The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-02
FLOOD REPORTS WEAKEN
THE RAILROAD MARKET.
MISSOURI PACIFIC LEADS IN
DOWNWARD MOVEMENT.
Gathering Strength in Wheat and
Corn Crops Aggregate the
General Depression.

New York June The stock market was
sun Under pressure today in spite II some
resistance by the speculative leaders not
ably st. Paul The movements in this stock
recently have almost served 10 dominate
the market so that It's tirnness to-day
naturally had some effect on sentiment.
It's Influence was modified however BY the
patent fact that selling was going on else
where under This cover. and also hv the
assertions that . large bear accoun. vas
taking profits on the long decline in St
Paul by covering short contracts FOR many
thousand shares. Short covering was also
E.po-ted IL Rock Island. but with less
me reports OF damage by the foods 81
tscted Rock Island and had a growing et-
l3ct on the operations in Missouri Pacific.
AtcAison and Union Pacific Missouri d
depression. became the weakest among the
railroads late in the day and il sold down
=. below FRIDAY . closing level.
CROP REPORTS.
The gathering strength in the wheat and
corn markets, which was attributed 70 the
fcod and weather news from the West.
There was renewed liquidation also in 4
group Of stocks in which Canadian share
holders are largely interested. most OF the
selling being attributed to orders receives!
from the Canadian cities.
Sloss-Shettield was most coHs0icuously af-
tected, with drop OF Si2 points the pre-
ferred losing !. TWIN City RAPID Transit an
extreme of "a. Canadian Pacific 5. Mime
apolis ST. Paul and Ste. Marie L: and the
preferred and Duluth South Shore and At
lanJic preferred a point.
The Leather stocks were heavily sold.
apparently on account OF dissatisfaction
WIKI the protected plan for distribution OF
ers. The common stock fell ~ and the pre-
fsrrei 6. Some OF the inactive specialties
also showed wide declines.
PRESSURE TO SELL.
This evidence OF continued pressure 10 sell
had a bad effect on sentiment and kept
buyers out Of the market. There IS evidence
Of some slight demand on concessions. and
there is much current discussion Of the In
vestmeut return offered By dIviderd-paFirS
stocks on tire declining range OF prices
But the pressure to sell s renewed on am
advance as was evident II TIE case OF q
Paul The same thing was apparent on the
rally in .Arla!sanated, which showed some
evidence OF support.
There we're some feverish rallies just az
the close which had more resemblance 10
urgency on the part Of shorts than any
thing that appeared during the current &C.
cline.
Professionals set much store by the fact
that the first evidence OF the cul:r;ration OF
4 prolonged decline Is stampede among
ova--eN-ended shorts to cover
The ease with -r.Ch tha r5Irs have see1
commitments OF the short side U1 "a TINS
time has been accepted that the market has
not Vet been underSoid.
GOLD SHIPMENTS.
During the early part OF the day some
uncertainty vas expressed as 70 the weeks
gold outgo. This was due to the fact that
the holiday in foreign money markets gaze
no index OF the exchange sitta ton. The
an-a cement later Of SJ0j.gl1 Tor shipment on
THURSDAY. the announcement Of a shipment
Of $1,000 10 South America to-Iav and late
IN the Gay admissions from several exchange
houses that they will snip tCeelr n Thurs
iav. had a depressing influence on stocks.
The time money market showed hard
ening tendency and the insignificant loan
contraction by the banks last week caused
some ureasiness over the money market
outlook. Good railroad earnings were ig-
uorsd.
Sends we're heavy in sympathy with
stocks Total sales par value e. taco
United States bonds unchanged on The last