The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-12

NEW YORK, June 11.-There was a
spasmodic readjustment of the price
level of stocks at the opening this
morning, which was continued during
the rest Of the session in a more or
derby and steady manner. 1t was very
evident that the principal demand
came from uncovered bears for the
short account, and there was the same
lack of Inadequate news to explain the
sudden reversal of sentiment as there
has been to explain persistent weak
ness Of the market for some time.
1t became instantly apparent; how
ever, with the fall of the presidents
gavel this morning, that much of what
has been regarded as urgent and
forced liquidation yesterday more es-
pec1aIly was daring operation on the
short side of the market. The specu-
Iat1Ve forces in the market seemed to
nave treasured themselves over night
as to the character of this selling. The
buying orders were in consequence
placed in the market for execution at
the opening this morning. The I'M
covered bears seemed to have Informal
ton of what was awaiting them and
the opening looked like a bear panic
Simultaneous transactions in many
thousand shares were made at widely
divergent prices. In Atchison, after
one sale of 500 shares at 651s, 1000
shares were sold at varying quota
tons from Sc to 81, the excited bro
kers paying this range of prices in diff
ferent parts of the crowd at the same
instant.
Upward With Rush.
In many of the other stocks which
have been under most pressure lately
prices ranged upward at the opening
With rush all the way from / to 312
for the leaders. The principal trad
ing and the most notable movements
of the day were in Atchison, Baltimore
& Ohio, Norfolk & Western, St. Paul,
the Pacifcs and Amalgamated, which
are precisely the stocks that have
fallen in the weakest manner for some
time past. By the end of the day the
gains in these stocks had extended to
from 33s to Az, the latter for Atehi-
son. Even larger gains were shown
by some Of the less active stocks. The
reports during the day indicate that
an extensive interchange of views and
information went on yesterday and
last night among the large capitalists
and banking interests, the cable being
resorted to freely in addition to per-
sonal consultations in this city.
This exhaustive investigation failed
to disclose any Of the weak spots in the
financial situation which have been
rumored from time to time and which
have been dreaded by really RESPONSE
bic authorities Yesterdays rIlmors of
trouble in foreign circles were Incl
dentally cleared up. and it was learned
that there has been no important SELL
ing of American for foreign account,
but, on the contrary, a growing in
Vestment demand. There has been
an obvious investment demand for
several days in this market for stocks
which had fallen to a level at which
their investment return on the pres
ent dividend basis was equal to or
greater than the interest rate on
money.
Been Selling Into Pocket.
Buying of this character does not
concern itself with checking 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 violent reVulsion
on the stock exchange. The govern
ment crop report helped the turn in
the market with it's indication Of a
wheat crop beyond any Of the coun-
trys history. A reaction in the cot
ton market was viewed with satisfac-
ton and a violent recovery in the Lon
don copper market had a special eff
feet on aAmalgamated Copper. The
Bank of England's strong return prom
ised relief from the pressure for gold,
although more than million dollars
will go to South America on Saturday.
The large decrease in domestic ex-
ports for May and the rather doubtful
tone Of the leading authority in the
iron trade were ignored. The light
ness Of the selling at the recovery
demonstrated that liquidation for the
present has been completed and the
market closed strong and active at the
top level
There was some irregularity in the
bond market, but many issues ad-
vanced in sympathy with stocks. To-
tai sales, par value, $2,975, 900. United
States 3s coupon advanced Il per cent
on the last call.
Closing List