The Montgomery advertiser., 1903-06-12
WALL STREET REVIEW.
A sPAsMoDIc REApJUsTMENT
 OF PRICES.
Becomes Evident That Much of What Was Regarded as Forced Liquida- tion Was Merely Maneuver
 of the Bears.

NEW YORK. June ll.--There was a spas moaic read1ustment of the price level of stocks at the opening this morning, which was con- tinucd during the rest of the session in a more, orderly and steady manner It was very evil covered bears for the short account and there was the same lack of adequate news to ex- plain the sudden reversal of sentiment as there, market for some time. It became instantly apparent, however, with the fall of the pres idents gsvei this morning that much of what dalton yesterday more especially was dar- ing operation on the short side of the see,ned to bsyn rs ,osSes ,hs,a ne maaxe. a,,er night as to the character of this selling. Large buying orders were in consequence placed in the market for execution at the opening this morning. The uncovered bears seemed to have information of what was awaiting them and the opening looked like e bear panic. Simul- taneous transactions in many thousand shares were made at widely divergent prices In Atchson, after one sale of 500 shares at 65is. tions from se to e7. the excited brokers pay ing this range of prices in different parts of the crowd at the same instant. In many of the other stocks which have been under most pressure lately prices ranged upward at the opening with a rush all the way from l to 3a for the leaders. The principal trading and the most notable movements of the day were in Atchison Baltimore and Ohio, Norfolk and Western. St. Paul, the Paciics and Amalga- have fallen in the Weakest manner % for some @ time past. At the end of the day the gains in these stocks had extended from 3S to A. the latter for Atchison. Even larger gains were shown by some of the less active stocks The reports during the day indicate that an extensive interchange of views and informa- tton went on yesterday and last night amongst the large capitalists and banking interests 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 financial situation which have been rumored from time to time and which have been dreaded by really respon- sible authorities. Yesterdays rumors of trouble in foreign circles were incidentally cleared up and it was learned that there has been no important selling of Americans for foreign vestment demand.
 Buying of this character does not concern itself with checking decline. but 1t takes stock out of the market and reduces the sup ply. With the realization that they had been selling into pocket, the bears rushed to cover and caused violent revulsion on the stock exchange. The government crop re- port helped the turn in the market with its indication of wheat crop beyond any of the country's history. reaction in the cotton market viewed with satisfaction and violent recovery in the oLndon copper market had special effect on Amalgamated Cop per. The Bank of England's strong return promised relief from the pressure for gold. al though more than million dollars will go to South America on Saturday The large de- rather doubtful one of the leading authority fin the iron trade were ignored The lghtpess of selling at the recovery demonstrated that pleted and the market closed strong and tive at the top level
 There some irreguiarity in the bond market. but many issues advanced in sym s2 e75 900. U. & ss coupon advanced A per cent on the last call.
 New Ysk ssrck List.