The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-14

then offer prices down, seemed to have I'M
varying success in unccvering stop-loss or
ders. wiping out margins and bringing
Hood of Offering, which could be bought in
ut the lower level and yield a handsome
profit. The great financial interests. which
are usually ready to come into the market
and buy simply for support. seemed indif-
ferent. and 1t was suspected or feared that
many Of the wealthy men mad their own
of unmarketable securities.
The level OF prices was getting down to
an attractive level from a strictly invest
ment standpoint. and the fact that he de-
cline was still unchanged gave rise to fears
that insiders had knowledge of unfavor-
able conditions not known to the public,
1t Is characteristic of the genuine invest
ment buyer however. that ne does not con-
Germ himself with protecting market prices
and is content to accept offerings at a level
which agrees with his Judgment, While the
market early in the week gave the impress
sion that all were eager to sell, and sell
me puying which goes necessarily with
every sale was Of a substantial character.
BUYING ON SCALE
took given amount Of stock for every frac-
ton OF the decline. became conspicuous.
As a result Of widespread inquiry and in
bankers capitalists and financiers on
Wednesday night. the conviction crystal
lied that the current rumors Of coming
selling layed large part in what was at
tributed 10 urgent liquidation on Wednes-
day.
Great fnanciers abroad agreed with ad-
vices from New York in response to in
quiry that standard stocks had fallen to an
attractive investment level. based on pres
ent rate OF dividends and prospects for con-
tiruance. When the bears were confronted
with the knowledge that the stocks they
were selling and making themselves re-
sponsible to deliver were going out of the
market and into strong boxes. and that
they were selling into a pocket" accord
ing to the phrase of the street, they were
tei ken by h something like panic and
IN prices equal1nS the drop of the first part
OF the week. The arrest of the decline In
Itself checked the forced selling due to the
shrinkage and there was apparent relief al
so from the recent persistent selling sup
posed TO be due to necessities elsewhere.
Confidence increased that the general stu
i alton had been greatly strengthened by the
liquidation effected. 1t is believed that very
large loans have been repaid to the New
YORK trust companies as result Of the
hlqu1da ton. as the loan accounts Of the
the selling on the Stock Exchange was in
progress. 40
Heavy payments Of obligation. to foreign
likelihood OF embarrassment from future re-
quirements in that field thereby much les
senea; The Government crop report OF June
wheat yield. after allowing for damage to
that crop. relieved most Of the apprehension
on tnat score Reports Of railroad earnings
and have proved reassurfng The doubtful
outcome OF the corn crop and the unsatis-
factory reports from the cotton crop remain
continues to disturb sentiment of the de-
cline.
Bonds have moved more narrowly, but In
IS advanced x per cent and the new Is sh Z
per cent, as compared with tho closing call
Of last week