The Montgomery advertiser., 1901-06-07
WALL STREET REVIEW
DECIDED sUBsIDENCE OF SPEC
 ULATIvE ACTIVITY.
Losses Quite Large in Some of the Principal Stocks-Recent Opera tions Have Eliminated a
 Large Short Interest.

NEW YORK, June 6.-There was a de- cided subsistence of speculative activity on stocks today with resulting impress sion on prices. Losses are quite large in some of the principal stocks, which haze been recent favorites iR the speculation.
 The market was ruled very largely by technical considerations. It developed from the smaller volumes of the dealings ana the lack of support for prices than yesterdays operations had resulted in the continuation of large short interest and cover short contracts had been taken ad- vantage of by the bull contingent to re- al1ze profits on heavy long lines of stocks.
 Inis mutual closing up of accounts had decided effect on the speculative. appe- tite and the ushering in of the hot sea son accentuated the indifference of the trading. There were rumors current all day that the covering by the bears yes terday had been achieved at Considerable cost and more or less uneasiness was caused by this fact. The emphatic de- nials from official sources of a number Of rumors which have played part in the recent bull movement. especially those bearing on consultations and absorption 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 in- terested of the assumption that the en- trance of the Atchison directory of a member of the firm of J. P. Morgan & Co. was an indication of Morgan hold ings of the stock with a view of estab- lishment of community of interests. The next changes in stocks give no adequate idea Of the extent 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 operation by coterie of Americanns now in Lon don. The reduction in the bank rate is as thorough assurance over the future Of the foreign money markets as London needs large sums to Paris. which 1t Is important to keep in the London market by the pay ment 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 infiu- ence, owing to the fears that a corner may develop in that stock. The issue of 10000 new stock yesterday came as a to- tai surprise to The street. There has been an enormous accumulation of the stock recently and the outstanding short inter-
 est is known to be large. The reaction in the stock in sympathy with the general market did serve entirely to reaSsure Sen- timent. There were few points of pos ,tive strength, which, however, had only slight influence in offsetting the general reactionary tendency. The various to- bacco companies were most prominent and advanced on the incorporation of the believed to be for purpose of taking over and combining all the present compa- nies. American Tobacco rose an extreme 1&. Continental Tobacco 2%, the preferred 5M and American Snuff A. Louisville and Nashville was consistently strong on the gronud of it's comparative low price and large earnings and advanced 2h. Missouri Pacific rose at one time 2A, be- lieved to be on account of progress in the great Missouri Pacific project After the opening the Grangers. Pacifics suf- fered most severely, St. Paul losing {, preferred h and others in the group from 2 tos3 points. Declines of to points were fairly general in the active list: There was a good rally. but prices ran off again at the week, closing almost to the lowest in some cases.
 There were some late rallies in the bond market, which redeemed it from the early easy tone, making the changes for the day irregular. Total sales tpar value), $, 710,O 900. United States refunding 2s ad- vanced k per cent. and the new fs h per cent. on the last call.