The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-06
PERSISTENT BEAR RAID
STOCKS OFFERED DOWN STEADILY
UNTIL THE LAST HOUR.
Market Was Oversold and the Shorts
Scrambled to COver-Bad Bank
Statement Is Expected.

NEW YORK, June 5.-The bears had
field day on the Stack Exchange to-day and
the professional operators sold stocks with
such enthusiasm that they found them
selves somewhat overextended towards the
close and had something of a scramble
to get back stocks TO cover their short
sales. The turbulent and excited market
gave rise to many rumorS Of all degrees
of credibility. These all pointed TO disas-
ter during the early part of the day, while
the prevailing sentiment quickly shifted.
in a manner very characteristic Of the
stock market, to exceedingly roseate views
when prices turned upwards in the final
hour.
This final rally made clear that profess
sional raiding tactics played an important
part in the days declines. But the unset
tied state of feeling among security hold
ers clearly evident from the success
Of the raiders in dislodging long stock.
That there was heavy liquidation during
the day is beyond question. Part of 1t was
forced by extensive calling Of loans. The
forecast of the bank statement gave
plausible reason for this contraction of
credits in the decline in cash resources for
| the week. Tho calling of loans according
| to these views was on account of one of
the powerful financial groups with the
purpose OF forcing down prices and thus
anording an opportunity to buy In at an
| advantage. The stocks in which this
| financial group is the dominant power have
been among those most severely handled
| In the late collapse, and the gossip Of the
| board room credited the leaders of this
group with an additional purpose to ex-
tend their power into other fields. An In
sylvania Railroad is alleged to be the aim
| or the campaign and to explain the recent
| persistent attacks on Pennsylvania stock
| for the purpose of accumulation.
| A story that heavy holdings of Amalga-
| mated copper had been taken over from
! conspicuous Boston operator at a level be-
low .t the market was said to be an additional
| OF the market by the capitalists referred
| TO. Amalgamated Copper. after clipping
another point from its low record this
| morning, did become aggressively strong In
| the afternoon. rising two points over last
| night. Pennsylvania, also, after lowering
| it's record for this movement by a small
fraction. developed support and became
| rather steady, although very active. around
last nights level. The bad effect on senti-
ment of the recent large selling In this
| stock was still perceptible to-day.
| Fears for the crops obviously played a
| part also In the days heaviest declines,
which were among the cotton and corn
| grangers. The Southwestern cotton car
| riers were especially affected, and Atchison
/ and Union Pacific touched new low records
| for the movement The late rally resulted
L
| the early losses and some of the principal
| active stocks on the list close a fraction
| higher.
With loss to the subtreasury by the
| banks, principally on account of gold ex-
| ports Of 81. 140,0 900 and estimates of a net re-
ceipt on the interior movement of only
| about "a, 100000, scant surplus of the banks
| Is indicated, unless the stock market liQui-
| datfon has made much more impression on
| loans and deposits than had been shown by
! the recent bank statements. New York ex-
L Chicago suddenly drODD6d
l to-day from soc to sc premium, indicating a
| cessation of remittances from that point.
| Sterling exchange was lower and loan bills
| were reported to be freely offered in that
| market. Wide declines in high-grade stocks
l seldom traded in were feature of the day.
The closing was quite firm, although there
| were a few recessions from the best prices
touched on the rally.
Bonds were weak. Total sales at par
| value, were 81, 100000. United States old
| fours and twos advanced u per cent. and
| the three Y per cent. on the last cali.
l Following are the days share sales and
the recorded price changes: