The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-06-07
Et1tanrtal.
THE STO Ck MARK EI.
Decided Subsistence of Speculative Ac-
tivity with Resulting Impression on

tivity with Resulting Impression on
Prices.
| New York, June 6.-There was de-
cided subsistence of speculative activity
in stocks to-day with a resulting i'm
preston on prices. Losses are quite
| large in some of the principal active
| stocks which have been recent favor
ties in the speculation. The market
was ruled very largely by technical
considerations. 1t developed from the
smaller volume of the dealings and the
| lack of support for prices that yestar-
days operations had resulted in the
elimination of a large short interest,
and that the demand from this source
| to cover short contracts had been TAX
en- advantage of by the bull contin-
gent to realize profits on heavy long
lines of stocks. The mutual closing up
Of accounts had a decided effect on the
speculative appetite and the ushering
In of the hot season accentuated the
Indifference of the trading. There were
rumors current all day that the cover
Ing by the bears yesterday had been
achieved at considerable cost and more
or less uneasiness was caused by this
fact. The emphatic denials from Off
cial sources of a number of the rumors
which have played part in the recent
bull movement, especially those bear
ing on the consultations and absorb
tons of mony of the minor railroad
systems was somewhat depressing
factor An influence in the same di-
rection was the disclaimer, on the part
of parties interested, of the assumption
that the entrance to the Atchison d.
rectory of member of the firm of j.
p. Morgan & Co. was an indication of
Morgan holdings of the stock with
view of establishment of community of
interest The net changes in stocks
give no adequate idea of the extent of
the days price ranges. There was a
considerable show of strength at the
opening partly due to the influence of
London on account of the reduction in
the Bank Of England rate, and also
on account of operations by coterie
of Americans now in London. The re-
duction in the bank rate is accepted as
thorough assurance over the future of
the foreign money markets, as London
has large future needs to meet and
owes large sums to Paris, which it is
important to keep in the London mark
ct by the payment of any attractive
rate of interest But the selling pres
sure made an end of the advances be-
fore the end of the first hour. The
feverish tone of Rock Island was a
somewhat unsettling influence, owing
to fears that corner may develop in
the stock. The issue of $10000,000 new
stock yesterday came as total sur
prise to the street. There has been
enormous action of the stock recently,
and the outstanding short interest is
known to be large. The reaction in the
stock in sympathy with the general
market did not serve entirely to reas-
points of positive strength, which,
however, had only slight influence in
offsetting the general reactionary ten
dency. The various tobacco compan-
les were most prominent and advanced
on the Incorporation of the new COM
pany in New Jersey, which is believed
to be for the purpose of taking over
and combining all the present compan
les. American Tobacco rose an ex-
IRENE tx, Continental Tobacco 2A, the |
preferred So, and American Snuff Az,
and Nashville was consist
emily strong on the ground Of its COM
parative low price and large earnings |
and advanced 2A. Missouri Pacific |
rose at one time "a, believed to be on |
account of progress in the greater Mis-
souri, Pacific project. In the drop after |
the opening, the grangers, Pacifics, |
and New. York public
utilities suffered most severely, St |
Paul losing A, the preferred AZ and the
others in the group from to 3 points
Declines of / to points were fairly |
general in the active list There was
/ good rally, but prices ran off again at
he weak closing almost to the lowest
n some cases.
There We're some late rallies in the
pond market which redeemed it from
he early easy tone making the changes
or the day irregular. Total sales par
value, $3,710,000.
United States refunding Is advanced
4 per cent, and the new as u per cent.
IN the last call.
NEW YORK STOCK MARKET