The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-05

NEW YORK, June 4.-Yesterday's late
reaction was taken as a demonstration of
the utility of the effort made earlier in
the day to put prices up and professional
operators this morning proceeded to throw
over such holdings as they had taken on
win expectation of an upward turn of
prices. There was not much in the news
or the day having a bearing on values.
The weakness of the market increased
as the day progressed, and before the
close took on an appearance of forced
Ilqu1datlon, Which was in evidence earlier
In the week. number of the Canadian
stocks showed a tendency to recover from
the extreme depression caused by the
Canadian financial difficulties of Tuesday,
but there was some apprehension that
after effects of those troubles were to
be feared at other points.
AmaIgamated Copper Hit Hard.
The greatest selling pressure today con-
Verged on Amalgamated Copper, of which
thousands of shares were thrown upon
the market with seeming disregard of
what prices they would bring. The stock
touched 81 shortly before the close, an
and IL points lower than ever before in
the history of the company. The urgency
OF the selling without news affecting the
property gave rise to disquieting rumors
as to the necessity which could induce
such heavy liquidation. Much of the SELL
ing was said to be for Boston account,
and rumors were circulated of process
OF loan contraction at that center follow
ing the collapse in Canadian Securities.
American Smelling also showed evil
dence of special pressure. The personality
OF the brokers employed in this selling
caused the movement to be associated
with the pool which is understood to have
operated both in Amalgamated and in the
market for the metal. Another influential
factor in causing encouragement was the
free selling of Pennsylvania through the
day. This stock touched 123%, a decline
on the day of l q and IL below the pre-
ViOuS low record on the movement. This
compares with the subscription price to
stockholders which has also been under
written by a syndicate at $50.
Diffuses Evil Impression.
The liquidation of this stock caused a
bad impression upon sentiment all around.
The furry in the call money market to
Az late in the day was evidence that
there We're urgent requirements to be met.
The incident of the day was the evidence
of support for the United States Steel
stocks. large buying orders being executed
by houses formerly acting for the steel
syndicate. But the reports from the iron
trade had some influence in depressing
steel market is growing easier were re-
ceived with anxiety. The calling of a
convention of anthracite miners to con-
slider q strike was naturally depressing.
The strength of the grain market, an
unfavorable report from the Missouri agri-
cultural department and the unprecedent-
eddy low condition of cotton reported by
the government were effective influences
in the days weakness. The disturbance
in the call loan market was considered as
foreshadoWing poor bank return on Sat-
urday. The market closed weak and ac-
Bonds We're irregular. Total sales, par
value $2,195, 900. United States bonds
were all unchanged on the last CALL
Closing List.