The Birmingham age-herald., 1903-06-11
HEAVY COVERING
 OF SHORT LINES Constant and Violent FIuctua- tions Continued in Prices ENORMOUS LIQUIDATION Tone at the Close Was Wholly un. settled and Hesitating, With
 Prices Generally Within
 Fraction of Lowest.
ENORMOUS LIQUIDATION

New York, June 10.-Enormous iquid- alton, heavy covering of short lines and the feverish eagerness of the profession al room traders to follow the uncertain ties of the market. caused constant and violent fluctuations in prices today. The tone at the close was wholly unsettled and hesitating but with prices generally within fraction of the lowest which is the lowest for the current movement. Some of these prices on the morning slump were: Baltimore and Ohio 71k; c. & O., s5A; Norfolk and Western, 5S; Pennsylvania, sA; New York Central, 124M; Atchison 6s%; St. Paul. 1471z; Union Pacific, 77; Southern Pacific, 46; Erie. 2s1s; Reading, H%; Ontario and Western, 21% Illinois Central lSoh; Southern railroad, 21; Louisville and Nashville, 1o5: United States Steel, 2sh; the preferred 7S% and Amalgamated cop per 51 The enormous volume of the sell ing grders and the violent declines in prices gave opportunity for inviting prof its to the uncovered bears and they bought heavily at the declines The char acter of the market showed technical signs of the continuation of the move ment both in volume and precipitancy and the bears therefore were the more disposed to cover their shorts. The mar ket made a pretty substantial recovery during the midday period and good may of the principal stocks on the list were lifted fairly above last nights level The late decline was uncertain and H0bf for ume of dealings than the first break. Missouri Pacific was the principal suf- ferer with a decline of 30. Wabash dropped to 19Z, the preferred to 40A and Rock Island to 31A. 1..e opening this morning was excited and quite demoral- ized under the avalanche of selling or ders. There were simultaneous sales of 5000 shares of Atchison, 5000 shares of Erie and 1000 to 5000 shares of all the principal speculative stocks. The source of the selling was not well understood nor was there anything in the news of the day to provide a motive for liquida- tion on such a scale. The break in the market, however, was generally expected and the generally disenvraged sentiment was due to an accumulation of impress sions as much as to any sudden develop ment. Foreigners were heavy sellers here and the character of the inquiries oabed to New York indicated the suspi- cious state of mind toward the general business condition in this country. The sensational split in the British cabinet caused some reflected depression from the London markets. The disastrous flood conditions in St. Louis renewed apprehensons or rather confirmed them upon which there was selling earlier in the week but which last nights news had quited into a hope that the worst was over. The rise in the grain market gave a sharper edge to anxiety over the crops and there was a fear that the govern ment crop report to be published after the market closed would have some un- pleasant surprises. The investigation by the interstate commerce commission of the anthracite combination causes uneas- mess amongst shareholders. Reports of intended retrenchment in expenditures for betterment by the Baltimore and Ohio and other railroads and the differ ence over rates between the gulf lines and the Chicago o-Kansas City lines added to the undisturbed feeling. The money market gave no immediate clue to the urgent and apparently forced li- quidation but the low state of the bank reserves. the payment today of $7500. 900 on Metropolitan securities subscriptions, the reported intention to ship $600,000 to South America on Saturday and the prospect of a demand for currencv from San Francisco. pointed to pressure on money resources.
 Bonds were very weak in sympathy with stocks. Total sales par value $3,- 690,0O0. United States bonds were all un- changed on the last call.