The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-03
STOCKS TAKE UPWARD TURN
IN SPITE OF BEARS WORK.
NEW YORK MARKET LITTLE
AFFECTED BY NEWS.
Canadian Complications Foreseen
Sharp Covering on Some
of the Railroads.

New York, June 3.-The first effective turn
against the bears which has been accom-
piished since the present prolonged decline
in prices set in was effected to-day, and
that without any striking development in
the news to affect values.
On the contrary. there was a demoralized
slump In group Of securities which were
sympathetically affected by the speculative
breakdown in certain Canadian markets. 1t
was the serenity with which this break was
regarded and its failure to induce any fur
Their liquidation in the market that i'm
pressed the bears with the ACCESSIBILITY of
protecting their position by covering their
short commitments. During the last hour
of the trading the demand from this source
became somewhat urgent, and St. Paul and
Missouri Pacific were lifted more than .
points over last nights level. Rock Island.
Southern Pacific. Atchison. Louisville and
Nashville, Wabash preferred and number
of such influential stocks rose about =
points over last night in the late dealings,
and the market closed very active and
strong.
Premonitory symptoms OF trouble have
been visible in the Canadian group of Sc
curities some time. and seemed to have had
their inception in the rumored troubles. of
the Dominion coal and iron companies.
and in an excess of speculation on the part
of the Canadian stockholders in these COM
panies.
these stocks induced demands for additional
margin by New York brokers, and forced
liquidation of some of these accounts TO-
day. Twin City Rapid Transit suffered the
severest decline. with a dis3rderiy drop OF
over 10 points Canadian Pacific, Detroit
United Railways and Minneapolis. st. Paul
and Sault Ste. Marie stocks were also
Ia ra,,t1
A drop of u points in Minneapolis ana 81.
Louis was an incident of the day. Late re-
coveries ran to points In Minneapolis ano
St. Louis. So in Twin City Rapid lra disr
and between and 4 points in Canadian
Pacific and Minneapolis, st. Paul and Sau.t
Ste. Marie. Besides these disturbing lnnu-
bility of shipments of gold on THURSDAY OF
an aggregate Of A,000,0o0 although only part
of this sum was actually engaged To-Day.
SLUMP IN COPPER.
A slump In the London copper market
caused the drop of points in Amalgamated
and was a check to the early hardening
tendency Of the market. London resumed
trading after the holiday to-day and was
disposed to buy stocks here, and it was re-
ported that London was short of Ameri-
cans. The further reports of flood damage
in the West were without notable effect, as
the auieter tone of the grain market gave
ground for hope that the harm TO the crops
bulletin of the Weather Bureau also proved
less unfavorable than was feared. The re-
ports from Chicago that settlement had
been effected of The freight handlers dis
pute was a notable cheering factor. The
April report of net earnings by the Penn
sylvania, showing a liberal increase, seemed
to be effective in the general market. al
though Pennsylvania itself moved narrow
". 1t has not escaped the notice of the
bears that the downward course of the
standard railroad stocks has been arrested
as they approach the level at which their
dividends yield an investment return which
conforms to the present return OF money in
loans For several days there have been
signs of stability in a number Of leading
stocks which have approached that level. 1t
will be remembered that railroad stocks
had advanced at one time to prices which
offered lower returns than on frst-claSs
railroad bonds. Extravagant valuations
placed on railroads which were sought for
control and on which there were sanguine
hopes of dividend increases were the infiu-
ences in fixing this level and to-day's rally
is an intimation that the prices of some of
these stocks, at least, have got back to an
attractive investment level.
New Rock Island 5s, newly dealt In, rose
more than a point over last curb prices, and
there was a sharp advance in United States
Steel second IS. Otherwise the bond mar
ket was irregular. Total sales, par value.
50. $4,000 United States IS coupon declined
i per cent on the last call.