The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-02
STOCKS AND BONDS.

New York, June 1.-The stock market
was stilR under pressure today in spite
of some resistance by the speculative
stocks, notably st. Paul. The movements
in this stock recently have almost served
to dominate the market so that its firm
ness today naturally had some effect on
sentiment. Its influence was modified
however, by the patent fact that selling
was going on elsewhere under this course
and also by the assertions that large
bear account was taking profits on the
long decline IN st. Paul by cdyering short
contracts for many thousand shares Short
covering was also reported in Rock Island
but with less effect. The reports of dam
age by the floods affected Rock Island
and had a growing influence on the oper-
atoms In Missouri Pacific, Atchison and
Union Pacific. Missouri Pacific after of
fer1ng some resistance to the depression
became the weakest stock amongst the
railroads late in the day and it sold down
IA below Fridays closing level
The gathering strength in the wheat and
corn markets which was attributed to the
food 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 shareholders are largely
interested, most of the selling being at
tributed to orders received from the Ca
madam cities. Sloss-Sheffeld steel was
most conspicuously affected with drop
of IL points, the preferred losing long.
Twin City Rapid Transit extreme IA,
Canadian Pacific 9, Minneapolis, st. Paul
and Sault ste Marie / IL and the pre-
ferred and Duluth. South Shore and At
lantic preferred a point. The Leather
stocks were heavily sold apparently on
account of dissatisfaction with the pro
jeeted plan for distribution of treasury
assets TO the preferred stockholders The
common stock fell IL and the preferred
6. Some of the inactive specialties also
showed wide declines This evidence OF
continued pressure to sell had a damper
upon 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 invest
ment return offered by dividend paying
stocks on the declining range of prices
But the pressure to sell is renewed on an
advance, as was evident in the close Of
st. Paul. The same thing was apparent
on the rally in Amalgamated Copper
which showed some evidence of support
There was some feverish rallies just at
the close. which had more resemblance
to urgency on the part of the shorts
than anything that has appeared during
the current decline.
Bonds were heavy in sympathy with
stocks. Total sales (par value) 81, 400, 600
U. S. bonds were all un S,anged on the
last call.
Total sales of stocks today were 523,-
400 shares, including Atchison AZ ,26O; Bal
timore and Ohio II ,42o; Canadian Pacific
q. $50; Chesapeake and Ohio LOO: Erie
1920. Louisville and Nashville 1850: Mis-
souri, Pacific AZ ,925 Norfolk and Western
227o; Norfolk and Western preferred 200:
Pennsylvania 10 $50; Reading 1880; St
Paul 80 200; Southern Pacific 1850;
Southern Railway $3.50; Southern Railway
preferred 200; Union Pacific 54625; Cop
oer %, 265: Brooklyn Transit 5,S95; Sugar
10 600; Tennessee Coal and Iron $50; U. s.
Leather 1860; U. S. Leather preferred
7.e50; U. S. Steel 1896; Rock Island So
100