The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-06-07

New York. June 5.-The strength OF
h stock market. which was quite
marked at one time during the day, d.
minished decidedly after a while. When
the check was first decisively estab-
lished 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 decidedly weak
with some wide breaches effected in
prices. The progressive decline in the
strength OF the market is probably due
to the completion of realizing profits
on various heavy lines OF stock. This
p~rofit-taking was clearly in evidence
all day. every demonstration OF SPECIAL
strength in individual stocks being tax
en- advantage of to prosecute the sell
ing elsewhere.
Stocks which have shown the great
est strength recently were naturally
most affected by the realizing. 1t was
current report that much OF the buy
ing today and for some time past rep
resented a covering OF a very heavy
line OF short contracts by an interest
which took the bear side of the mar
ket last week in the incipient stage Of
the rise, arguing that technical con-
siderations called for a reaction at that
NAAAS AN ~ III ID
said to have driven this interest to
cover a large loss. The closing out OF
this e account also removed an i'm
portant sustaining influence from the
market and contributed to the vulner-
able condition which invited renewed
attack by new corners to the bear mar
ket.
The sharp advance scored in a num-
Der Of insignificant low priced stocks
during the earlier part Of theday point
ed clearly to manipulation in the In
terest of the realizing process, but
there were also many notable points of
strength developed in the market in
high grade stocks.
The most sensational upward move
ment was in Rock Island. The late
squirt in that stock to 175L had a mo-
mentary influence in stiffening the list
after it had touched the low points OF
the day to that time, but as soon as IL
was perceived hat the Rock Island
movement was without effect the SELL
ing was renewed with redoubled force.
The admission of new interests to the
directory of Rock Island was pretty
clearly foreshadowed. but the extra
stock issue was IN entire surprise to
the street.
The movement in Atchison was more
gradual and on larger dealings. Ru-
mors Of a lease to Union Pacific per-
- eAkA SAAS " AlC hlAE1-
tory Of a m of the banking firm
which represents the nor thern lines OF
Pacific railroads was regarded as signi-
fcant Of the progress being made to-
ward community of interests in hat
territory as a result of the adjustment
of the Northern Pacific quarrel. Atch-
ison's extreme rise was AZ.
The story of Missouri Pacific's con-
troll of Southern Pacific and a rumor
Of he exchange of Missouri Pacific
stock for the Denver and Rio Grande
stock were an influence in that group
Of railroads. Pennsylvania was affect
ed by the published opinion of an ex-
ecutive officer lately returned from
Europe Of good prospects for the coal
export trade.
Executive changes in Erie were taken
as f~oreshadowing improvements in op-
GRAFTON. The strength Of Illinois Gen.
trail was based on comparison OF its
low price with other railroad tocks in
the same category.
Amalgamated Copper suffered from
the granting Of a new injunction
against its proposed absorptions. Ad-
vances Of from / to 4 points in a num-
Der OF low priced railroads ard indus
trials were unexplained by any news.
The advance In Canadian Pacific and
Its AFFILIATED lines was designed to lift
he stock In proportion to the advances
OF other stocks Of northwestern Paci-
fc lines.
The bond market was irregular in
sympathy with stocks. Total sales, par
value were $3.50 600. United States
bonds were all unchanged on the last
call The total sales of stocks today
were LAS, 300 shares.