The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-12
Big DEMAND FOR STOCKS
BEARS SCRAMBLE TO COVER AT THE
OPENING OF THE TRADING.
Advance Persists All Day and Prices
Are Highest mt the CIose-LondOn
Buys in This Market.

NEW YORK, June u.-There was
spasmodic readjustment of the price level
OF stocks in the morning, which was con-
tinued during the rest of the session In
more orderly and steady manner. 1t was
very evident that the principal demand
came from uncovered bears for the short
account and there was the same lack of
adequate news to explain the sudden re-
versal Of sentiment as there has been to
explain the persistent weakness of the
market for some time
1t became instantly apparent however.
with the fall Of the presidents gavel this
morning, that much of what has been re-
garded as urgent and forced liquidation
yesterday more especially. was a daring
operation on the short side of the mar
ket. The speculative forces in the mar
over night as to the character of this SELL
ing Large buying orders were in conse-
quence placed in the market for execution
at the opening this morning. The uncov-
ered bears seemed to have inside Informal
tlon or what was awaiting them and the
opening looked like bear panic. Stimuli
tSneous transactions In many thousand
shares were made at widely divergent
prices. In Atchson, after one sale of 500
shares at 65ls, n.oOo shares were sold at
varying quotations from 66 to 81, the ex-
cited brokers paying this range of prices
in different parts of the crowd at the same
instant In many other stocks which have
ranged upward at the opening with rush
all the way from to 311 for the leaders.
Inc principal trading and the most notable
baltimore & Ohio, Norfolk Western, ST.
Paul; the Pacihcs and AmaIgamated,
which which are precisely the stocks that have
time past. BY the end of the day the
sains In these stocks had extended to from
S1s 70 414, the latter for Atchison. Even
,sssea gains were shown by some of the
The reports during the day indicate that
an extensive interchange of views and in
IoInatiOn went on yesterday and last night
among the large capitalists and banking in
terests, the cable being resorted to freely
IN aodition to personal consultations in
this city. This exhaustive investigation
IalIed to disclose any of the weak spots in
the financial situation which have been
rumored from time to time and which have
TIES. Yesterdays rumors OF trouble in for
elsn circles were incidentally cleared up,
and II was learned that there has been no
lmfortapt selling Of Americans for foreign
account, but, on the contrary, a growing
investment demand. There has been an
OBVIOUS 3o Investment demand for several
fallen TO level at which their investment
return on the present dividend basis was
egual TO or greater than the interest rate
on money. Buying of this character does
not concern itself with the check I'm a de-
cline, but it takes stock out of the market
ana reduces the supply. With the realiza-
ton that they had been selling into pocket
the bears rushed to cover and caused a vio-
lent revulsion on the Stock EXCHANGE
The government crop report helped the
turn In the market with its indication of a
wheat crop beyond any OF the country's his
| tory. A reaction in the cotton market was
viewed with satisfaction. and a violent re-
| covery In the London copper market had a
special effect on Amalgamated Copper. The
BANK or Englands strong return promised
relief from the pressure for gold, although
more than a million dollars goes to South
america on Saturday. The large decrease
| In domestic exports for May and the rather
doubtful tone of the leading authority in
the iron trade were ignored. The lightness
or the selling at the recovery demonstrated
tnat hquidation- for the present has been
completed, and the market closed strong
and active at the top level
There was some irregularity in bonds, but
many issues advanced In sympathy with
stocks. Total sales at par value were S.
10000. United States threes, coupon, ad-
Vanced a per cent. on the last call
Following are the days share sales and
| the recorded price changes: