The daily morning journal and courier., 1903-06-10
Eitra1rcta1.
YEsTERDAY'S STOCK MARKET.
An Extraordinary Series of Liquida-
 sinn.

An Extraordinary Series of Liquida-
 New York, June 9.-To-day's stock market went through an extraordinary series of fluctuations, but closed at the lowest average on the present move ment and in semi demoralized condi- ton. This was after prices had twice been rallied to above last nights level, the second rally establishing substan-
 tiaI net gains in a number of active speculative leaders. St. Paul rose 21s over last night, Missouri Pacific 1%, New York Central IF and Pennsylva- mia, Union Pacific, the Atchisons and Wabash preferred about point. There industrials showing gains of a point, and the whole market was substan- tial fraction above last night. The large buying on the advance gave the rally a more impressive appearance than anything that has occurred during | the present decline.
 The brokers greeted the advancing | market with cheers. The result was
 undoubtedly due in a large part to op- erations of a professional clique, which
 planned the demonstration on the as- ! sumption that the short interest in the
 market must have reached very un- l Wieldy proportions and must be vulner- able to attack. There were, in fact,
 evidences of alarm among the bears,
 and large buying developed to cover shorts.
 The demonstration was aided by the
 published opinions of some important leaders in the financial world that many stocks at their present level were sell- ing below their intrinsic values. It
 has been evident for several days past that there was absorption of an influen- tial character at several points in the list, notably in St. Paul, Pennsylvania
 and New York Central. Reports from
 accredited sources sustained the belief that responsible financial interests stand ready to take over all available
 offerings of Pennsylvania at about the
 price at which the recent new issue of stock was offered to stockholders for purpose of control, and that they had formulated this purpose in definite
 offer to the underwriting syndicate to take the new issue of stock off it's hands.
 There were some fears among the
 bears that to-morrow's monthly crop report will not reflect as much damage as has been anticipated. The strength in the market, therefore, became quite general. About o'clock it became evil dent that the higher level of prices was being used as a basis for renewed liqui- dation, and the market crumbled until
 the close, the fall gaining momentum as 1t proceeded
 The force of the selling centered on
 Baltimore and Ohio and Norfolk and Western, the former falling an extreme 37s and Norfolk and Western 3$s. The failure of so promising movement to-
 wards recovery redoubled the discour-
 agement on all hands and heavy selling
 was renewed in Atchison down to new
 low level on this movement at 65h,
 Union Pacific to 7S3s, Reading to 433s, Erie to 3O5s and United States Steel pre-
 ferred to 79%. Northern Securities also sold down to a new low level on the
 curb.
 | The source of the selling was a mys-
 tery, but 1t was quite commonly attrib-
 uted to further calling of loans by some
 of the large capitalists and the conse- quent forcing of liquidation. Selling
 for Boston and London account were
 influences on the weakness. There was
 little in the way of news development
 beyond a renewed outbreak of wild
 speculation in cotton, in which Wall street was reported to be on the short
 side, and further hardening of the time-money market.
 The bond market shared in the weak
 ness of stocks, but in only moderate | degree. The total sales, par value, ag-
 gregated $1,9S5,Oo0.
 United States twos and threes ad-
 vanced A on the last call.