The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-09
SEVERE lNR0ADS MADE ON
PRICES IN WALL STREET.
CORN AND COTTON CARRIERS
SUFFER MOST.
Fear That Labor Troubles Will Be
Renewed Has Bad Effect
on the Coalers.

New York. June s.-Further severe in
roads upon prices We're made to-day. under
a renewal of active liquidation. In the last
hour this liquidation had apparently spent
its force. and in order 10 cover their short
contracts the room traders We're obliged to
bid up prices from 1I1l. points for the
active stocks. curtailing by that much the
extreme losses of the day. The principal
selling was among the corn carriers and the
cotton carriers. and the coaiers were also
subject 10 heavy selling pressure These
movements were based. in part upon the be
lated planting Of the corn crop, the poor
condition Of the cotton crop and the fears
that labor troubles would again break out
in the anthracite region. An unconfirmed
runaor that the new Rock Island authorities
are taking steps in the matter of rates that
threaten a widespread unSettlement in their
territory was current, but IL was not clear
that it had anything TO do With to-day's
weakness. Rock Island itself was not as
weak some other stocks. The decline of
over points in AtchisoH and the heavy
dealings in that stock combined to make it
the most comprehensive in the days trad
ing.
DROP IN READING.
The 3as-point drop in Reading was some
what sensational. In view of the recent
support In that stock. and some of the
Northwestern stocks. with unimportant
corn traffic. shared in the days weakness.
Chicago and Northwestern sold down to
1863 and Northera Securities on the curb
went TO a new low record. 1t was to be
expected from the showing made by the
banks in the. Saturday statement, there
was some calling of loans and forced liQu-
dalton as a result The selling came from
many directions. London joining in the
early offerings. on account of the advance
in the discount rate of the Imperial Bank
OF Germany. Commission houses were also
very general sellers on orders from many
parts of the country. a small engagement
pS r.nl1 m W. n
nounced. but this was without special eff
feet. as the question of lar-e exports was
an open one. in spite of the lowering of the
exchange rate. owing to the demand for
money in Germany and the decline in the
sterling rate. both at Berlin and al Paris,
GERMANY'S NEEDS.
1t is reported that German banks. in their
eagerness to obtain allotments of the lately
issued imperial loan. have committed them
selves SO largely as to demand a recall of
German credits placed abroad. Demand for
money in Germany is also attributed to re-
viving industrial activity. In our own mar
ket preparation is being made for the pay
ment of an installment of $4,000 of the
subscription to the METROPOLITAN Securities
Company, due on "Wednesday. The 50-per
cent installment on the new Pennsylvania
stock calling for s+5.oO0ooO. is payable from
June Is to June g although it is under
six months loan for 100000. secured last
January, is to be paid of by the proceeds
OF the SubScripuons.
In spite Of the severe declines to-day
there was singularly little talk of financial
embarrassment. But discussion in banking
circles of the size of the loans accorded
TO individual capitalists. especially amongst
those whose recent great fortunes have re-
suited from the industrial combination pro-
cess indicate formidable figures 1t IS we'll
understood that very large loans of this
character are in process of repayment and
it is commonly believed that important set
Elements have been made by private agree
inrnlIfncv transfers
holdings in important railroad systems and
arousing suggestions of possible conferences
on the control. There was a noticeably
firm tone to-day in a few stocks which
have suffered most from some of the recent
liquidation. notably Pennsylvania. New
York Central. St. Paul and southern Pa
cific. At other points the absorption of the
offerings was still on a descending scale
and clearly in the nature OF acceptance
rather than bidding for stocks. The clos
ing was about steady at the rally.
Bonds were irregular. Total sales par
value 49, 40. 600.
Unifd States bonds were all unchanged
on the last call.