The daily morning journal and courier., 1903-06-03
ginatlria1
YESTERDAYIS STOCK MARKET,
First Effective TurM Against Bears-
 Trouble tm Caundian Group.

Trouble tm Canadian Group.
 New York, June 2.-The first effective turn against the bears which has been accomplished since the present prolong- ed decline in prices set in was effected to-day, and that without striking devel- opments in the news to affect to values. On the contrary, there was demoral- iZed slump in a group Of securities which were sympathetically affected by the speculative break down in certain Canadian markets. It was the sereni- ty with which this break was regarded and it's failure to induce any further liquidation in the market which im- pressed the bears with the advisability of protecting their position by covering. During the last hour of the trading the demand from this source became some- what urgent and St Paul and Missou- ri Pacific were lifted more than two points over last nights level. Rock Island. Southern Pacific. Atchison, Louisville and Nashville, Wabash pf., and number of such. influential stocks besides rose about two points over last night in the late dealings and the mark ct closed very active and strong. Pre- monitory symptoms of trouble have been visible in the Canadian grouD of securities for some time past and seenl- ed to have had their inception in the rumored trouble of the Dominion Coal and Iron companies and in an excess of speculation on the part of Canadian shareholders in these companies. Yes e IL. stocks induced demands for additional margin by New York brokers, and fore ed liquidation of some of these accounts today. Twin City rapid transit suf- fered the severest decline with a dis orderly drop of over thirteen points. Canadian Pacific, Detroit United rail- ways and the Minneapolis, St. Paul and Sault Ste. Marie stocks were also forced to sale on a rapidly de- 2ending scale. A drop of twelve points in Minneapolis an St. Louis was an incident of the day. Late recoveries ran from nine points in Minneapolis and St. Louis. 5$. in Twin City Rapid Transit and between 8 and 4 points in Canadian Pacific and Minne- apolis. St. Paul and Sault Ste. Marie
 Besides these disturbing influences the market had to face the probability of shipments of gold on Thursday of an aggregate of $4,O0O,0OO, although only part of this sum was actually engaged to-day. A slump in the London copper market caused drop of per cent. in Amalgamated and was an effective check to the early hardening tendency of the market. The further reports of flood damage in the west were without notable effect as tn quieter tone of the grain market gave ground for hope that the harm to the crops had been exag- gerated. The weekly crop bulletin of the weather bureau also proved less un- favorable than was feared. The reports from Chicago that a settlement had been effected of the freight handlers dispute was notably cheering factor. The April report of net earnings by the Pennsylvania showing a. liberal increase SC end to be effective in the general market although Pennsylvania itself moved narrowly. It has not escaped the notice of the bears that the down. ward course of the standard railroad stocks has been arrested as they ap- proach the level at which their dividends yield an investment return which con- forms to the present return on money in loans. For several days past there have been signs of stability in a num- Der of leading stocks which have ap- preached the level. To-day's rally is an intimation that the prices of some of the stocks have reached an attractive investment level
 New Rock Island 5s newly dealt in rose over a point from last nights curb prices. and there was a sharp advance in United States Steel second 5s. Other wise the bond market was irregular. To- tai sales par value, $2,510000.
 United States 2s coupon declined F per cent. on the call