The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-11

NEW YORK, June 10.-Enormous liq-
uldat1on, heavy covering of short lines
and the feXerish eagerness of the profess
sfonal room traders to follow the uncer-
tainties of the market caused constant
and violent fuctua tions in prices today.
The tone at the close was wholly unset
tied l.. and hesitating, but with prices gen
ment-
Some of these prices on the mornings
Chesapeake & Ohio, 354; Norfolk &
Western. S.. Pennsylvania, 1894; New
York Central 1241s; Atchison, cay; ST.
Pacife, IS; Erie, 2SaS: Reading. Isl /.
Ontario & Western, 2fA Illinois Central,
1905; Southern Railway, q; Louisville &
Nashville, 1854; United States Steel,
2878. the preferred 7SA and Amalgamat-
ed Copper 81 The enormous volume Of
the selling orders and the violent de-
ciines in prices gave opportunity for in
x1tlng profits to the uncovered bears, and
they bought heavily at the decline. The
character of the market showed techni-
cal signs of the culmina ton of the move
ment both in volume and precipitancy
and the bears therefore were the more
disposed to cover their shorts.
Substantial Mid day Recovery.
The market made a pretty substantial
recovery during the midday period, and
a good many of the principal stocks
on the list were lifted fairly above last
eusly uncertain and hesitating and on a
much lighter volume Of dealings than the
first break Missouri Pacific was the
principal sufferer. with a decline to 80.
Wabash dropped to 1874, the preferred to
40A and Rock Island to BIZ
The opening this morning was excited
and quite denoralized under the prev
alence of selling orders. There were sim
son. 5000 shares of Erie and 1, 600 to 5000
shares of all the principal speculative
stocks. The source Of the selling was
not well understood. nor was there any
thing in the news of the day to provide a
motive for liquidation on such a scale.
The break in the market, however, was
generally expected and the generally dis
couraged sentiment was due to an &C
emulation of impressions as much as to
any sudden development. Foreigners
were heavy sellers here and the character
of the inquiries cabled to New York in
Dictated the suspicious state of mind to-
ward the general business situation 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 ap-
prehensions, or rather confirmed them
upon which there was selling earlier in
the week, but which last nights news
had quieted into hope that the worst was
over. The rise in the grain markets
gave sharper edge to anxiety over the
crops, and there was a fear that the
government crop report to be published
after the market closed would have some
unpleasant surprises.
Uneasy Over Investigation.
The investigation by the interstate
commerce commission of the anthracite
combination causes uneasinesS among
shareholders. Reports of intended re-
trenehnent in expenditures for better
ment by the Baltimore & Ohio and other
railroads and the differences over rates
between the gulf lines and the Chicago
Kansas City lines added to the disturbed
feeling.
The money market gave no immediate
clue to the urgent and apparently forced
liquidation, but the low state of the bank
reserves, the payment today of $7,500,000
on Metropolitan securities subscriptions,
the reported intention to ship 100000 to
South America on Saturday and the pros
peet Of a demand for currency from San
Francisco pointed to pressure on money
resources. The violence of the declines
gave rise to much vague uneasiness to
discover any knowledge of a weak spot
in the financial situation. 1t was the gen.
eraI belief that some enormous individual
stock holding is being Hquidated for &C
count of wealthy capitalists who possess
sufficient means to meet the losses with
out failing in their obligations to others.
The shrinkage in prices and of the basis
for credits is in Itself an important ele-
ment in forcing the selling Of securities.
Bonds were very weak in sympathy
with stocks. Total sales, par value, 49,
$50 000. United States bonds were all I'M
changed on the last call.