The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-10
NERVOUS DAY in STOCKS'
TWO GOOD RALLIES ARREST DOWN.
WARD COURSE OF PRICES.
Substantial Gains Over Mondays Close
Are More Than Wiped Out in the
Final slump In Prices.

NEW YORK, June 9.-To-day's stock
market went through an extraordinary SER
les OF fluctuations. closed at Nthe lowest
average OF the present movement and in
semi-demoralized condition. This was after
prices had twice been rallied TO above last
nights level, the second rally establishing
substantial net gains in a number of active
speculative leaders. st. Paul rose 2kc over
last night, Missouri Pacific 1%c, New York
Central 1zc and Pennsylvania, Union Pa
ciffc, the Atchison and Wabash preferred
about point. There were important ex-
amples also an long the industrials showing
gains OF point, and the whole market was
substantial fraction above last night. The
large buying on the advance gave the rally
more impressive appearance than any
thing that has occurred during the present
decline. and the conviction Of the floor
seemed fairly general that the market had
turned upward, at least temporarily.
| The result was undoubtedly due in large
part to operations of professional clique
which planned the demonstration on the as
sumption that the short interest in the mar
ket must have reached very unweldy pro-
| portions and must be vulnerable to attack.
There were. in fact, evidences of alarm
among the bears. and large buying de-
|
ton was aided by the published opinions
| or some important leaders in the financial
world that many stocks at their present
ievel were selling below their intrinsic
! values. 1t has been evident for several
days that there was absorption of an in
nuential character in several points in the
list, notably IN st. Paul, Pennsylvania and
New york Central. Reports from a credita-
Die source sustained the belief that respon-
sible financial interests stand ready to take
over all available offerings of Pennsylvania
4 a he 1s1l~x
| issue or stock was offered to stockholders,
| Tor purpose Of control. and had formulated
this purpose In a definite offer to the under
wriung syndicate to take the new issue
or stock OF It's hands Such a state of af-
vania stock.
There were some fears among the bears
that to-morrows monthly crop report will
not reflect as much damage as has been
reared and the approach of the culmina ton
OF the hood at st. Louis also prompted the
contracts. The strength In the market
therefore, became quite general 1t was
not until near o'clock that the advance
dent that. the higher level of prices was
being used as basis for renewed liquida-
ton, and the market crumbled until the
close eInossd the fall gaining momentum as ii
tered on Baltimore & Ohio and Norfolk &
Western, the former falling an extreme
y5se' and Norfolk q Western 3ssc The fail
1
recovery redoubled the encouragement on
all hands, and heavy selling was renewed
in Atchison down to new low level on
this movement. at 6511c; Union Pacific to
sSSsc, Reading to 1870, Erie to 3Ossc and
United States Steel preferred to 79s.c
Northern Securities also sold down to a
new level on the curb. The source Of the
selling was a mystery, but it was quite
commonly attributed to further calling OF
loans by some large capitalists and the
consequent forcing of liquidation. Selling
for Boston and for London account were
influences in the weakness.
There was little In the way Of new de.
velopment beyond a renewed outbreak OF
the wild speculation In cotton in which
Wall-street was reported to be on the short
side, and a further hardening of the time
money market. Transfers of currency tC
New Orleans and reports of a new demand
from San Francisco had rather an ominou.
influence on feeling over the money out
look.
The bond market shared in the weakness.
of stocks, but in only a moderate degree
Total sales at par value were S19S5OOO
United States twos and threes advanced y
per cent on the last call.
Following are the days share sales an(
the recorded price changes: