The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-06

NEW YORK, June 5.-The bears had a
held day on the Stock Exchange today
and the professional operators sold stocks
Win such enthusiasm that they found
themselves somewhat over extended to-
ward the close and had something of a
scramble to get back stocks to cover their
snort Sales The turbulent and excited
market gave rise to many rumors of ali
degrees of probability. These all pointed
to disaster during the early part Of the
Gay, while the prevailing sentiment quick
~ Snlfted In manner very characteristic
OF the stock market to exceedingly rose
the final hour
This final rally made clear that pro-
fessional raiding tactics played an import
ant part in the days decline. But the
unsettled state of feeling among security
holders was clearly evident from the sue
cess OF the raiders in dislodging long
stocks. That there was heavy liquida-
ton during the day is beyond question
Part of it was forced by extensive calling
OF loans. The forecast of the bank state
ment gave plausible reason for this con-
traction of credits in the decline in cash
resources for the week.
Just to Force Prices Down.
The calling of these loans, according
to to these views. was on account of one of
purpose OF forcing down prices and thus
affordlng an opportunity to buy in at an
advantage The stocks in which this
financial group is the dominant power
have been among those severely handled
IN the late collapse and the gossip OF
the board room credited the leaders of
this group with an additional purpose to
extend their power into other fields An
influential voice in the affairs of the Penn
SylVania railroad is alleged to be the aim
of the campaign and they explain the re-
cent persistent attacks on Pennsylvania
stock for the purpose of concentration. A
story that heavy holdings of Amalgamated
Copper had been taken over from con-
splcuouS Boston operator at a level below
the market was told as an additional reaS-
on for the change in the buying side of
the market by the capitalists. referred to.
Amalgamated Copper, after clipping an
other point from its low record this morn
ing, became progressively strong in the
afternoon, rising two points over last
night.
Pennsylvania also, after lowering it's
record for this movement by small frac-
ton, developed support that became rath-
er steady, although very active around
last nights level. The bad effect upon
sentiment of the recent large selling in
this stock was still perceptible today.
Fears for the crops obviously played a
which were amongst the cotton and corn
grangers. The Southwestern cotton car
riers were especially affected, and Atchi-
son and Union Pacific touched new low
record for the movement.
Losses Are Recovered.
The late rally resulted in the recovery
OF substantial portion of the early losses
and some OF the principal active stocks
on the list closed a fraction higher. With
loss to the subtreasury by the banks,
principally on account of gold exports, of
81, lao, 600, and estimate of net receipt
on the interior movement of about only
"a OO0 600, a considerable impairment of
the scanty surplus of the banks is indi-
Gated, unless the stock market liquida-
ton has made much more impression upon
loans and deposits than has been shown
by recent bank statements. New York
exchange at Chicago suddenly dropped
back today from 80 cents to 5 cents prem
ium, indicating cessation of remittances
from that point. But sterling exchange
was lower and loan bills were reported to
be freely offered in that market Wide
declines in high grade investment stocks
seldom traded in were a feature of the
day. The closing was quite firm, although
there were few recessiors from the
best prices touched on the rally.
Bonds were weak. Total sales, par
value, $2,7O0Oo0. United States old As
and Is advanced II per cent and the IS "
per cent on the last call
Closing List