high tide of ex-
agSeration. They succeeded in breaking
through the defense Which had been es-
tablished by the bull leaders while they
were away for their vacations, and heavy
Stop-loSS orders We're uncovered Stocks
with any large specufat tive accounts IN
them were naturally most affected. st.
Paul ard Missouri Pacfticlswe conspicu-
Gus III the decline, as were a number of
less prominent stocks. which were mark
ed up in the early dealings toHay. The
drop in st. Paul extended to points
W hen the nature of the investigation
being made by the Clearing House asso-
cation became more accurately known,
and 1t was announced that no action
would be necessary, there was a lively
scramble on the part of professional
shorts to cover, and the rally in the prin-
cipal active stocks was between l and
points. st. Paul recovered 21a, Missouri
Pacific ~ and. Manhattan 2A But, the
closing was not free from feverishness
and was rather irregular. The money
market was not disturbed the somewhat
easier tone of yesterday being maintain
ed. The earlier gains in the market were
from causes peculiar to the stocks affect
ed, such as has been the motive of these
movements for several days past.
The bond market was affected bv the
late selling, but in much less degree
than stocks. Total sales, par value,
S9,710,O00 United States refunding Is and
new is advanced Il on the last call
STOCK QUOTATIONS
Furnished by Charles H. F. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building, who
nave direct wires to Chicago anu New
York Closing prices are bid: