The age-herald., 1901-06-07
LITTLE ACTIVITY
 IN STOCK MARKET There Were Heavy Losses in Several Principal Stocks EARLY SHOW OF STRENGTH Due to Bank of England's Reduction In Rates, But Could Not Be Main tained In Face of the Lack
 of Demand.
EARLY SHOW OF STRENGTH

New York, June 6.-There was a decid- ed subsistence of speculation and actv- dty in stocks today with a resulting im- pression on prices. Losses are quite large in some of the principal stocks, which have been recent favorites in the specula- tion. The market was ruled very largely by technical considerations. It 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 prof it's on heavy long lines of stocks This mutual closing up of accounts had a de- cided effect on the speculative appetite, and the ushering in of the hot season ac- centuated 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 uneasiness was caused by this fact. The emphatic denials from of- ficial sources of a number of rumors which have played part in the recent bull movement, especially those bearing on consultations and absorptions of many of the minor railroad systems, was some- what depressing factor. An influence in the same direction was the disclaimer on the part of parties interested of the as- sumption that the entrance to the Atchi- son directory of a member of the firm of J. P. Morgan and Company was an indication of Morgan holdings of the stock with a view of establishment of community of interest. The net changes in stocks give no adequate idea of the eX tent of the days price ranges There was a considerable show of strength at the opening, partly due to the influence of London on account of the reduction in the Bank of England's rate and also on account of operations by a coterie or Americans now in London.
 The reduction in the bank rate is &C., cepted as thorough assurance over the future of the foreign money markets, as London has large future needs to meet and owes large sums to Paris which it is important to keep in the London market by the payment of an attractive rate of interest 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 unsettled influence owing to the fears that cor ner may develop in that stock. The issue of $10.000.00O new stock yesterday came as a total surprise to the street There has been an enormous accumulation of the stock recently and the outstanding short interest is known to be large. The reac ton in the stock in sympathy with the general market reassured sentiment little. There was a few points of positive strength which, however, had only slight influence in offsetting the general reac- tionary tendency. The various tobacco companies were most prominent and ad- vanced on the incorporation of the new company in New Jersey which is believed to be for the purpose of combining all the present companies. American Tobacco rose an extreme 1%; Continental Tobacco, 2s4 the preferred 53s, and American Snuff "A. Louisville and Nashville was consistently strong on the ground of it's comparative low price and large earnings and advanced 2h Missouri Pacific rose at one time 2A. believed to be on account of progress in the greater Missouri Pa cific project. In the drop after the open ing the Changers. Pacific Southwesterns and New York public utilities suffered most severely, St. Paul losing 4, the pre- ferred Az and others in the group from 2 to points. Declines of to points were fairly general in the active list There at the weak closing almost at the lowest in some cases. There was some late rallies in the bond market which re- deemed 1t from the early easy tone, mak- ing the changes for the day irregular.
 Totel sales par value S3,710.000.
 United States refunding 2s advanced f per cent and the new As 1a per cent on the last call.