The Montgomery advertiser., 1903-06-03
WALL STREET REVIEW
EFFECTIVE TURN AGAINST THE BEAR INFLUENCE.
No Especial News to Account for the Success of the Supporters of Prices-Close Very Active
 and Strong.

NEW YORK. June 2.-The first effective turn against the bears which has been accom- plyished since the present belonged decline in prices set in was effected today and that without any striking developments Tn the news to s.fect values. On the contrary, there was aseb msrs slump in srouP of securities sr .ss speculative breakdown in certain Canadian markets. It was the serenity with which the break was regarded and its failure to induce any further liquidation In the market which impressed the bears with the advisability of protecting their position by covering their short commitments. During the last hour of trading the demand from this source became some what urgent and St. Paul and Missouri Pa- cihc were lifted more than points over last nights level. Rock Island. Southern, Atchiscn, Louisville and Nashville. Wabash preferred and a number of such influential night in the late dealings and the market closed very active and strong. Premonitory symptoms of trouble have been visible in the Canadian group of securities for some time and seemed to have had their inception in the ru- mored troubles of the Dominion Coal and Iron Company and in an excess of speculation on the part of Canadian shareholders in these companies. Yesterdays sharp declines in some of these stocks induced demands for addi- liquidation of some of these accounts today Twin City Rapid Transit suffered the severest decline with an extraordinary drop of over I4 points. Canadian Pacific. Detroit United Railways and Minneapolis. St. Paul and Sault Ste Marie stocks were also forced to sale on rapidly descending scale; A drop of I2
  incident of the day. Late recoveries ran to 9 points in Minneapolis and St. Louis, 5% In Twin City Rapid Transit and between and 4 points in Canadian Pacific and Minneapolis. St. Paul and Sault Ste Marie. Besides these disturbing influences the market had to face the probability of shipments of gold on Thurs day on an aggregate of S4. 900. 900. althJ ugh only part of this sum was actually engaged to- day. A slump in the London market caused a drop of points in Amalgamated and was \ check to the early hardening tendency of the market. London resumed trading after the holiday today and was disposed to buy stocks here as it was reported that London was short of Americans The further reports of flood damage in the West were without notable effect as the quieter tone of the grain market gave ground for the hope that the harm to the crops had been exaggerated. The weekly crop bulletin of the Weather Burea ualso proved less unfavorable than feared. The re- ports from Chicago that a settlement had been effected of the freight handlers dispute was a notable cheering factor. The April report of net earnings by the Pennsylvania showing liberal increase seemed to be effective in the general market, although Pennsylvania it. self moved narrowly. It has not reaped the notice of the bears that the downward course of the standard of the railroad stocks has been arrested as they approach the level at which their dividends realized investment returns which conform to the present return of money on loans
 The bond market was irregular. Total sales (par value), S25Io.oo0. United States 2's coupon declined 1z per cent. on the last call.
 New Ya.k Stock List.