The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-17
WIDE FLUCTUATIONS MARK
TRADING IN WALL STREET.
CLOSE is NEAR THE PRE-
VIOUS NIGHTS LEVEL.
Prospect for Extremely Dull Mar
ket Viewed With Satisfaction
by Careful Financiers.

New York. June IA comparison of to-
Gays last prices with those of last night
gives no idea of the wide fluctuations in
the days market. The principal speculative
tavorites this morning were from l to over
points lower than last night, and over a
range running from fraction to between
y and points of the low level touched on
wednesday last in many cases The days
movement. while generally small. there
lore. represents very substantial recovery
from the low point of the day But when il
was attempted to rush prices I'D late IN
the day to much above last nights level
pressure to sell was renewed and prices
again fell back. The closing, however was
Iirnl. but very dull and near the ton level
Inc inference drawn from the action OF the
market was that professional SPECTATORS
tested the market on the short side. and en-
coura Sed resistance in substantial buv-
ing demand. The buying by the bears to
LII ron,,. was substantial element in the
rally, anu when the attempt was made to
carry the movement further pressure TO
sell was again encountered. In addition. ac-
count must be taken of what looked like
this morning. the weakness of Yesterdays
market having awakened fears that fur
ther extensive decline was in prospect.
HOPE FOR DEMAND.
~ "aS eNiueiit also tilat when prices ap-
preached last weeks low level. buying of
an Investment character again came into
the street. The deduction draw, b, tho
acreage operator at the end of the day was
mat attacks on the market would enc6unter
substantial buying power and thai the
urgent iquidation of the character in evil
oence last week was no longer oyerhanCirr
the market. s'-s
on the other hand. attempts to bull the
, r,apaet, aside, aside from the probable lack or
money resources, seemed to encounter heavy
selling at the high levels The prospect
thus indicated of a dull and sluggish mar
S Ret rs viewed not without satisfaction in
financial quarters generally. That the re-
sources which have been accumulated by
such painful process of liquidation should
De Immediately put back into speculative
use: with the needs of the coming autumn
still to be met is a course generally disap-
proved by bankers and those with large
property interest. During the early decline
to-day the suspense over the probable de-
clsion of the coal miners convention was
of much influence. The final action of the
convention and the apparent Improvement
In feeling of the two sides to the contro-
tersy which has resulted from the incident,
Is regarded with vast satisfaction
ANXIETY OVER CROPS.
Anxiety was expressed over the crop news
during the early part of the day. but the
weekly crop report and the reaction in
wheat and cotton served to relieve this
weak and rumors Of possible reduetion Il,
the dividend continued to circulate The
payment of an installment of the subscrip-
ton on the consols issue. calling for sl5, co.,
900 in the London market, added to the
depression there and was reflected here.
Sterling exchange also ruled strong with
threat of further gold exports. The recrim-
nations incident to the lawsuit over the
United States Shipbuilding reorganization
and the tone of the testimony in the suit
against the lease of the Metropolitan Street
Railway by the Interurban Company were
the subject of wide discussion in Wall street
and caused very unfavorable impression
in the market. The suicide of an official of
one of the banks was also used during the
morning to induce selling of stocks. but the
prompt assurance that no financial irregu-
larities were involved took away that effect
The reduction in price of copper weakened
Amalgamated in the early dealings, but the
later announcement of a further cut in the
price of pig iron did not interrupt the late
recovery Of the market.
Bonds showed early weakness and recov-
cred in sympathy with stocks. Total sales
par value, s., $4,000. United States new As
advanced 4 per cent on the last call.