Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-06-07

WE'RE THE LEADIsG FACTORS IN
THE GOVERNMENT OF STOCK
MARKET OPERATIONS.
DEPRESSING FACTOR
WAS THE EMPHATIC DENIAL of A
NUMBER OF RAILROAD CONSOL-
IDATI0N RUMORS.
(By Associated Press.)

NEW YORK. June 6.--There was
decided subsistence of speculative activ-
ity in stocks to-day. with a resulting
impression on 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 consid-
erations. 1t developed from the smaller
volume of the dealings and the lack Of
support for prices that yesterdays OPP
erations had resulted In the elimina-
ton OF large short interest and that
the demand from this solrce to cover
short contracts had been taken advan-
tage OF by the bull contingent to real
lie profits on heavy long lines of stocks.
This mutual closing up of accounts
had a decided effect on the speculative
appetite, and the ushering 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
uneasiness was caused by this fact
The emphatic denials from official
sources Of number of the rumors
which have played a part in the recent
Dull movement, especially those bearing
on consultations and absorptions OF
many OF the minor railroad systems,
was somewhat depressing factor An
influence in the same direction was
the disclaimer on the part of the parties
interested OF the assumption that the
entrance to the Atchison directory of a
member of the firm of ]. P. Morgan &
Co., was an indication of Morgan hold
1ngs OF the stock with view of estab-
llshment of community of interest The
net changes in stocks give no adequate
idea OF the extent of the days price
ranges. There was a considerable show
or strength at the openinf, partly due
to the influence of London on account
of the reduction in the Bank of Eng
land rate and also on account of opera
tons by coterie of Americans now in
London. The reduction in the bank
rate is accepted 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
somewhat unsettling influence on ac-
couIG OF fears that corner may devel-
OPP in that stock. The issue of 100000
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 in
terest is known to be large. The reac-
tlon in the stock in sympathy with the
general market did not serve entirely
to reassure sentiment. There were a
few points of positive strength, which,
however, had only slight influence in
offsetting the general reactionary ten
dency. Inc various Tobacco companies
were most prominent and advanced on
the inception of the new company in
New Jersey which is believed to be for
the purpose of taking over and comb
ing an ever present companies. Amer
lean Tobacco rose an extreme IN, Con-
tinental Tobacco ga, the preferred 53s
and American Snuff 4A. l.. & N. was
consistently strong on the ground OF
it's comparative low, price and large
earnings and advanced 21a. Missouri
Pacific rose at one time pa, believed to
be on account Of the progress in the
Greater Missouri Pacific project. In the
drop after the opening, the grangers
Pacifics, SouthwesternS and New York
public utilities suffered most severely.
st. Paul losing 4, the preferred Az and
others in the group from to 3 points.
Declines of / to 2 points were fairly
general in the active list. There was
a good rally, but prices ran off again at
the weak closing, almost to the lowest
in some cases.
There were some late rallies in the
bond market which redeemed 1t from
the early easy tone, making the changes
for the day irregular. Total sales par
value $3,720, coo.
U. S. refunding Is advanced u per
cent and the new As y per cent on
the last call.