The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-11
ERRATIC DAY in STOCKS
VIOLENT PRICE FLUCTUATIONS,
WITH THE CLOSE AT THE LOWEST.
Heavy Liquidation Followed by a
Scramble to Cover Short Contracts
Features of the Session.

NEW YORK, June 10.-Heavy liquidation.
heavy covering Of short lines and the fever
ish eagerness of the professional room trad
ers to follow the uncertainties of the market
caused constant and violent fluctuations in
price to-day. The tone at the close was
wholly unsettled and hesitating, but with
prices generally within q fraction Of the
lowest, which is the lowest for the current
movement. Some of these prices on the
mornings slump were: Baltimore e. Ohio.
1914; Chesapeake & Ohio, S5A; Norfolk &
Western S.. Pennsylvania, 1924; New York
Central, 1241s; Atchison, 64z: St. Paul, 14711;
Union Pacific. II; Southern Pacific. 46: Erie.
2S1z: Reading, ass; Ontario e. Western, 212l:
Illinois Central, 1905: Southern Railway, q;
Louisville & Nashville, 1854: United States
Steel, ISIS; the preferred, 1874; Amalgamated
Copper, 81. The enormous volume of the
selling orders and the violent declines in
prices gave opportunity for inviting profits
to the uncovered bears, and they bought
heavily at the decline. The character of
the market showed technical signs of the
elimination of the movement, both in vol
ume and precipitancy, and the bears, there
fore, were the more disposed to cover their
! shorts. The market made a pretty sub
stantial recovery during the midday period.
and a good many Of the principal stocks on
the list were lifted fairly above last nights
level.
The opening this morning was excited and
quite demoralized under the avalanche Of
selling orders. There were simultaneous
| sales Of 5000 shares of Atchison, 5000 shares
| of Erie and 1000 to 1900 shares of all the
principal speculative stocks. The source of
the selling was not we'll understood. nor
was there anything in the news Of the day
to provide motive for liquidation on such
a scale. The break in the market, however,
was generally expected, and the generally
discouraged sentiment was due to an accu-
mutation of impressions as much as to any
| sudden development. Foreigners were
heavy sellers here, and the character of
the inquiries cabled to New York indicated
| the suspicious state of mind toward the
general situation in this country. The SEN
sational split In the British Cabinet caused
some reflected depression from the London
markets. The disastrous flood conditions in
st. Louis renewed apprehensions-or rather
confirmed them-on which there was selling
| earlier I'm the week. which on last night
news had quieted into hope that the worst
was over. The rise in the grain markets
| gave a sharper edge to anxiety over the
| crops, and there was a fear that the gov
eminent crop report to be published after
| the market closed would have some un-
pleasant surprises The investigation by
| the 1nterstate-commerce Commission of the
| anthracite combination causes uneasiness
among shareholders. Reports of intended
| retrenchment In expenditures for better
ment by the Baltimore & Ohio and other
| railroads, and the differences over rates
between the gulf lines and the Chicago
Kansas City lines, added to the disturbed
| feeling.
The money market gave no immediate
clew to the urgent and apparently forced
| liquidation, but the low state of the bank
| reserves, the payment to-day Of $,500 coo on
| Metropolitan Securities subscriptions, the
reported intention to ship 100000 to South
| America on Saturday, and the prospect of
a demand for currency from San Francisco
| pointed to pressure on money resources.
| The violence of the declines gave rise to
much vague uneasiness that financial en-
barrassment would result, but diligent in
! quiry failed to disclose any knowledge of a
| weak spot in the financial situation. 1t was
the general belief that some enormous in
| dividual stock holdings were being hqui-
dated for account of wealthy capitalists
| who possess sufficient means to meet the
| losses without failing in their obligations
| to others. The shrinkage in prices and of
the basis for credits is I'm itself an important
| element in forcing the selling of securities.
Bonds were very weak, In sympathy with
stocks. Total sales. at par value, were
$3.69000O. United States bonds were all I'M
changed on the last call.
| Following the days share sales and
the recorded price changes: