The Wichita daily eagle., 1901-06-06
WALL STREET STOCKS
Rock Island Made Sensational
Move.
MARKET CLOSES WEAK
With Wide BreecheS Affected
in Prices

New York, June 5.-The strength OF the
stock market. which was quite marked ct
one time during the day, diminished de-
cidedly after a while. When the check
was first decisively established there was
a notable falling away in the volume OF
dealings, but there was a resumption OF
activity before the close. this time on
the selling side, and the closing was de-
cidedly weak. with some wide breeches
effected in prices. The progress OF decline
IN the strength OF the market is due 10
the completion Of realizing profits on va
rious heavy lines Of stock. This profit
taking was clearly in evidence all day,
every demonstration OF special strength
in Individual stocks being taken advant-
age OF to prosecute the selling elsewhere.
Stocks which have shown the greatest
strength recently were naturally most
effected BY the realizing. II was current
report that much of the buying today
and for some time past represented COW
ering of a very heavy line Of short con-
tracts by an interest which took the bear
side of the market last week IN the in
cipient stage of the rise. arguing that
technical considerations called for a re-
action at that tina. The sustained ad-
vance since IS said 70 have driven this in
terest to cover at large loss. The clos
ing out Of this bear account also removed
an important sustaining influence from
the market and contributed 70 the vui-
nerable condition, which invited renewed
attack by newcomers 10 the bear ranks.
The sharp advances scored in q number
Of Insignificant low priced stocks during
the earlier part Of the DAY pointed clearly
70 manipulation in the interest of the re-
alizing jrocess. but there were also many
notable points Of strength developed II
the market in high grade stocks. The
most sensational upward movement was
in Rock Island. The late squirt in that
stock 10 175A had a mOmentary Influence
in stiffening the list after 1t had touched
the low points Of tho day TO that time
but as soon as II was perceived that the
Rock Island movement was without effect
the selling was renewed with redoubled
force. The admission Of new interests to
the directory of Rock Island was pretty
clearly foreshaGowed. but the extra
stock issue was On entire surprise to the
Street The movement in Atchison was
more gradual and on larger dealings.
Rumors Of a lease TO Union Pacific per-
sisted and the admission 10 the direc-
tory OF a member OF the banking firm
which represents the Northern lines OF
Pacific railroads was regarded as sig
nificant of the progress being made to-
ward community Of interest in that ter
IatuAE dS q IESLll lL tl4t JUS lii4titN %
the Northern Pacific quarrel; Atchison's
extreme rise was ~. The story Of Mis-
souri, Pacif1cs control of Southern Pa
ciie stock for the Denver and Rio
Grande stock were an influence in the
group OF railroads. Pennsylvania was
affected by the published opinion Of an
executive officer lately returned from
Europe OF good prospects for the coal
export trade executive changes were
taken as foreshadowing improvements in
operation. The strength in Illinois Cen
tral was based on comparison Of it's low
price with other railroad stocks in the
same category. Anaigamated Copper
suffered from the granting Of a new IN
junction against its proposed absorp-
tions. Advances Of from L 10 points IN
a number Of low-priced railroads and in
dustriaIs were unexplained by any news.
The advance in Canadian Pacific and It's
affiliate lines was designed TO lift the
stock in proportion 70 the advance OF the
other stocks Of Northwestern Pacanc
lines.
Closing prices Of stocks were ss fol-
lows.