The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-14
STOCK MARKET DISPLAYS
CONSIDERABLE HESITATION.
PRICES HAVE RECOVERED
MUCH IN TWO DAYS.
Result Has Been to Lessen De,
mand From Bargain Hunters
Changes of Sentiment.

New York, June 13.-Some hesitation was
manifest in to-day's stock market after the
violent recovery In prices of yesterday and
the day before from the extreme depression
! of Wednesday. Many Of the principal active
stocks regained TO points in the two
days. The effect has been to lessen the
investment demand from bargain hunters
and to develop some selling pressure from
he.speculative contingent which was for
tunate enough to secure stocks at the low
level. This element showed some anxiety
to take profits to-day, and took advantage
of the strong bank statement to sell stocks.
The lessened demand was demonstrated by
the inability of the market to absorb these
offerings, SO more prices ran off sharply
and closed generally below last nights
level. The days losses were generally frac-
tional Operations for the advance con-
more and Ohio and in Reading. the former
stock rising at one time nearly two points
and the latter a point.
The large earnings reported by the Bal
umore and Ohio were the motive for the
buying of the stock, and reports were cur
rent that Reading would also show ex-
traordinary earnings for May. The de-
cision against the right of the Interstate
Commerce Commission to exact certain in
formation from the coal carriers also was
made much of by the buyers of Reading.
Some of the inactive stocks which had Suf-
fered from recent heavy declines were bid
up rapidly to-day, members of the Cana
dian group being conspicuous.
LOAN CONTRACTION
The loan contraction of 81 .776,1 100 by the
banks was regarded as gratifying evidence
tn 1t the stock-market foundations had at
last become effective in the recuperation of
banks resources. The cash increase of
about s1,15O.C00 agreed with expectations
The rise of s4.T01,524 in the surplus about
n n- l., .x.nl-t~ loco Nh
ment was as good as expected in every re-
spect, but the demand for stocks thus in
duoed was not sufficient to absorb the sales
to take profits.
Gloom and dependency overhung the
stock market during the early days of the
week, but on Thursday there was a sudden
no event in the interval justified the ex-
tremes of the views sheld by professional
operators in stocks on Monday evening and
on Thursday morning. On Wednesday the
racing crop shortage. that the iron and
steel trade had passed the elimination of
Its prosperity for the present movement
and more general industrial reaction was in
sight On Thursday morning the more
mercurial of the operators were willing to
prophesy new period of expansion in all
directions. In other words. the prevailing
sentiment took its tone from the move
ment of prices in Il cropping attempt to
fathom the motives of the sellers and SUBJ
sequently of the buyers It was evident
that the bulk of the selling was prompted
not by dependency over the outlook but
by special necessities of the sellers grow
ing cut of overextension of obligations in
new projects which had overtaken the re-
sources of capital and credit.
SPECTATORS SELL.
. There was good evidence that some very
heavy holdings OF speculative character
were also being thrown over. presumably of
necessity, owing TO the great shrtnkage in
the market value of securities. with u corre-
spending contraction IN the basis OF credits,
which required the placing of additional col
lateral for loans and the supply of addt-
tional margins for holding stocks on credit |
The prolonged. period OF the decline and
the lack of recuperative power In the mar,
stocks and borrow them for delivery. and