The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-06-06
EtMnMctNI.
THE STOCK MARKET.


Weak Close With Breaches in Prices
New York, June 5--The strength of
the stock market, quite marked at one
time during the day, later decidedly
diminished. When the check was first
decisively esta blished there was a nota-
bic falling away in the volume of deal
ings, but there was a resumption of ac-
tivity before the close, this time on the
selling side, and the closing was decid-
eddy weak, with some wide breaches eff
fected in prices. The progressive de-
cline in the strength of the market is
probably due to the completion of real
izing profits on various heavy lines Of
stock. This profit taking was clearly
in evidence all day, every demonstra-
ton 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 current report that much of
the buying to-day and for some time
past represented a covering of very
heavy line of short contracts by an in
terest which took the bear side of the
market last week in the incipient stage
of the rise, arguing that technical con-
sidera tons called for a reaction at that
time. The sustained advance since is
said to have driven this interest to COW
err at a large loss.
| The closing out of this bear account
also removed an important sustaining
influence from the market and contrib
uted to the vulnerable condition which
invited renewed attack by newcomers
to the bear ranks. The sharp advances
scored in a number Of insignificant low
priced stocks during the earlier part or
the day pointed clearly to manipulation
in the interest of the realizing process.
But there We're many notable points of
strength developed in the market in
high grade stocks. The most sensa-
tional upward movement was in Rock
Island. The late squirt in that stock to
175A had a momentary influence in
stlffening the list after it had touched
the low points of the day to that time,
but as soon as it was perceived that the
Rock Island movement was without ef-
feet the selling was renewed with re-
doubled force. The admissio nof new
interests to the directory Of Rock Is
land was pretty clearly foreshadowed,
but the extra stock issue was an en-
tire surprise to the street. The 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 of the banking firm which rep !
regents the northern lines of Pacific |
railroads was regarded as significant |
of the progress being made towards |
community Of interest in that territory |
as a result of the adjustment of the
Northern Pacific quarrel. Atchison's
extreme rise was Az.
The story of Missouri Pacific's con-
troll Of Southern Pacific and rumor of
the exchange of Missouri Pacific stock
for the Denver and Rio -Grande stock
were influences in that group of rail-
roads. Pennsylvania was affected by
the published opinion of an executive
officer lately returned from Europe or
good prospects for the coal export
trade. Executive changes in the Fries
were taken as foreshadowing improve
ments in operation. The strength of
Illinois Central was based on compare
son of it's low price with other railroad
stocks in the same category. Amalga-
mated Copper suffered from the grant
ing of new injunction against its pro-
posed absorptions.
Advances of from / to points in a
number of 1ow-priced railroads and in
dustrials were unexplained by any
news. The advance in Canadian Paci-
fic and it's affiliated lines was designed
to lift the stock in proportion to the
advances of other stocks of Northwest
arn Pacific lines.
The bond market was irregular In
sympathy with stocks. Total sales par
value $3.515,000.
United States bonds were all I'M
changed on the last call.
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