The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-16
DECIDED BACKSET RECEIVED
BY STOCKS IN WALL STREET,
PRESSURE TO SELL HAS FEW
MOMENTS OF REST.
Uncovered Shorts Are Satisfied
and Investment Demand Has
Suddenly Dropped Out.

New York. June 15-Prices of securities
had decided backset as a result of to-day
trading. Pressure developed from the out
set and with only occasional halts and small
fractional rallies the level Of prices sank
lower throughout the day. The closing was
heavy at the lowest The stocks in which
the great bulk of the trading occurred have
lost all the way from to points. from
Saturdays level. This includes the princi-
pal coalers, grangers, Pacifics and South
westerns The question whether the mar
ket was on the eve of revival of specula-
.,iion for the advance was thus decisively
answered. and there was a corresponding
relapse in prevailing sentiment about the
Stock Exchange into dependency and APP
prehension. There was no very important
development of news to account for the re-
newed decline. but it was obvious that the
urgent demand from the uncovered snort
the investment demand had dropped out,
with a sharp recovery in prices from
Wednesdays low level
SELLING TO REALIZE.
There was some large selling early in the
day, which had the appearance of realizing
on speculative accounts. which had been Sc
cured at the low levels. London took part
in the selling and Western wire houses also
sent orders on an important scale. The SELL
ing was not so large later in the day, but
prices yielded without resisting power and
lere was no attempt perceptiby to sup
ort the market The result is to open up
former doubts about the motive OF the SELL
ing and the extent to which liquidation may
now be pursued on the decline. The uncer-
tainty over the corn crop, which fell into
the background in the satisfaction over the
Government report on wheat, came into
play again to-day, and the excited jump
he cotton market called attention afresh to
vine dangers of that crop.
Last weeks feeling that the elimination
OF the Western floods left that factor am
ply discounted gave place to-day to tie
realization that statistics of railroad e. a.
ings from that region for several weeks to
come must show the large inroads upon
the damage caused by the floods. The as
sembling of the coal miners convention and
the extension of the lockout In New York
building trades revived anxiety over the
labor outlook.
MONEY STILL EASY.
Money was easy, but sterling exchange
recovered here and ran eff sharply, both in
Paris and Berlin. AS a consequence, there
was close calculation over an export of gold
by to-morrows steamer, keeping alive ex-
pectation on this point. The market closed,
however, with no announcement of any en-
gagement. The satisfactory recuperation
shown by the banks in the Saturdays state
ment leaves the surplus reserve still at a
low level Tor this season of the year, and
ther is a disposition to await with great
interest the compilation of the returns 20
lne IoNlplroller LOT June OF the ConCi-
lion of the national banks throughout the
country. The inference from the foreign
trade statement for May. which shows a
falling of in total exports compared with
last year Of over S2,G00000. is that our eX-
ports of manufactured products are declin-
ing, as the exports of agricultural products
were slightly above those of last year. The
news from London that prominent finan-
cier has booked passage for this week after
authorized intimations had been given that
his vacation might be extended into Au-
gust was made of by the professional
operators with unfavorable effect The
bond market was dull but irregular.
Total sales. par value. SI.275.0eO. United
States bonds We're all unchanged on the last
call.
Bonds Sales Mt New York.
REPUBLIC SPECIAL
New York, June l5.-Sales OF bonds were m ade