The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-06
BEARS HAVE A FIELD DAY
ON NEW YORK EXCHANGE.
EXUBERANT PROFESSIONALS
OVERSELL THEMSELVES.
Z Rally Results in the Closing Hour
From Their Efforts to Cover
Short Deals.

New York. June 6.-The bears had
field day on the Stock Exchange to-day and
the professional operators sold stocks with
such enthusiasm that they found them
selves somewhat ovcrextended toward the
close and had something of a scramble 10
get hack stocks to cover their short sales.
9 The turbulent and excited market gave rise
TO many rumors OF all degrees OF CREDIBLE
fly. These all pointed TO disaster during
the early part of the day. while the pre-
vailing sentiment quickly shifted. in man
ner very characteristic OF the stock market.
to exceedingly roseate views when prices
turned upward in the final hour. This final
rally made clear that professional raiding
tactics played important part in the
days declines. But the unsettled state OF
feeling among security holders was 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 Il Yves forced by ex-
iensive calling Of loans. The forecast of
the bank statement gave 4 plausible reason
for this contraction OF credits in the de-
cline in cash resources for the week. The
calling Of loans, according TO these views.
was on account of one OF the powerful f.
'nancial groups with the purpose of forcing
tUnity to buy in at an advantage.
POINT OF ATTACK.
The stocks in which the financial group Is
the dominant power have been amongst
those most severely handled in the late
collapse and the gossip of the boardroom
credited the leaders OF this group with an
additional purpose to extend their power
into other fields.
An influential voice in the affairs Of the
Pennsylvania Railroad is alleged TO be the
aim OF the campaign and to explain the
b 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 a
conspicuous Boston operator at a level be-
low the market was said to be an additional
reason for the change to the buying side of
the market by the capitalists referred to.
Analgamated Copper, after climbing
other point from It's low record this morn
ing. did become aCgrsssiveiy strong in the
afternoon. rising points over last night.
Pennsylvania. also. after lowering its rec
ord for this movement by small fraction.
steady. although very active around last
nights level. The bad effect on sentiment
Of the recent large selling in this stock
was still percepCble to-day. Fears for the
days heaviest declines. which were among
the cotton and corn grangers.
COTTON CARRIERS
The Southwestern cotton carriers were
tSp'&laHE Affected ana AtcniSOn and / MON
Pacific touched new low record for the
movement. The late rally resulted in the
recovery Of a substantial portion of the
early losses and some of the principal ac-
1--we stocks on the list closed a fraction
ihigher- With 2 loss to the Subtreasury by
Vine banks. principally on account of gold
exports Of S.i49.y0 and estimates of a net
receipt on the interior movement Of about
only A.NpHyi, a considerable impairment of
the Scanty surplus OF the banks is indicated
unless the stock market liquidation has
made much more impression upon loans
and deposits :han has been shown by re-
cent bank statements. New York exchange
at Chicago suddenly dropped back to-day
from - cents TO . cents premium. indicating
q cessation of remittances from that point.
But sterling exchange was lower and loan
hills were reported TO he freely offered in
that market. Wide declines in hign-grade
Investment stocks seldom traded in We're a
feature Of the day. The close was quite
iirm. although there we're a few recessions
from the best prices touched on the rally
Bonds were weak. Total sales. par value
s-15l.Vu. United States old IS and % adj
vanccd "a per cent and the IS Il per cent
on the last call