Show ONLY or L V SLIGHT ALIGHT V RESISTANCE C Stock Market arket Continues Under Strong Pressure V VV V I RAILWAYS HAMMERED DOWN C RALLIES BAILEES JUST AT ATTHE ATTEE THE TEE TH CLOSE CLOSEt VV V V 3 t I New York York June une 1 IThe The stock market was eras ws stub still under pressure today toy in spite of some resistance by b the speculative I le ul ad ulers ers erz er notably St PauL THe lime be movements mv mEnt Hi In I Inthis this ti stock stok recently have hae almost alm served to t dominate the market market so s that its it firm firmness ness fles n today toay naturally had hd some effect effet on Interest Its It effect was modified how hew however ever eer by the patent fact that tat selling was ws wa going on elsewhere under this cover and aDd aDda nd also ateo a by the assertion that tat a large larGe bear br account was taking profits on the long decline in St t Paul r by pg covering short oit con contracts contracts r tracts for many man thousand shares Short covering was also reported In I Rock Rok Island Islan but with wih less les Bad of or floods reports report fos affected Rock ROk Island Ilan and had a growing influence on tb operations in Missouri Pacific and Union Pacific Missouri Pacific Alt Alter al alter er offering ottering some home resistance to the depres depression sion slOn became bame the weakest stock stok among the railroads early in Ln the day and it sold 2 points below Fridays closing an level The Te gathering strength str in the wheat and cot markets market attributed to the Hood flood fo cl and weather wether news from the west aggravated aggravate the depression In this group of railroad stocks There here was renewed liquidation also als in a group of ef stocks stock In which certain shareholders are large larEly largely Iv interested al ab almost almot most mot all aU of the selling being attributed to orders order received from the Canadian cities citte was as conspicuously af at affected affected by a drop of oC 5 points the pre pro preferred preferred losing loslI I 1 Twin City Rapid Transit an extreme l 1 i Canadian Pacific 3 Min Minneapolis Minneapolis Mm neapolis St Paul Sault Ste Marie 1 and the preferred and Duluth South Shore Atlantic preferred a point The leather stocks were heavily sold apparently on account of dissatisfaction with the proposed plan for distribution of or treasury assets to the preferred stock stockholders stockholders holders The rhe common stock fell 2 and the preferred 1 This evidence of contin continued continued ned pressure to sell had a bad sheet effect upon sentiment and kept buyers out of the I market There Is evidence of some slight demand en an concessions and there is much current discussion of the Investment re return return return turn offered by dividend paying stocks on the declining range of prices But the pressure to sell Is renewed on any ad advance advance advance vance as was evidenced In the ease case of 0 St Paul The s same ame thing was apparent V Von on the e rally a in Amalgamated t Copper 1 t which showed 5 d some m evidence of support s There was as s some feverish rallies just at atthe atthe t the close which had more resemblance to urgency on the part of the shorts than anything that has appeared during the current decline Professional operators set much stress to the fact that the first evidence of the culmination of ot a pro prolonged prolonged prolonged longed decline is a stampede amongst overextended shorts to 10 cover The ease e with which bears have been able to pc se secure cure stock to make good their comm ments on the short side up to this time me has been accepted as a test that the mar market market market ket has not been oversold During the early part of or the day some uncertainty was expressed as to the weeks gold outgo This was due to the fact that the holiday in money mone markets gave no indication of the exchange situa situation situation tion The engagement later of for shipment on Thursday the announcement of a shipment of ot to South America and lat In the day admissions from sev several several eral exchange houses that they the would ship freely freel on Thursday had a depressing Influence on stocks The time money market showed show d a hardening tendency tend ncy and the Insignificant loan contraction by bythe bythe bythe the banks last week caused some un an uneasiness 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 bonds bon S were all aU unchanged on the last call |