Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-11
Stock Prices Take a Strong
Upward Turn
BEARS RUSH TO COVER
BIG BUYING ORDERS MAKE THE
SHARE MARKET BOOM.
Shorts in q Panic-Gains Throughout
the List-Bulgs Subsidies on Profit
Taking-stronger Tone.

NEW YORK. June 1.-THE stock market
opened this morning with the bears In a
panic and enormous blocks of stocks we're
bought on a rising scale and at a rebound
In prices exceeding the opening drop OF
yesterday. Opening gains ran all the way
from l to 311. the latter for Norfolk and
Western. Five hundred shares of Atchison
sold at Ssh and the next sale was OF IL 900
shares at &C and 81. compared with "a last
night. Six thousand shares of Erie sold at
297s to BOA. compared with 20 last night.
The opening gain in ST. Paul was "a. and
in Union Pacific 2h. United States Steel
preferred and Baltimore and Ohio opened
wide on the sale OF 5000 and OF 1900
shares. respectively. t-F
Profits were taken Immediately on the
bulge in prices in the active stocks. and
there was some pressure of leftover liqui-
dating sales. ST. Paul, Atchison. Nor
folk and Western. Southern Pacific and
Union Pacific relapsed a point. Meanwhile
stocks were advanced vigorously. These
gains ran from " to 2a in New Jersey
Central. Delaware and Hudson. Erie first
and second perferred, the st. Louis South
western stocks, New York Central, Chicago
Great Western. Denver and Rio Grande.
National Railroad of Mexico preferred. the
Wabash stocks. Minneapolis st. Paul and
Saulte Ste. Marie, Wheeling and Lake Erie
second preferred. Consolidated Gas. Brook
Ign Transit. Metropolitan Street Railway.
Tennessee Coal and North American Pitts
burg. Cleveland. Chicago and St. Louis
jumped 3. Iowa Central preferred broke
and New York. Chicago and st. Louis sec
ond preferred Az. Prices of the leaders
wero rising strongly again at IL o'clock.
and some of them had rallied to their open
ing prices. --'
The pressure 10 sell stocks was light on
the advance. and prices continued to rise
even with smaller buying. The leaders
generally rose above the opening, the gain
in Atchison extending TO 3%. Baltimore and
Ohio and st, Paul. 3; Missouri Pacific and
Southern Pacific, "a, and Union Pacific.
Louisville. Erie. Reading. New York Gen.
trail and Amalgamated. to pa. Gains or
or over were numerous amongst stocks of
secondary Importance. Northwestern rose
37s. The bond market was dull, but strong
at noon.
Uncovered bear operators in stocks made
a panicky rush to cover their shorts this
morning. causing rebound in prices which
exceeded in violence the demoralizing slump
at yesterdays opening. There was some
reaction after the opening. but prices were
well sustained at level within a point be-
low the first quotations. The uneasiness
of the bears seemed due to the unexpected
ly good showing made by the government
crop report.
Railroad stocks eased Off. but as offerings
were very light not much impression was
made on prices; and the advance was re-
sumed under the lead OF sugar and Amalga-
mated. These stocks advanced and ~.
respectively. and pulled the Pacifics. st.
Paul and Reading above their morning
prices. Pittsburg. Chicago Central and st.
Louis rose Sh in all. Delaware and Hud-
son Az. New Jersey Central and Reading
I'd preferred 3ts each. Pullman ~ and nli-
nois Central 2.
The early strength of the market was
largely due to buying for European &C
count. London was reported to have pur-
chased about 5000 shares. much OF this
being for the continent. The market main
tained its firm tone all through the morn
ing session. and in the early afternoon
prices were at the days highest level.