Show I A RESl RESISTANCE TANCE C Market ar t Continues Under I Strong Pressure RAilWAYS HAMMERED DOWN t FEVERISH RALLIES rUST JUST AT ar ATTHE arTHE THE CLOSE C New York June tock market was stilt under pr today In spite SPIt of annie re resistance by the speculative lead leadens era ens notably St PauL The movemEnts In Inthis Inthis this stock recently have almost serves serve 1 to the market so S that Its finn today naturally had some effect on Its effEct was modified how hew hewer however ever er by the patent fact that selling was going g on elsewhere under this cover and nd also aJeo by the assertion that a large lare bear aunt wan taking ir profits on the long decline in St Paul by covering short ot con traCts for man many thousand shares Short covering was also reported in Rock I Island but with less I Bad reports of floods affected Rock Island and aM had bad a growing Influence on tb operations In Missouri Pacific Atchison I and UnIon L Pacific Missouri Pacific aft att after II er some resistance to the depres siGn Jon became the weakest stock among the railroads earl early tn n the day and it sold 2 14 points below Fridays closing level The str strength In the wheat and co markets 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 ot of stocks In which certaIn shareholders are largE larg ly Interested at al almost most all ot of the selling being attributed to Orders orden received from the Canadian cities was conspicuously at af by a drop of 5 points the pro pre losing 1 Twin CIt CIty RapId Transit an extreme 1 Canadian PacIfic 3 M St 81 Paul Sault Ste Marie 1 and the preferred and Duluth South Shore Atlantic preferred a point The leather stocks were heavily sold ap apparently on account of dissatisfaction with the proposed plan for distribution of assets to the preferred stock stockholders stockholders I holders The common stock fell 24 and the preferred ed 1 This evIdence ot of contin continued pressure to sell had a bad effect upon I and kept buyers out of the theo thel market There l Is evidence of some slight I rS N demand o en concessions c s and there Is much I I current discussion of the investment nt re return return turn offered b by dividend paying stocks on the declinIng e n range n of prices c But t the pressure r to sell fi Is r n on a any ad advance vance as was evidenced In the case ot of St Paul The same thing was apparent on the raU rally In Copper which some evidEnce of support Th There re Was some feverish rallies rames just at atthe atthe the close which had more resemblance to urgency on the part of the shorts than any anything thinS that has appeared during the current decline Professional ProCessIonal operators set pet much stress to the fact that the first evidence of the culmination of a 8 pro prolonged longed decline is a stampede amongst overextended shorts to 10 cover The ease with which bears beaz have been able to e cure stock to make good their com ments on the short side up to this Ume me I has bas been accepted as a test that the mar market market ket has not been oversold During the e early IY part of the day so some fn oso u uncertainty was expressed as to o the weeks gold outgo This was due to the tact fact that tile the hoUd holiday y In mone money markets gave no Indication of the exchange situa situation lion tion The engagement later of for shipment on Thursday the announcement of f a of to South AmerIca and late lat In the day admissions frOm sev several several eral exchange houses that they would ship freely on Thursday had a depressing influence on stocks The time money market showed d s a hardening tendency I and the insignificant loan contraction by bythe bythe the banks last week caused some un an uneasiness easiness over the money market outlOOk Good railroad earnings were ignored Bonds were heavy in sympathy with stocks Total sales par value United States all unchanged on the last call |