The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-07
CLOSE At THE LOWEST
wALL-sTREET STOCKS HAVE A DE-
PRESSING DAY.
Generally Declining Tendency All
Points of Slight Strength.

NEW YORK, June 6.-There was de-
cided subsistence OF speculative activity in
stock to-day. with a resulting impression
or prices. Losses are quite large In some
of the principal active stocks which have
been recent favorites 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
yesterdays operations had resulted in the
elimination of a large short interest and
that the demand from this source to cover
short contracts had been taken advantage
OF by the bull contingent to realize profits
on heavy long lines of stocks. This mutual
closing up of accounts had decided effect
on the speculative appetite, and the usher
ing in of the hot season accumulated the
Indifference of the trading. There were
rumors current all day that the covering
by the bears yesterday had been achieved
at considerable cost, and more or less I'M
easiness was caused by this fact. The
emphatic denals from official sources Of
number of the rumors which have played
a part in the recent bull movement es-
pecially those bearing on consultations
and absorptions of many of the minor rail-
road systems, was somewhat depressing
factor. An influence in the same direction
was the disclaimer on the part of the par
ties interested of the assumption that
the entrance to the Atchison directory of a
member of the firm of j. L. Morgan * Co.
was an indication of Morgan holdings IF
the stock with view of establishment OF
community OF interest. The net changes IN
stocks give no adequate idea or the extent
OF the days price ranges. There was q
considerable show of strength at the open
ing, parity due to the influence of London,
on account of the reduction of the Bank
bank rate is accepted as showing thorough
assurance over the future of the foreign
money markets, as London has large future
needs. The selling pressure, however, made
an end of the advances before the end of
the first hour. The feverish tone of Rock
Island was a somewhat unsettling infiu-
ence, owing TO fear that corner may de-
velop in that stock. The issue of Sl0.O0OOC0
new stocks yesterday came as total sur
prise to the street. There has been an
enormous accumulation of the stock re-
Gently, 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 reassure senti-
ment. There were a few points OF positive
strength, which, however had only slight
influence in offsetting the general reaction
airy tendency. The various tobacco COM
panies were most prominent and advanced
on the incorporation of the new company
in New Jersey, which is believed to be for
the purpose of taking over and combining
all the present companies. American To-
bacco rose an extreme la. Continental To-
bacco pa the preferred $50 and American
Snuff So Louisville & Nashville was con-
sistently strong on the ground of its COM
parative low price and large earnings and
advanced 2is. Missouri Pacific rose at one
time pa believed TO be on account of prog
ress in the greater Missouri Pacific project.
In the drop after the opening the grangers.
Pacifics Southwesterns and New York pub
lie utilities suffered most severely, st. Paul
r.f1, IN,
group from to points. The close was
about at the lowest.
There were some late rallies In the bond
market. which redeemed ii from the early
easy tone. making the changes for the day
irregular Total sales were S3.11O.OOO.
United States refunding twos, registered,
Following are the days share sales and
the closing bid prices: