The Birmingham age-herald., 1903-06-12
4 REIMBURSEMENT
 OF STOCK PRICES Evidence That Demand Came from Uncovered Bears LACK OF ADEQUATE NEWS Speculative Forces In the Market Seem Co Have Reassured Themselves as so the Character of Selling
 and Express Confidence.
LACK OF ADEQUATE NEWS

New York, J1ne 11.-There was a spas- modic re-adjustment of the price level of stocks at the opening this morning which was continued during the rest of the session in a more orderly and steady manner. It was very evident that the principal demand came from uncovered bears for the short account, and there was the same lack of adequate news to explain the sudden reversal of sentiment as there has been to explain the persis- tent weakness of the market for some time. It became instantly apparent, how ever, with the fall or the presidents gavel this morning that much of what had been regarded as urgent and forced liquidation yesterday. more especially was a daring operation on the short side of the market The speculative forces in the market seemed to nave reassured themselves over night ns to the charac- ter of this selling. Large buying orders were in consequence placed in the mar Ket for execution at the opening this morning. The uncovered bears seemed to have Information of what was awaiting them, and the opening looked like bear panic Simultaneous transactions in many thousand shares were made at widely di- vergent prices. In Atchison, after one sale of 300 shares at 651k 11,0O0 shares were sold at varying quotations from 6e to CT, the excited brokers paying this range of prices in different parts of the crowc at The same instant. In many other stocks which have been under most pressure lately, prices ranged upward at the op- ening with a rush all the way from to Sk for the leaders. The principal trad ing and the most notable movements of A1&A I0vv f~ trf44 Qo1t n4ad Ohio, Nof folk and Western. St. Paul, the Pacif1cs and Amalgamated, which are precisely the stocks thar have fallen in the weakest manner for some time past. By the end of the day the gains in these stocks had extended to from 3Ss to IA. the latter for Atchison. Even larger gains were shown by some of the less active stocks. The reports during the oay indi- cate that an extensive interchange of views and information went on yesterday and last night against the large capital sts and banding interests, the cable be- Ing resorted to freely in addition to per- sonal consultations in this city.
 This exhaustive investigation failed to disclose any of the weak spots in the financial situation which have been ru- mored from time to time and which have been dreaded by really responsible au thorities. Yesterdays rumors of trou- ble in foreign circles were incidentally cleared up and 1t was learned that there has been no important selling of Ameri- cans for foreign account but on the con- trary growing investment demand. There has been an obvious investment demand for several days in this market for stocks which had fallen to a level at which their investment return on the present dividend basis was equal to or greater than the interest rate on money. Buying of this character does not con- cern itself with checking a decline, but 1t takes stock out of the market and re- duces the supply With the realization that they had beeen selling Into a pocket, the bears rushed to cover and caused a violent revusion on the stock exchange. The government crop turn helped the turn in the market with it's indication of a wheat crop beyond any of the country's history. A reaction in the cotton mar ket was viewed satisfactorily and a vio- lent recovery in the London copper mar ket had a special effect on Amalgamated copper. The bank of strong return prom ised relief from the pressure for gold, al- though more than a million dollars will go to South America on Saturday. The large decrease in domestic exports for May and the rather doubtful one of the leading authority in the iron trade were ignored. The tightness of selling at the recovery demonstrated that liquidation for the present has been completed and the market closed strong and active at the top level.
 There was some irregularity in the bond market but many issues advanced in sympathy with stocks. Total sales, par value, $2,9750O0. United States 3s coupon advanced A per cent on the last call.