The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-06-12
BEARS WERE
IN A PANIC
Wild Scramble for Cover at
Opening of Market.
MANY BUYING ORDERS
Simultaneous Transactions In M an
Thousand Shares Were Made at
Widely Divergent Prices-Lttle
to Explain. Movement
lRr Associated prnssl

1l, ,- by Associated Prnss.)
NEW YORK. June 11.--There was a
Of stocks at the opening this morning,
which was continued during the. rest Of
manner. 1t was very evident that the
principal demand came from uncovered
bear operators for the short account and
there was the same lack OF adequate
news to explain the sudden reversal Of
sentiment as there has been to explain
the persistent weakness of the market
emit, however. with the fall of the presl..
dents gavel this morning, that much Of
what has as. been regarded as urgent ana
short side Of the market. The speculative
forces In the market seemed TO have re-
assured themselves overnight rs to the
character Of this selling. Large buying Or
ders were In consequence placed In the
market for execution at the opening this
morning. The uncovered bears seemed to
them, and the opening looked like bear
panic. Simultaneous TRANSACTIONS In many
thousand shares were, made at widely di-
sale OF 500 shares at 6511h. LOCO shares were
sold at varying quotations from 66 to 81.
the excited brokers paying this range OF
se same ar many Of the o other
stocks which have been under most pres.
sure lately prices ranged upward at the
peang go M for ras e al ehe prnc
pal trading and the most notable move
ments Of the day were in Atchison, Balti-
more and Ohio, Norfolk and Western. ST.
Paul. the Pacific and An1Algamated Cop-
per. which arc precisely, the stocks that
have fallen in the weakest manner for
some time past. BY the end OF the day
from 3ss to ~. the latter for Atchison.
Even larger gains were shown by some
OF the less active stocks.
Yesterdays rumors OF trouble In forelgn
circles were incidentally cleared up, and
1t was learned that there has been no i'm
portant selling OF Americans for foreign
vcstnent demand There has been an OBJ
vIous investment demand for several days
in'this market for stocks which had fallen
turn tn on the e. present dividend basis was
equal to or greater than tn; Interest rate
on money. Buying OF this character does
q tss Tstn on f ts
tion that they had been selling into q
pocket the bears rushed to cover n :. and ana
Exchange. The government crop report
helped the turn In the market with It's
indication OF a wheat crop beyond any OF
A reaction In the cotton market was
viewed with satisfaction. and violent. re.
covery In the London copper market had
The large decrease In domestic. exports
for May and the rather doubtful tone Of
the leading authority IN tho iron trade
were Ignored. The lightness OF the selling
at the recovery demonstrated that liqui-
dalton for the present has been completed,
and the market closed strong and active
at the top Lowell.
There was some irregularity in the bond
market, but many Issues advanced In
sympathy with stocks. Total sales, par
value, s2.975. 600. United States 3's, coupon,
advanced u per cent. on the last call.
The total sales of stocks for the day
were $4,000 shares.
MONEY AND ExcHANGE-CLOsD
Money on call steady at 14@2 per cent;
closed offered at 2 per cent. Time money.
steady; sixty days. ~ per cent; ninety
per cent; prime mercantile paper, 4Sl5H
per cent Sterling exchange heavy with
actual business in bankers bills at As7.s5
for sixty day bills; posted rates. S485h
and 81 ssh; commercial bills, .s4M. Bar
silver. 62ll; Mexican, dollars, Al.