The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-06-03
FIRST EFFECTIVE
TURN ON BEARS
There Was a Demorallzing
Slump in Securities
BREAK DOWN IN CANADIANS
Market Closed Very Active and Strong
and Impressed the Bears With
Desire to Cover Their Short
Commitments.
BREAK DOWN IN CANADIANS

New York, June 2.-The first effective
turn against the bears which has been
accomplished since the present prolonged
decline in prices set in was effected to-
day, and that without any striking de-
velopments in the news to affect values.
On the contrary, there was asdemoralized
slump in a group of securities which
were alphabetically affected by the
speculative breakdown in certain Ca
madam markets It was the serenity
with which the break was regarded and
Its failure to induce any further hauida-
ton in the market which impressed the
bears with the advisability Of protecting
their position by covering their snort
commitments. During the last hour Oh
trading the trade from this source pc
came somewhat urgent and st. Paul and
Missouri Pacific were lifted more than z
points over last nights level. Rock ISL
and. Southern Pacific. Atchison, Louis
Vile and Nashville, wabash preferred
and a number of such influential stocks
besides, rose about points over last
night in the late dealings, and the mar
ket closed very active and strong. Pre-
monitory symptoms of trouble have been
visible in the Canadian group of securi-
ties for some time and seemed to have
had their inception in the rumored trou-
bles Of the Dominion coal and iron com
psuies and in al excess of speculation on
the part of Canadian shareholders In
these companies. Yesterdays sharp de-
clires in some of these stocks induced
demands for additional markin by New
York brokers and forced liquidation OF
some of these accounts today. Twin CITY
Rapid Transit suffered the severest de-
cline, with disorderly drop OF over ID
points. Canadian Pacific Detroit United
Railroads and Minneapolis, st. Paul and
Sault Ste. Marie stocks were also forced
to sale on a rapidly descending scale.
A drop of II points in Minneapolis and
st. Louis was an incident of the day.
Lats reeoveries ran to points in Mime
apolis and st. Louis, 81 in Twin CITY
Rapid Transit and between SQ4 points In
Canadian Pacific and Minneapolis, st.
Paul and Sault ste. Marie. Besides these
disturbing influences the market had to
face the probability of shipments of gold
on Thursday on an aggregate of $4OOOOOO,
although only part of this sum was
actually engaged today. 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 today and was disposed
TO buy stocks here, as it was reported
that London was short of Americans.
The further reports of food damage in
the west were without notable effect as
the quieter tone of the grain market gave
ground for hope that the harm to the
crops had been exaggerated. The weekly
crop bulletin of the weather bureau also
proved less unfavorable than was feared.
The reports from Chicaro that settle
ment had been effected of the freight
handlers dispute, was notable cheering
factor The April report of net earnings
by the Pennsylvania, showing liberal
increase, seemed to be effective In the
general market, although Pennsylvania
itself moved narrowly. 1t has been no.
ticed that the downward course of the
standard of the railroad stocks has been
arrested as they approach the level at
which their dividends yield investment re-
vestment returns which conform to the
present return on money on loans.
New Rock Island SIS now dealt In rose
more than point over last nights curb
price and there was a sharp advance in
United States steel seconds. Total sales
par value s25l0oO0; United tSates rs
fcoupon declined " ON last call.