The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-06-02
STOCKS STILL
UNDER PRESSURE
Only Small Resistance by the
Speculative Leaders
BEARS TAKING PROFITS
The Ease with Which Bears Have
Been Able to Secure Stocks ls an
Evidence the Market Has
Not Yet Been oversOId.

New York, June 1.-The stock market
was still under pressure today in view
of some resistance by the speculative
leaders notably st. Paul. The move
ments In the stock recently have almost
served to dominate the market SO that
its firmness today naturally had some
effect on sentiment. Its influence was
modified, however, by the patent fact
that the selling was going on elsewhere
under this cover, and also by the as
surance 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, put
with less effect. The reports OF dam
ages by the floods affected Rock Island
and had a growing influence on the OPP
erations in Missouri Pacific. Atkinson
and Union Pacific. Missouri Pacific after
offering some resistance to the depres-
sion. became the weakest stock among
the railroads late in the day, and it sold
down 2H below Fridays closing level.
The gathering strength in the wheat ana
corn markets, which was attributed TO
the flood, and weather news from the
west, aggravated the depression IN TINS
group of railroad stocks. There was re-
neweG liquidation also in group %
stocks in which Canadian Shareholders
are largely interested, most of the SELF
ing being attributed to orders received
from the Canadian cities. sloss-snehielu
was most conspicuously affected win q
-4s.-W ad
drop of 51h points, the preferred iosine
/ Twin City Rapid Transit an e1elehe
az Canadian Pacific 3, Minneapolis 81
paul and Sault Ste. Marie Ia ana the
nreferred and Duluth Southshore ana
Atlantic preferred point
,1be Leather stocks were heavy sou, ap-
narently on account of dissatisi aeeioi.
with the projected plan for Distribution ol
+reasurv assets to the preferred Stock
holders The common stock tel z1s anu
the preferred 6. Some of the lnacsav !.
snecialties also showed wide decllhes. inns s
eyidx "a of continued pressure TO sen aau :
a bad effect upon sentiment anu Ne l,
buvers out of the market There Is evil
dence of some slight demand on eonees-
atoms and there Is much current DISCUS
sion of the investment return o1ereo py
misunderstanding stocks on dechihns
ranee of prices But the pressure 10
sell ia renewed on any advance as was
axdde,ced in the case of st. Paul. The
aanoe thing was apparent on the rally in
Amaloamated copper which showed some
evidence of support. There were some
feyerish rallies just at the close when
had more resemblance to urgency on the
mart of shorts than anything that has ap-
neared during the current decline. FRO
fessionaI operators set much stress on the
fact that the first evidence of the culmin-
alton of a prolonged decline is a stampede
amongst over-extended shorts to cover.
The ease with which bears have been
able to secure stock to make good their
commitments on the short side up to this
time. has been accepted as test that
the market has not yet been oversold
During the early part Of the day some
uncertainty was expressed as to the
weeks gold outgo. This was due to the
fact that the holiday in foreign money
markets gave no index of the exchange
situation. The engagement later of $780,
600 for shipment on Thursday, the an
nouncement of a shipment of S250000 to
South America today and late in the day
admissions from several exchange houses
that they would ship freely on Thurs
DAY had a depressing influence on stocks.
The time money market showed harden
ing tendency and the insignificant loan
contribution by the banks last week caus
ed some uneasiness over the money mar
ket outlook Good railroad earnings were
ignored
Bonds were heavy in sympathy with
stocks. Total sales. par value, 81, 100000.
United States bonds were all unchanged
on the last call.