The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-04
STOCKS AGAIN RECOVER
FROM OPENING DEPRESSION.
THREAT OF ANTHRACITE
MINERS DISTURBING. -
Activity of Shorts and Profession.
ais Soon Brings Prices Back
TO Higher Level.

New York, June 3.-The recovery again to-
day by the stock market from an opening
depression and the disregard of some of the
bad news of the day seemed to give fresh
demonstration that a stable basis OF prices
had been reached, and after midday the
price level was lifted quite substantially.
But when the professional operators COM
mencei TO take their profits in the last hour
of the session the days gains melted away
in short order, and last order and last prices
generally show net losses. The Opening set
back was due to the reported threat of
refusal of the operators to accept the
miners representatives on the Cancellation
Board should be rescinded. The resulting deg
cline in prices reached point or over for
several of the coalers. and for other lead
ing representative railroad stocks. ST. Paul.
which continued TO be accepted as the in
dex Of the market, ran off Us. Il became
manifest at the decline that the short inter
est was avail!ng itself OF the opportunity TO
cover. and at the same time support was in
the market as on yesterday.
PROFESSIONALS WAKE UP.
a party of professional traders, seeing the
direction OF things. commenced to buy and
bid up stocks in an effort to take away the
market from the shorts. y sharp recovery
in the Canadian group from yesterdays
Gcmoralized break helped the movement
St. Paul was carried l2s over last night in
the course of the movement. Many other
gains of point or more were achieved be-
fore the final setback occurred. The COM
ment by officials of the coal roads on the
labor situation revealed rather conc!liatory
spirit and an apparent Willingness to neso-
tiate the dispute. and on this the coalers
made vigorous recoveries.
The Improvement in the Western weather
situation and the subsistence of the floods
were taken as encouraging features and
had added force by reason of the sharp
engagements of gold for QUITO tomorrow
seemed to be ignored. as the call money
market continued Very easy. The engage.
ment of gold for France. Germany and
Canada amounted to considerably over So
10000. Although the call-money market
was not affected there was a hardening
six months rising TO 5 per cent and for
eight months to 5i2 per cent. There was
a slight reaction also in foreign exchange
and this was said to be due to some offer
ings of loan bills which the advance in
time money made profitable. Exchange
bankers reported that no bills were sold
clearly in liquidation of maturing foreign
Indebtedness.
STERLING STEADY.
The sterling market steadied again before
the close. There was a decline also in
the sterling rate at Paris. which served to
increase the margin of profits on gold eN-
ports. There was some selling of stocks
Tor Boston account, and reports that loans
We're being called there. New York ex-
change at Chicago. however advanced to
SOC premium. The outlook in the money
selling of stocks in the last hour. which
converged on Pennsylvania carrying that
stock down TO a parity with the low level
of the movement at l25,a Prices broke to
below last nights level all around, but
steaded slightly just at the close. Several
good reports of railroad earnings and a
sharp recovery in the London copper mar
ket were used to help on the upward move
ment
. The bond market was firm and the new
Rock Island 5s We're lifted points. Total
sales, per value. s., 4s5 Oc
United States IS coupon advanced !. per
cent and the new As coupon declined 4 per
cent on the last call.