The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-02

| NEW YORK, June 1.-The stock mar
] ket was still under pressure today, in
| spite of some resistance by the specula-
! tive leaders. notably st. Paul. The move
| ments in this stock recently have almost
| served to dominate the market. so that
It's trmness today naturally had some
| effect on sentiment. Its influence was
| modified however, by the potent fact that
| selling was going on elsewhere under this
| cover. and also by the assertions that a
large bear account was taking profits on
| the long decline in St. 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
Atchison and Union Pacific. Missouri
Pacific, after offering some resistance to
the depression. became the weakest stock
among the railroads late in the day and
1T sold down 2A below Fridays closing
level The gathering strength in the
wheat and corn markets, which was at
from the West. aggravated the depression
IN this group Of railorad stocks.
Selling Orders From Canada.
There was renewed liquidation also in
a group of stocks in which Canadian
shareholders are largely interested, most
received from the Canadian cities. Sloss-
Sheffield was most cOnspicuously affected
with a drop of 5h points. the preferred
IRENE 81, Canadian Pacific 8, Mime
apolis. ST. Paul & Sault Ste Marie ~
and the preferred and the Duluth. South
leather stocks were heavily sold. appar
emily on account of dissatisfaction with
the projected plan for distribution of
treasury assets to the preferred stock
holders. The common stock fell 2R and
the preferred s..
Some Of the specialties also showed wide
declines. This evidence Of continued
pressure to sell had bad effect on senti-
ment, and kept buyers out of the market.
There is evidence of some slight demand
on concessions, and there is much cur
offered by dividend-paying stocks on the
declining range of prices. But the pres
sure to sell is renewed on any advance,
as was evident in the case of ST. Paul.
The same thing was apparent on the
rally in Amalgamated Copper, which
showed some evidence Of support. There
were 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.
Stampede Among Shorts.
Professional operators set much store by
the fact that the first evidence of the Gull
mination of a. prolonged decline is
stampede among over extended shorts to
cover. The ease with which bears have
been able to secure stock to make good
to this time has been accepted as a test
that the market has not yet been over.
sold.
During the early part of the time some
uncertainty was expressed as to sthe
weeks gold outgo. This was due to the
fact that the holiday in foreign money
+ situation The engagement later of $780,
| 600 for shipment on Thursday, the an
nouncement of shipment Of $3.50, 900 to
day admissions 'f from Several a'e exc ch
houses that they would ship freely on
Thursday had a depressing influence on
stocks. The time money market showed
cant loan contraction by the bank last
week caused some uneasiness over the
money market outlook. Good returnings
We're ignored.
Bonds We're heavy in sympathy with
stocks. Total sales par value, 81, 440, 00O
United States bonds were all unchanged
on the last call.