The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-06
STOCKS TAKE 4 TUMBLE.
CONTINUED PRoFiT-TAKING MOVE.
MENT RESULTED IN WEAK
NESS AT THE CLOSE
RUMoRs OF RAILROAD DEALS
Cause of Strength in a Number of
Special stocks Several Low
Priced Securities Also
Advanced.

Bar silver, New York. .5s5s 5SN
Call money, New York. .......3-31@ 3-31.
NEW YORK. June 5.I1'he strength Of
the stock market, which was quite mark
ed at one time during the day, diminish
ed decidedly after a While. When the
check was first decisively established
there was q notable falling away in the
volume of dealings, but there was a re-
sumption of activity before 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 compile
ton of realizing profits on various heavy
lines of stock. This profit-taking was
clearly in evidence all day. every demon
Stration 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 today and for some
time past represented a covering of a
very heavy line of short contracts by an
interest which took the bear side of the
market last week in the Incipient stage
of the rising. arguing that technical
considerations called for reaction at
that time. The sustained advance since
is said 80 have driven this Interest TO
cover at a large loss. The closing out
Of this bear account also removed an i'm
portant sustaining influence from the
able condition. which invited renewed at
tack by newcomers to the bear ranks.
The sharp advances scored in number
Of insignificant loW-prlce stocks during
the earlier part of the day pointed clear
ly to manipulation in the interest Of the
realizing process, but there were also
many notable points Of strength developz
ed in the market in high grade stocks.
The most sensational upward movement
was in Rock Island. The late squirt in
that stock to 1z5A hatd momentary in.
fiuence in stiffening the list after 1t had
touched the lower points of the day to
that time, but as soon as it was per-
ceived that the Rock Island movement
was without effect, the selling was re-
newed with redoubled- forge. The adInis-
sion of new interests TO the directory of
Rock Island was pretty clearly fore
Swallowed, but the extra stock issue was
an entire surprise to the street. The
movement in Atchison was more gradual
and on larger dealings Runors of q
lease to Union Pacific persisted, and the
admission to the directory Of members
of the banking firm. which represents
the Northern lines off Pacific railroads,
was regarded as significant of the prog
resS being made toward. community Of
interest in that territory as result of
the adjustment Of the Northern Pacific
quarrel. Atchinsons extreme II. was
"A The story of Missouri Pacific con-
troll of Southern Pacific. and a runner of
the exchange of Missouri Pacific stock,
Denver & Rio Grande stock were an in
fluence in that group Of railroads. Penn
sylvania 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 fore
shadowing improvements in operation.
The strength of Illinois Central was bas-
ed on comparison of it's low price with
OTHER railroad stocks in the same cate
CORY. Amalgamated Copper suffered
from the granting of a new injunction
against it's proposed absorptions. Ad-
dances of from one to four points in a
number of low-priced railroads and in
dustrials were unexplained by any news.
The advance in Canadian Pacific and its
affiliated lines was designed to lift the
stock in proportion to the advances of
other stocks of Northwest Pacific lines.
The bond market was irregular, in
sympathy with stocks. Total sales, par
value, So, 515, 600. United States bonds were
all unchanged on the last call.
STOCKS
Furnished by Charles II. F. Smith &
Co., members of the New York Stock
Exchange Pioneer Press building. who
have direct wires to Chicago and New
York. Closing prices are bid.