New-York tribune., 1903-06-11
The following table shows 81
clines below Tuesdays close:


Metropolitan Street Ry-. 90 I'd 77s
The slump which forced the general list down
10 the lowest point OF the present movement 1ol-
lowed hard on the news Of a big decline IN
Americans in the London market, where prices
were in some cases from to IL points below
Tuesdays New York closing. The first prices
here were under London's selling, declines Of
per cent being not at all uncommon. In the first
hour 419o00 shares were traded in BY noon
697. 900 shares were sold. At o'clock the total
sales were pos S53, against SSS,975 shares on
Tuesday and 3D.. 600 on the same day last week
Prices al the opening were forced down under
the weight Of blocks of 1000 and 5000 shares
being thrown into the market with figures vary
ing widely at the same instant on different
parts of the floor.
After the first fifteen minutes of bear ham
rnering there came a sharp recovery, quickly
followed. however by break to lower levels
than on the opening. Missouri Pacific and Baltl-
more and Ohio suffered among others AT IL
o'clock there was another confused rally, with
the market much excited and feverish, with
Quick and short declines and more rallies, seem
ingly due only to quick profit taking by room
shorts
In the early afternoon prices again rose
sharply, the recoveries ranging from 1 TO 2ls
points Shortly after 2 o'clock there was a
fresh break two issues. Missouri Pacific and
Rock Island going below the forenoon. a frac-
tional rally followed with the feverish at
the close and with prices unsettled.
Many were the reasons advanced for yester-
days declines. Judgment divided to the
cause of the. very heavy selling. Liquidation ap-
parentIy was increased by holders who were
worried over Tuesdays fall of prices at the time
when many operators believed that the low
Level had been reached. Because several stocks
known to be held by members of the Gates
clique showed exceptional weakness. many
thought the heavy selling was due TO their effort
TO protect themselves much possible from
further declines from prices they paid last
summer at the beginning of the bull movement
one story on the Stock Exchange went so far
as TO say that one firm had been saved from
collapse. ard that there was a conference Of
bankers for the purpose of helping others out
Of difficulty Another report, believed by many,
was that the Philadelphia pool in Baltimore and
Ohio and Norfolk and Western bad been COM
PEELED to sell. and that it the special object
Of attack
Other well informed brokers attributed the
slump to the floods. 10 the rise of the discount
rate IN Germany. TO the labor troubles. and to
the general opinion that the country was suf-
fering from a plethora of undigested securities
well known banker said:
From what I know Of the situation and the
George J. Gould and Mr.. Rockefeller are on top
or this market The worst thing that ever
done TO the security market was the recent de-
struction by Mr.. Cassatt Of Western Union prop
erty by the cutting down of wires. Mr.. Gould
IS now hitched up with Mr.. Rockefeller. and
when they through there will be clearing
up Of the security wrecks. II is a very signifi-
cant thing in my opinion. that one Of the two
big financial interests in this city has been bare
OF stocks and bearish in its operations for
year past and the ether big financial interest
has been loaded up 10 the neck with stocks and
bullish in its sentiment for year more"
THE DROP IN L & n AND S. P
The sensational drops in Louisville and Nash
Vile and IN Southern Pacific near the opening,
the former declining 3as and the latter 2Ia on
limited trading were thought TO represent sales
Of weekly margined accounts. a Southern in
weston was heavily long the former stock
The extensive selling in Manhattan, with
new low level for this movement was thought
70 represent the sacrifice of this stock to pro-
: There was more bargain hunting yesterday.
It said, than On any day since May, 1901
their money in the best railroad securities. Said
q banker yesterday: When this furry is
all over ] think it viii be found that
there has been very considerable change
IN ownership Of some Of our leading railroad
properties Only short time ago people and
institutions were complaining that they found
ft almost impossible 70 invest their money in
good securities per cent. But they can
now practically buy Pennsylvania and Missouri
Pacific 3 per cent basis, and other first
class stocks the favorable terms"
The market showed signs of general liquida-
ZION. Northern Securities was more heavily
traded IN than on any day since the unfavor
able decision Of the United States Circuit Court.
The stock, which closed at SS14 Tuesday, opened
yesterday SIX, dropped TO S5l2 by noon, raj
LIED S62s and again declined. with sales Of
more than 1900 shares. Declines Of ] 3
points made elsewhere, United Copper
breaking 10 15l2 Other figures were National
Railroad Of Mexico. second preferred, TO 2312,
Eeeboard AIR Line common, to 20. and Standard
Oh to 63a.