Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-06-10
Heavy Liquidation at Opening
of Stock Exchange.
ACTIVE ISSUES SLUMP
RALLY SETS IN AND BULLS TAKE
HOPE FOR BETTER PRICES
New Low Records Established by Steel,
Copper, Sugar, B. R. T., Baltimore
and Ohio and Others.

NEW YORK. June 10.-Prices OF stocks
this morning were smashed under ava
lanche of liquidating sales when the mar
ket opened. Blocks of 900 to 5000 shares
Of the principal active stocks were thrown
upon the market and let go on running
sales showing wide fractional variations
for simultaneous quotations. Losses on
the average were over a point. The sell
ing seemed to come from all quarters and
general encouragement over the business
outlook was the attributed cause, aggra-
waited by the serious flood news from st.
Louis and the political excitement in Eng
land. There was large short interest evil
IDENTIFY. which took advantage of the open
ing break to cover. and powerful interests
executed supporting orders In the market
AS a result there was a substantial recov-
cry, which carried some leading stocks
back to or above last night. but the higher
prices caused a falling of in the buying
and were taken advantage of for renewed
sales to liQuidate. so that prices were lower
than before by IL o'clock. There was
rally again a little later. but the market
continues much excited and very feverish.
The stock market opened under flood OF
liQuidating sales thrown upon the market
in enormous blocks and at wide quota
tons. Eight thousand shares of Atchison
Sold at % ana ofA. compared With oS7s
last night. Six thousand shares of Erie
went at 291a and 30. compared with 3e%
last night. Three thousand shares of Penn
sylvania sold at 1231e and l23%. compared
with 123A last night, and 1900 shares OF
United States Steel sold at - and 29A, COM
pared with 29az last night All of the lead
ing active stocks amongst the trunk lines,
coalers. Pacif1cs and grangers were dealt
in in 1000 to 1900 share blocks at declines
of point or over.
Stunned
Erie second preferred On. Southern Pacific
21a Kansas and Texas rs and Pressed
Steel Car IA. There was a quick rally OF
2 points in Louisville and Nashville, point
In Southern Pacific, and higher prices on
second quotations elsewhere. The flood
conditions at ST. Louis and notable depres-
sion on the London market were factors in
the heavy selling.
Barring. Magoun & Co. will ship 100000
gold coin to Buenos Ayres the latter part
of the week
vantage of by shorts to cover and there
were substantial recoveries which brought
Pennsylvania, st. Paul, Baltimore and
Ohio and Missouri Pacific a shade over
last night. New York Central and Anal
gamated were lifted to last nights level
and the Pacifics, Atchison and the Fries to
within a fraction. Northwestern. ex divi-
dend, sold 2B over last night. AS soon as
it was perceived that the buying was de-
creasing at the rally the pressure to liaui-
low records were being established.
Missouri Pacific broke through par to
99%. Declines in Norfolk and Western
reached ~, Erie first preferred. 2k: Can
adian Pacific. liz. and Atchison, Union Pa
cific, st. Louis Southwestern. Brooklyn
Transit and other stocks lost / to 2
Wheeling and Lake Erie first and second
preferred, and Railway Investment prefer
red lost over 4; Brooklyn Union Gas, 3A:
Pers Marquette, 31a. New Jersey Central
and Canada Southern, ~, and some other
minor stocks, 2.
The market continued nervous end ex-
cited. and the occasional rallies seemed to
be due only to quick profit-taking by room
shorts. The higher prices were made a
basis for renewed liquidation. Prices dur
ing the second hour went lower than be-
fore. Baltimore and Ohio touched 1914.
Chesapeake and Ohio. 35A; Atchison. 6334;
Wabash, 20; st. Paul. 14711; Union Pacific,
II; Erie, 2Sl2: Reading, 41$; Ontario and
Western, 21A; Illinois Central, 130H; South
ern railway. u: United States Steel, 2sx;
the preferred, 1879. and so on. There were
many declines of to points in the In
active list, Pittsburg c. c. and ST. Louis
broke 10 and rallied 3. Northern Securities
sold below SO on the curb. The speculative
leaders rallied l to IA at noon. Bonds were
very weak at noon.
The rally in prices after the noon hour
was long continued and was a counterpart
in many respects to that following the
opening, as 1t was most effective in pretty
much the same stocks. st. Paul Missouri
Pacific, Union Pacific. Canadian Pacific.
Rock Island Baltimore and Ohio Norfolk
and Western, Pennsylvania, Reading. Atchi-
son. Sugar and Peoples Gas got back 20
yesterdays close. or only a small fraction
below while Amalgamated sold IN and
New York Central y above The general
run of stocks ruled q point or two above
the lowest Liquidation continued in soma
of the dormant stocks.
Among the stocks which today sold at
lower price than was reached even on May
9, 1901, were Amalgamated Copper, Ameri-
can Sugar, Baltimore and Ohio, Brooklyn
Rapid Transit, Consolidated Gas, New York
Central and Pennsylvania. United States
Steel common and preferred shares reached
the lowest figures of their history. except
for the prices touched momentarily on May
8, 1901.
The market made a rally shortly after II
o'clock and sentiment became somewhat
more cheerful.