The Birmingham age-herald., 1903-06-06
STOCKS TURBULENT AND VERY EXCITED OverSoId Professionals Had a
 Scramble to Cover HEAVY LIQUIDATION FELT WIde Declines In HIsh-erade Invest ment Stocks Seldom Traded In
 Were a Feature of the Day.
 Closed Firm.
HEAVY LIQUIDATION FELT

New York, June 1.-The bears had field day on the stock exchange today, and the professional operators sold stocks with such enthusiasm that they found them selves somewhat over-extended towards the close, and had somewhat of a scram- ble 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 dis aster during the early part of the day, while the prevailing sentiment quickly shifted in a manner very characteristic of the stock market to exceedingly rose ate views when prices turned upwards In the final hour. This final rally made clear that professional raiding tactics played an important part in the days de- clines. But the unsettled state of feel ing amongst security holders was clearly evident from the success of the raiders in dislodging long stock. That there was heavy liquidation during the day Is be- yond 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 reserves for the week. The calling of loans according to these views was on account of one of the pow erful financial groups with the purpose of forcing down prices and thus affordins an opportunity to buy. The stocks In which the financial group is the domin- ant power have been amongst 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 extend their power into other fields An influential voice in the aitars of the Pennsylvania road is said to be the aim of the campaign, and explain the re- cent persistent attacks on Pennsylvania stock for the purpose of accumulation. A story that heavy holdings of AmaIga- mated copper had been taken over from A conspicuous Boston operator at level below the market, was said to be an ad- ditional reason for the change to the buy ing side of the market by the capitalists referred to.
 Amalgamated copper, after closing an- other point from its low record this morn ing did become aggressively strong in the afternoon, rising two points over last night Pennsylvania also after lowering its record for this movement by small fraction, developed support that became rather steady, although very active around last nights level. The bad effect upon sentiment of the recent large sell ing in this stock was still perceptible to- day Fears for the crops obviously play ed a part also in the days heaviest de- clines which were amongst the cotton and corn 5grangers. The Northwestern cotton carriers were especially affected and Atchison and Union Pacific touched a new low record for the movement. The late rally resulted in the recovery of substantial portion of the early losses and some of the principle active. stocks on the list closed fraction higher. With a loss to the sub-treasury by the banks, principally on account of gold exports of $7,140,000 and estimates of net re- ceipt on the interior movement of about only 100000, a considerable impairment of the scanty surplus of the banks Is in- dicated unless the stock market liquida- tion has made much more impression up- on loans and deporits than has been shown by recent bank statements. New York at Chicago suddenly dropped back today to Soc premium, indicating cessa- ton of remittances from that point. But sterling exchange was lower an loan bills were reported to be offered in that mar ket. Wide declines in high grade invest ment stocks seldom traded in were a feature of the day. The close was quite firm although there were a few recessions from the best prices touched on the rally.
 Bonds were weak. Total sales, par value. s27e0000. United States old As and 2s advanced IA per cent and the 3s 5h per cent on the last call