The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-13
ACTIVE BUYING OF STOCKS
CONTINUES ON LARGE SCALE.
PRICES CARRIED SUBSTANTI
ALLY HIGHER.
Considerable Investment Demand
Appears and Helps the Mar
ket-Conadence Stronger.

New York, June 11-These was . continu-
ance to-day OF the active buying OF stocks
which developed 80 suddenly yesterday
morning. and prices were carried to a sub
stantially higher level throughout the list
on dealings Of over a million shares. The
market closed active and firm at near the
top level. proht-tzldng On the considerable
rise making an inAgnifcant impression on
prices The large demand this morning for
ing Of the first hour was within a fractional
range OF fluctuations after the opening adj
vances- The confidence with which these
offerings were absorbed encouraged renewed
buying. The demand showed signs OF being
satisfied at times during the day, and there
were lulls in the activity of the market
important pressure to sell developed at any
time during the day. and the bulls had
the situation completely in hand. Evident
from the short interest, which had failed
to cover yesterday in the hope of a reaction
from the first rebound, or which had put out
was some covering OF short lines OF older
standing. as well. which were put out ear
have remained uncovered through the occa-
SIGNAL rallies.
CONFIDENCE REVIVED.
This demand and some buying from be-
lated investors was significant OF a feeling
OF confidence that the turn in the market is
something more than temporary. There has
been recognized waiting investment de-
;nand. which has held back from buying on
the principle that SO long as the market
was going down they might get stocks
prived this element of its opportunity to
buy stocks near the lowest, but there seems
TO have been some buying OF this character
to-day. There was evidence also Of some
new speculative ventures on the long side
and of renewed activity by. organized pools
in certain stocks. The dealings in Reading
helping materially to sustain the late
sion affirming the right Of the coal carrying
companies to refuse to comply with certain
demands for Information by the interstate
Commerce Commission was the nominal
RUMoRs OF EARNINGS.
Rumors were circulated also OF very
strong showing of earnings for May to be
shortly published. The Baltimore and Ohio
May statement. showing more than two
thirds OF a handsome increase in gross earn
that stock and those affiliated with it prom
inent features of strength. The Pacifics and
st. Paul were in large demand, and there
was some disposition 10 attribute the
strength of the Gould crop to vague srg-
gestions that the heavy accumulation of
Pennsylvania on the decline had resulted in
sufficient holdings to secure representation
In that company for the Gould interests.
The forecast of the currency movement in
Gicated Sufnclent balance OF receipts from
the interior to offset the loss TO the Sub
treasury, and by gold exports, and in add-
ton yield an increase IN the cash reserves of
the banks of nearly 100000. It is hoped
that the heavy LIQUIDATION early In the week
will be reflected in considerable loan con-
traction. Sterling exchange continued to re-
made OF gold to 20 to South America. Mon
DAY is the first day on which payments are
to be made Of tie 80 per cent installment of
stock issue This will call for the payment
of s45, 10000 on or before June q. Large
portions will be paid In Europe and In Phil
adelphia. and 1t has been officially intimatsd
that the proceeds will be used for repay
mert of the $40. coo COZ loan taken out by the
Pennsylvania for six months last January.
Bonds advanced in sympathy with stocks.
Total sales. par value. S-S35.o09. United
States p coupon declined ]. per cent, and
the new IS Il per cent on the last call.