The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-07
STOCK MARKET FREE FROM
FORCED LIQUIDATION.
OPERATIONS IN WALL
STREET PROFESSIONAL.
Bank Statement Less Favorable
Than Expected - Week Has
Been One of Uncertainty.

New York. June 6.-To-day's stock mar
ket was free from liquidation of the char
acter OF that in evidence during the week.
and the operations we're largely profess
sional. AS stock-market loans made on
Friday carry over until Monday. the money
condition caused no actual pressure during
the Saturday session and operations based
upon 1t are simply anticipatory and In the
nature Of surmises over future effects on
the part of professional operators. The
bank statement evidently impressed this
class as threatening further curtallment
In loans. Instead Of decrease of not more
than S3O00.O0O. as was anticipated. the banks
showed a decline in cash resources OF 81
4SS. 100. AS the largest part of the gold for
export was not Withdrawn until the middle
raf ne or ee on nha the a weekly
averages. so that the condition of the
banks is believed to be worse. rather than nan
better than the show ss4 s by Ine
serve requirements considerably 80 sed that ga
the reduction in surplus was only s4,S6s 500.
but this more than cuts in half the pre- .s
vious surplus. bringing 1t below the %
100000 mark. A further loan contraction
seems to be indicated for next week. the
large loss in cash Is attributed to belated
with the clearing house requirements Tor
8 per cent of cash reserves. which went
Into effect on June l.
EARLY IMPROVEMENT
There was some early improvement OF
prices, which seemed due to covering by
shorts. but the selling after the bank state
ment carried the average level below last
notably pressed for sale and the delayed
planting Of the corn crop was the motive
assigned. New York Central also ran of
sharply ut the last to a new low record for
the movement. Amalgamated Copper fluc-
tuated feverishly within a fractional range
and closed Y lower on the day.
der continued pressure Of liquidation. and
the urgent character Of the selling gave the
impression that 1t was largely forced. The
effect has been to maintain a gloomy ana
uiators and to keep buyers out of the mar.
ket for the most part. On Tuesday and
Wednesday there was a tendency toward
was breaking violently on account Of the
was hoped that the cleaning up Of st this
part Of the recent mysterious pressure and
uncovered bear operations were disposed to
close UP their contracts on the supposition
that rebound In prices was In order.
RENEWED LIQUIDATION.
But the next day the advance encoun-
spicuous in Pennsylvania and Anal
gamated. and the whole market resumed its
previous weak appearance and prices in
many instances were carried to the low
level for the present movement. The source
of the large selling and the motives. for it
were something OF mystery In the alb
sence Of special news development. al
though there were several incidents Of the
depreciation in their bearing on future
values. The superstition in stock-market
circles was general. however. that liaui-
dalton of long stock was in progress for
the account OF large capitalists to meet
special requirements In other fields. The
hardening of the rates for time money and
the week carried the first intimation that
immediate conditions Of the money sup
ply might have any bearing on the stock
market situation. The. call market up to
no explanation for the heavy liquidation in
any Sign Of scarcity of funds fol-. day-to-
age in the loan account Of the banks also
left the public in confusion as to what
was being done with the proceeds Of the
stoskmatket Liquidation It .oh is inferred ed
the trust companies and trade deposits In
banks lave kept the call loan supply re-
plenished up to this time
EXPORT OF GOLD.
The heavy gold exports are apparently re-
sponsible for the shrinkage. While the call
money rate was undisturbed the outgo of
gold was regarded with great equanimity,
Indebtedness was felt to guard the market
against future encroachments when the
withdrawals might be more seriously felt.
Last fall when the largest domestic de-
mands for money began to be felt 1t was
found difficult to borrow from foreigners
owing to the already extensive credits held
from foreigners, which enabled them to call
ON New York at the period of its greatest
need. The small impression made on the
exchange market by the. millions OF gold
shipped this week makes 1t evident that the the
for sale against the. shipments. With the
TIE in tmeoan rates srr during IN oa the b Eed n
the exchange market, which forced down
the rate slightly. It Is evident that the ex,-
ports Of nerchandiss at present ,,a are no,
borrowed money abroad earlier in the year
| with the intention Of buying exchange TO
cover the loans at maturity. In view OF the
situation in the exchange market the pres,
poets OF the crops are scanned with special
| intereAt in Wall street. The Government
| monthly report on condition OF the cotton
crop, showing a low-record average. was
| therefore of notable effect on sentiment.
| The abnormal weather conditions prevailing
in the Southwest have also awakened anx-
iety regarding the winter-wheat crop,
which has deterorated.
DELAYED CROPS.
The delayed corn crop is not encoura-
| cling and throws the problem Of Its safe har-
| yesting over into the period Of danger from
| ire SITS. with that much added to the doubt
| full possibilities OF the future. Prices OF
! iron have continued to decline and the con-
| Stunning element is reported to hold Its wait,
| ing attitude, In the hope OF securing sun
| lower prices The quoted level Of Iron Is
still well above that for this time last year
| and the decline from the high price Is ex.
| planned as an adjustment to the level OF
prices for finished products which had NOT
| advanced In proportion. But the assertion
| Of the Iron Age that 1.-The tonnage for new
| work Is falling off some what In NUMBER
| OF branches Of the finished IRON and steel
| trade causes a note Of anxiety over the
| prospect In that trade. Labor disputes IN
| the building trades are held Responsible f0r
| this tendency The dominant incident In
| the labor ",iriook. however. has been the
| renewed differences between anthracite OPP
orators and miners over the constitution
! or the Board OF Cancellation provided for ny
| the commissions award and the threat that
the miners will go out again: rms Is
contingency, however remote. tnat ,s oeep-
| ly unsettling to hopes Of prosperous con-
| ditions. The violent declines OF the week X
! have given rise to the rumors OF nnanciai
difficulties usual when such movements are
In progress but without any connrmatioI.
| II is considered remarkable that no impor
| tant failure has occurred at any time dur
Ing the prolonged reaction In the STOCK
| market. y
! Bonds have suffered in symPathy WIN
stockA United States 2s and tne oio "a, -
advanced Y per cent and the IS y per cent J.
] a. compared with the closing call OF last