The Montgomery advertiser., 1903-06-02
WALL STREET REVIEW
THE STOCK MARKET STILL UN-
 DER PRESSURE.
Large Bear Account Taking Profits on Decline. of St. Paul by Cover ing Short Contracts for Many
 Thousand Shares.

NEW YORK, June i.--The stock market was still under pressure today in view of some resistance by the speculative leaders. notably St Paul The movements in the stock have almost served to dominate the market so that its firmness today naturally had some effect on sentiment. Its influence was modified. how ever, by the patent fact that the selling was suing or elsewhere under this cover and also by the assurance that 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 re- ported in Rock Island, but with less effort The reports of damages by the floods affected Rock Island had a growing influence on the operations in Missouri Pacific, Atchison and Union Pacific. Missouri Pacific after offer ing some resistance to the depression. became the weakest stock among the railroads late in the day and 1t sold down 2H below Fri days closing level. The gathering strength in the wheat and markets which was at- tributed to the flood and weather news from group of railroad stocks. There was renewed liquidation in a group of stocks in which Ca nadian shareholders largely interested. most of the selling being attributed to orders received from the Canadian cities. Sloss-Shef- field was most conspicuously affected with a drop of 5h points, the preferred losing |, Twin Pacific 3, Minneapolis. St Paul and Sault Ste Marie Ih and the preferred and Duluth ss r ana ers beaTv sold rently on account of dissatisfaction with the projected plan for distribution of treasury as- sets to the preferred stockholders. The com non stock fell 2la and the preferred 6. Some of the inactive specialties also showed wide declines. This evidence of continued pressure sell had a bad effect upon sentiment and kept buyers out of the market There is evil dence of some slight demand on concessions and there is much discussion of the invest ment return of the 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 of St. Paul. The same thing apparent the rally fin Amalga- mated Copper, which showed some evidence of support. There were sems feverish rallies just at the close, which had more resemblance to urgency the part of the shorts than any thing that has appeared during the current decline. Professional operators set much siore by the fact that the first evidence of the elimination of a prolonger decline is a stam- pede amongst over-extended shorts to cover During the early part of the day some ufcer- tainty was expressed to the weeks Scld outgo This due to the fact that the holiday in foreign money markets gave TO in dex of the exchange situation. The engage ment later of $500, 900 for shipment on $250, 900 to South America to lay and late in the day admissions from several exchange houses that they would ship freely on Thurs day had depressing influence on stocks.
 Bonds were heavy in sympathy with stocks. Total sales tpsr value). $i 400. 900. United States bonds were all unchanged on the last call.
 N1a- vn,ar ESnnlp TRm%