The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-06
SHARES DECIDEDLY WEAK
STOCK MARKET AFFECTED By
PROFIT-TAkING PRESSURE.
Few Noteworthy Points of Strength
i'm the Generally Weak List-In-
terchanges of Control.

NEW YORK, June 5.-The strength Of
the stock market which was quite marked
at one time during the day, diminished de-
cidedly after a while When the check was
first decisively established there was a not
able falling away in the volume of dealings.
but there was a resumption of activity be-
fore the close, this time on the selling side.
and the close 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 profit taking was clearly in
evidence all day, every demonstration of
special strength in individual stocks being
taken advantage of to prosecute the selling
elsewhere Stocks which have shown the
greatest strength recently were naturally
most affected by the realizing 1t was cur
rent report that much of the buying to-day
and for some time past represented a COW
ering of 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 teen
nical consideration called for a reaction at
that time. The sustained advance since is
said 10 have driven this interest 10 cover
at a large loss. The closing out of this
bear account also removed an important
sustaining influence from the market ana
contributed TO the vulnerable condition.
which invited renewed attack by new
corners to the bear ranks. The sharp ad-
vances scored in a number OF insignificant
low-priced stocks during the early part
of the day pointed clearly to manipulation
in the interest of the realizing process, but
there were also many notable points or
strength developed in the market In high
grade stocks. The most sensational up
ward movement was in Rock Island. The
late squirt in that stock 10 lI5A had mo-
mentary influence in stinening the list,
after il had touched the low points of the
day to that time, but, as soon as II was
perceived that the Rock Island movement
was without effect, the selling was re-
newed with redoubled force. The admis-
sion of new interests to the directory of
the Rock Island was pretty clearly fore
Swallowed, but the extra stock issue was
an entire surprise to the street. Inc move
ment in Atchison was more gradual and on
larger dealings. Rumors OF a lease to
Union Pacific persisted, and the admission
to the directory of member or the BANK
ing firm which represents the Northern
lines of Pacific railroads was regarded as
significant of the progress being made to-
ward large community OF interests In that
territory, as result OF the adjustment OF
the Northern Pacific quarrel Atchison' s
extreme rise "A The story of Mis-
souri, Pacific's control Of Southern Pacific
and a rumor of the exchange Of Missouri
Pacific stock for Denver & Rio Grande was
an influence in that group OF railroads.
Pennsylvania was affected by the published
opinion of an executive officer, lately re
turned from Europe, of good prospects for
the coal export trade. Executive changes
in the Erie were taken as foreshadowing
Improvements in operation: The strength
of Illinois Central was based on comparison
of it's low price with other railroad stocks
in the same category. Amalgamated Cop
per suffered from the granting or new
Injunction against it's proposed ABSORB
tions Advances from 1 to IA points in a
number of low-priced railroads and indus
trials were unexplained by any news. The
advance in Canadian Pacific and its at
filiated lines was designed to lift the stock
in proportion TO the advances of the other
stocks of Northwestern Pacific lines.
The bond market was Irregular In SYM
pathy with stocks Total sales, at par
value were $3.5l5,0O0. United States bonds
were all unchanged on the last call.
Following are the days share sales and
the closing bid prices: