The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-02
STILL UNDER PRESSURE
STOCK MARKET GIVES NO SIGN OF
RECUPERATIvE POWERS.
st. Paul About the Only Hard Spot I'm
the Market-Short Covering Causes
Closing Rally.

NEW YORK, June 1.-The stock market
was still under pressure to-day, in spite of
some resistance by the speculative lead
ers, notably st. Paul The movements in
this stock recently have almost served to
to-day naturally had some effect on senti-
ment. Its influence was modified, however,
by the patent fact that selling was going
on elsewhere under this cover, and also by
the assertions that large bear account
was taking profits on the long decline in
81. Paul by covering short contracts for
many thousand shares. Short covering
was also reported in Rock Island, but with
less effect. The reports of damage by the
floods affected Rock Island and had a
growing influence on the operations in Mis-
souri, Pacific, Atchison and Union Pacific.
missouri Pacific, after offering some re-
sistance to the depression, became the
weakest stock among the railroads late in
the Day, and II sold down "a below FRI
days closing level. The gathering strength
In Inc wheat and corn markets, which was
attributed to the flood and weather news
from the West, aggravated the depression
IN this group of railroad stocks.
There was renewed liquidation also In a
group of stocks in which Canadian share
holders are largely interested, most of the
selling being attributed to orders received
from Canadian cities. Sloss-Shefield was
most conspicuously affected, with drop
OF S1s points, the preferred losing 1; Twin
city Rapid Transit an extreme 81; Can
Sdian Pacific, 8; Minneapolis. ST. Paul &
Sault ste: Marie, 1h, and the preferred and
Duluth, South Shore & Atlantic preferred
| point. The Leather stocks were heavily
| soIo' apparently on account of dissatisfac-
| st stu VI treasury assets to the preferred
stockholders. The common stock fell 21k
and the preferred 6. Some Of the inactive
e sppiSns also showed wide declines. This
! eViuence or continued pressure to sell had
pau enect on sentiment, and kept buy
| ers out OF the market. There is evidence
oI some slight demand on concessions, and
tnere Is much current discussion of the in
/ vestment return offered by dividend-pay-
| ing stocks on the declining range of prices
BUT the pressure to sell is renewed on any
ADVANCE. as was evident in the case of st
rduI. Inc same thing was apparent on the
rslIy IN the Amalgamated Copper, which
| showed evidence of support.
| mere were some feverish rallies just al
| tne close, which had more resemblance tC
urgency on the part of the shorts than any
| tnins tnat mas appeared during the current
oecllne. professional operators set much
| store by the fact that the first evidence
or the elimination of a prolonged decline i:
| stampede against overextended shorts Il
| cover. The ease with which bears have
| Deen able to secure stock to make gooC
| thelr commitments on the short side up t,
| THIS time has been accepted as test tina
the market has not yet been oversold
During the early part of the day some un
| certainty was expressed as to the week.
gold outgo. This was due to the fact tina
the holiday In foreign money markets CAV,
| no index of the exchange situation. Tn,
| engagement later of 100000 for shipmen
on Thursday, the announcement of a ship
| ment of $250,000 to South America to-day
| and late in the day admissions from severa
| exchange houses that they would ship free
| 1y on Thursday had a depressing infiuenc,
| on stocks. The time money market showed
| hardening tendency and the insignifican
loan contraction by the banks last weel
| caused some uneasiness over the none,
| market outlook. Good railroad earning.
were ignored.
Bonds were heavy, in sympathy will
| stocks. Total sales. at par value, were ST.
100000. United States bonds were all un
| changed on the last call.
Following are the days share sales an,
| the recorded price changes: