The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-12
STOCK PRICES READJUSTED
IN SPASMODlC FASHION.
DAY CLOSES WITH QUOTA
TIONS NEAR TOP LEVEL.
Some Recent Heavy Selling, 1t
Now Appears, Was Part of Oar
ing Bear Movement.

New York, June n.-There was spas
modic readjustment of the price level OF
stocks at the opening this morning, which
was continued during the rest of the ses-
sion in more orderly and steady manner.
1. was very evident that the principal de-
mand came from uncovered bears for the
short account, and there was the same lack
of adequate news to explain the sudden re-
rersal of sentiment as there has been to ex-
plain the persistent weakness of the market
for some time 1t became instantly appar-
ent, with the fall of the Presidents gavel
this morning. that much OF what had been
regarded forced liquidation, yesterday
more especially. was daring operation on
the short side of the market The specua-
tive forces in the market seemed TO have
treasured themselves as to the character of
this selling. Large buying orders were in
consequence placed in the market for eXecu-
don at the opening this morning. The un-
covered bears seemed to have information
81 what awaited them. and. the opening
looked like bear panic. Simultaneous
transactions in many thousand shares were
made at widely divergent prices. In Atchi-
son. after one sale OF 100 shares at 65i. II 900
shares were sold at varying quotations from
&c to 81. the excited brokers paving this
range of prices in different parts Of the
crowd ut the same instant.
RANGE UPWARD.
In many of the other stocks which have
been under most pressure lately prices
rarged up at the opening with a rush all
the way from l to 81. for the leaders The
| principal trading and the most notable
movements of The day were in Atchison,
Baltimore and Ohio, Norfolk and Western.
81; Paul. the Pacifics and Amalgamated.
which are precisely the stocks that have
fallen in the weakest manner for some time
| past. BY the end of the day the gains in
these stocks had extended to 32. to "A. the
latter Tor AtcliSOn. Even lDrper yaipa
shown by some of the less active stocks.
The reports during the day indicate that an
extensive interchange of views and infor-
nation went on yesterday and last night
among the large capitalists and banking in
terests, the cable being resorted to freely
| IN addition to personal consultations in this
| city.
| This exhaustive investigation failed to
| disclose any of the weak spots in the finan-
| from time to time and which have been
| dreaded by really responsible authorities.
| Yesterdays rumors of trouble in foreign
| circles were incidentally cleared ,lp and it
| was learned that there has been no i'm
| pcrtant selling of Americans for foreign ac-
count, but. on the contrary, a growing in
| vestnfent demand.
| INVESTMENT DEMAND.
There has been an obvious investment de-
mand for several days in this market for
these stocks. which had fallen to a level
| at which their investment on the present
|
the interest rate on money. Buying of this
| character does not concern itself with
| checking a decline, but it takes stocks SUIT
Of the market and reduces the supply. With
the realization that they had been selling
| into pocket. the bears rushed to cover
| and instantly caused a violent revulSion on
| the stock exchange The Government crop
| report helped the turn in the market with
Its indications of a wheat-crop beyond any
of the country's history. A reaction in the
cotton market was viewed with satsfac-
| ton, and violent recovery in the London
| copper market had a special effect on
Amalgamated Copper The Bank of Eng
| lands strong return promised relief from
the pressure for gold, although more than
million dollars will go to South America
| on Saturday. The large decrease In do
mestic exports for May and the rather
| doubtful tone of the leading authority in
/ the iron trade were ignored. The lis<ltness
Of the 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 sym
patty with stocks; Total sales, par value,
1 S2.1950c0. United States IS, coupons ad-
vaneed Y per cent~on; the last call