The Providence news. (Providence [R.I.]) 1891-1906, 1903-06-10
FINANCIALNEWS
BULLS AND BEARS.

Wall street. June 10.-The stock market
opened under a food of liouidating sales
thrown upon the market In enormous
blocks and at wade quotations. thou
eand shares OF Atchison sold at 66 and
Ax compared with 6sk last night. Six
thousand shares OF Ere went at 2sh and
30 compared with 30st last night. 1900
shares OF Pennsylvania sold at l25h and
l2Sss compared with l23N last night. and
5000 shares OF United States SteA sold
at 20 and 2sk. compared with 2sx last
night. All the leading active stocks
amongst the trunk lines, coalers. PACT
ics and grangers were dealt m 1000 to
2,000 share blocks at declines OF a POINT
or over. l.. and N. slumped 3ss. Erie
second pfd.. 2A: Southern Pacific 2is.
Kansas and Texas III. and pressed Steel
car Ia. There was quick rally OF
points In L. and N. a point In Southern
Pacific and higher prices on second quo
tations elsewhere. The flood conditions
at ST. Louis and notable depression in
the London market were factors in the
heavy selling.
The smash at the opening was taken
advantage OF by shorts to cover and
there were substantial reooveraes which
brought Pennsylvania. ST. Paul. Balti-
more and Ohio and Missouri a shade
Amalgamated were Fitted 10 last nights
level and the Pacihcs. Atchison and the
Eries to within fraction. North Wes-
tern ex dividend sold rs over last night
As soon as II was perceived that the
buying was decreasing at the rally tho
pressure TO liquidate was removed and
by II o'clock new low records were being
made.
Prices OF stocks were smashed under
an avalanche OF iiauidating sales when
the market opened. Blocks OF 1000 to 5000
shares OF principal active stocks were
thrown upon the market and let go on
running sales showing wide fractional
variations for simultaneous quotations
Losses on the average were over a point
Selling seemed to come from all quarters
and general encouragement over the
business outlook was the attributed
cause aggravated by the serious flood
news from st. Louis and the political ex-
citement In England. A large short In
terest took advantage OF the opening
break to cover and powerful interests
executed supporting orders In the mar
ket. AS a result there was a substantial
recovery which carried some leading
stocks back to or above last night Re-
newed sales to liquidate sent prices low
er than before by o'clock. There was a
rally again a little later but the market
continued much excited and very fever
ish
The market continued nervous and ex-
cited and the occasional rallies seemed to
be due only TO quick profit taking by
room shorts. The higher prices were made
a basis for renewed liquidation. Prices
during the second hour went lower than
before. There were many declines TO 8
to points in the inactive list.
The speculative leaders rallied to II
at noon.
Bonds were very weak.
The rally In prices after the non hour
was long continued. st. Paul, Missouri
Pacific. Union Pacific, Canadian Pacinc,
Rock Island, Baltimore and Ohio, Nor
folk and Western, Pennsylvania, Read
ing, Atchison, Sugar and Peojles' Gas
got back TO yesterdays close or only a
small fraction below while Amalgamated
sold Ia and New York Central q above.
The general run of stocks ruled a point
or two above the lowest. Liquidation
continued in some OF the dormant stocks.