The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-10
WALL STREET DISCOURAGED
BY FAILURE TO RECOVER.
PROMISING MOVEMENT ENDS
IN LOWER PRICES.
Twice the Market Rallies. but
Each Time State of Semide-
mobilization Follows.

New York. June 9.-To-day's stock mar
ket went through an extraordinary series of
fiuctua tons. closed at the lowest average Oh
the present movement. and in semidemor-
allied condition. This was after prices had
twice been rallied to above last nights Level.
the second rally establishing substantial net
gains in number of active speculative
leaders. ST. Paul rose 2is over last night.
Missouri Pacific la. New York Central IL
and Pennsylvania. Union Pacific. the Atchi-
sons and Wabash preferred about a point
There were important examples also
amongst the industrials. showing gains Ct
a point. and the whole market was sub
startial fraction above last night. The large
h,:yinc on the advance gave the rally
more Impressive appearance than anything
that has occurred during the present decline.
and the conviction of the floor seemed fairly
general that the market had turned upwards
At legS: temporarily. The result Was un-
douhtedly due in large part to operations or
professional clique. which planned me
short interest in the market must have
reached very unwiedy proportions and must
be vulnerable to attack.
BEARS ALARMED
There were in fact evidences of alarm
amongst the bears. and large buying level-
nped 10 cover shorts. The demonstration
aided by the pubnSned OPINIONS OF Some
important leaders in the financial world that
many stocks At their present level we're sell
ing below their intrinsic values. 1t has been
evident for several days that there was alb
sorp;ion of an influential character in sew
eral points in the list. notably In st. Paul,
PENNSYLVANIA and New York Central.
Reports from accredited sources sustained
stand ready to take over all available offer
ings of Penns ylvania at or about the price
which the recent new issue of stock was of
FOO. ctr al
control, and that they had formulated this
purpose in definite offer to the underwrit-
ing syndicate to take the new issue of stock
off its hands. Such 4 state of AHA IRIS is cal
crlated TO buttreSS Pennsylvania stock.
There were some fears among the bears
that the monthly scrip will not reflect as
much damage as has been feared. and the
approach of the elimination of the flood at
ST. Louis also prompted the bears on that
account to cover their short contracts. The
strength in the market. therefore. became
quite general. 1t was not until near o'clock
tfat the advance eliminated. At that time
it became evident that the higher level of
prices was beirg used a basis for re-
ncwed liquidation. and the market crumbled
VI. til the close. the fall gaining momentum
as it proceeded: The force Of the selling
conferred on Baltimore and Ohio and Nor
folk and Western. the former falling an eX-
creme 35s and Norfolk and Western Sas.
ALL DISCOURAGED.
The failure of SO promising a movement
toward recovery redoubled the discourage
ment on all hands and heavy selling was re-
newed in Atchison down to a new low level
on this movement at 65i2, Union Pacific to
1888. Reading to 1875. Erie to 30hs and United
States Steel preferred to 1917. Northern Sc
curities also held down to a new low level
on the curb. The source of the selling was
a mystery. but it was quite commonly at
tributed to further calling of loans by some
large capitalists and the consequent forcing
of liquidation. Selling for Boston and for
Icndon account was an influence on the
weakness. There was little in the way of
news development beyond renewed out
break of the wild speculation in cotton. in
which Wall street was reported to be on the
short side. and a further hardening of the
tme-money market. Transfers of currency
TO New Orleans and reports of a new de-
mand from San Francisco had rather an
omnous influence on feeling over the money
outlook.
The bond market shared in the weakness
of stocks, but in only moderate degree.
Total sales. par value. s1,9S5. 900. United
States IS and is advanced 4 per cent on the
last call
Bond Sales at New York.
REPUBLIC SPECIAL.
New York. June 9.-Sales of bonds were made
here to-day follows: