The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-12
Buying in London Causes Recovery
on This Side as Violent as
Preceding Decline.
ST. PAUL UP THREE POINTS.
Change in Market Ascribed to the
Opinion of Capitalists That
Prices Had Reached a
Bargain Basis.
REPJELIC SPECIAL.

REPUBLIC SPECIAL.
New York, June u.-This mornings stock
market underwent an extraordinary change.
with an advance in prices as violent as yes
terday's decline. and beginning. like yester-
days break. in the early London market.
This buying in London raised prices above
yesterdays New York closing before the
market here opened. Atchison. B. & o..
C. & O., Canadian Pacific. Denver. Erie,
Kansas and Texas, Norfolk and Western.
Southern Pacific and Union Pacific We're
all selling in London a point or more above
our prices when Wall street came down to
business.
How excited the local opening was may
be judged from the following typical trans
actions ut the start: St. Paul, which closed
yesterday at 1i7a,. opened at 1894. imme-
dia.ely after which a block of 1000 shares
was taken at 10.
Atchison closed yesterday at 81. At the
opening to-day so shares were bought at
65l:, then 5000 at 66l.. and 1000 more at
Sos
OF Erie shares. GOO were simultaneously
bought between 297s and 30i4. though the
stock closed yesterday at .. After this sud-
den and violent recovery the upward move
ment became less aggressive, but there was
no return of weakness. Wall street was in
clined to ascrbe the advance to the de-
ciston over night by capitalists here and
In London that the stock market here had
got down to a bargain basis
With some irregularity the advancing
movement lasted throughout the day. Trad
ing in the afternoon was very large, thou2h
the days business as a whole was much
below yesterday. At that time there were
signs of some very active buying by pro-
fessional operators. who had sold short
earlier in the week.
Several large banking interests reported
to-day that they had received large orders
from customers to buy the best dividend
paying stocks one OF the largest Wall
street banks sent in single orders for so
and Leo. and 5000 share lots. The banker
In charge OF the transactions declared that
they represented investment buying by peo-
pie who had not been attracted to the mar
ket until yesterday.
While the large bankers downtown ad-
mitted that they could not tell whether the
London movement in our stocks was Occa-
stoned by real investment buying or by or
ders sent over from Wall street spectators
with the intention of making 1t seem that
the foreigners were really buying American
stocks the consensus of opinion seemed 20
be that the operation was inaugurated by
legitimate investors.
In banking circles to-day 1t was declared
that no concerted movement had been un-
dertaken by important interests last even
ing with the intention of supporting the
market to-day.
One feature of to-day's demand was the
buying by institutions. While these trans
actions did not assume tTe proportion 81
any general movement orders sent in by
institutions We're sufficient TO absorb sew
eral thousands shares of the very best
stocks.
Genuine investment buying by Berlin.
Frankfort. London and Paris interests was.
1t was learned in response to reassurins
cables sent out last night. The highest
prices of the day were made when the mar
ket was approaching the close. Then the
contest between the bull and the bear ele-
ment was at its height.
Throughout the session the bulls had been
bidding up prices against the faction which
has had the market in its control during the
past two months. This resulted in some
heavy advances