The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-12
BALTIMoRE Provisions.
STOCKS AND BONDS.

New York, June 11.-There was spas
modic REIMBURSEMENT OF the price level OF
stocks at the opening this morning which
was continued during the rest OF the ses-
sion in a more orderly and steady man
ner. 1t was very evident that the prn-
cipaI demand came from uncovered bear
operators for the short account and there
Was the same lack Of adequate news to ex-
plain the student reversal of sentiment
a sthere has been to explain the persistent
weak ness of the market for some time. 1t
became apparent, however. with the fall OF
the Presidents gavel this morning that
much of the work has been regarded az
urgent and forced liquidation yesterday,
more especially was a daring operation ON
the short side of the market. The speeu-
lative forces in the market seemed to re-
assure themselves over night as to the
character of this selling. Large buying
orders were in consequence paced IN the
market for execution at the opening this
morning. The uncovered bears seemed TO
have information of what was awaiting
them and the opening looked like bear
panic. Simultaneous transactions IN many
thousand shares were made at widely di-
vergent prices. In Atchison, after one
sale of 500 shares at 65B. 1900 shares
were sold at varying quotations from So
to 81. the excited brokers paying this
range Of prices in different parts Of the
crowd at the same instant In many Of
the other stocks which have been under
most pressure lately prices ranged up
ward at the opening with rush all the
way from ] to 31a points for the leaders.
The principal trading and the most not
able movements of the day were in Atehi-
1 son. Baltimore and Ohio Norfolk and
/ Western, ST Paul, the Pacifics and Anna
gamated, which are precisely the stocks
that have fallen in the weakest manner
| for sometime past. BY the end Of the
! day the gains in these stocks had extended
/ to from 3-SM4 Ia the latter for Atchi-
son. Even larger gains were shown by
some of the less active stocks.
/ Yesterdays rumor of trouble in foreign
lcircles were incidentally cleared up and il
was learned that there has been no i'm
portant selling Of Americans for foreign
account, but on the contrary a growing
investment demand There has been an
obVious investment demand for severa
days in this market for stocks which had
1 fallen to a level at which their investment
return on the present dividend basis was
equal to or greater than the interest rate
on money. Buying of this character does
not concern itself with checking a decline
but it takes stocks out of the market and
reduces the supply. With the realization
that they had been selling into a pocket
the bears rushed to cover and caused q
violent revulsion on the stock exchange
The government report helped the turn il
the market with its indication of a wheat
crop beyond any of the country's history
A reaction in the cotton market was view
ed with satisfaction and vio'ent recovery
in the London copper market had a specia
effect on Amalgamated Copper The
large decrease in domestic exports for MAJ
land the rather doubtful tone of the lead
ling authority in the iron trade We're ig.
lnored The lightness of the selling at tn,
recovery demonstrated that liquidation
for the present had been completed anC
THE market closed strong and active at thu
top level There was some irregularity il
the bond market, but many issues adj