The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-10

NEW YORK. June 9.-Today's stock
market went through an extraordinary
series of fluctuations, closed at the lowest
average on the present movement and in
a semi demoraIized condition. This was
after prices had twice been rallied to
above last nights level. the second rally
number of active speculative leaders
st. Paul rose 21sc over last night, Mis-
souri, Pacific ~. New York Central Y,
Atchisons and Wabash preferred about a
point. There were important examples
also amongst the industrials, showing
gains of point. and the whole market
was a substantial fraction above last
night. The large buying on the advance
gave the rally more impressive appear
ance than anything that has occurred
Viction of the floor seemed fairly general
that the market had turned upward at
least temporarily. The result was I'M
doubtedly due in large part to operations
OF professional clique which planned
the demonstration of the assumption that
the short interest in the market must
have reached very unWieldy proportions
and must be vulnerable aattack.
Bears Are Alarmed.
There were in fact, evidences. Of alarm
oped to cover shorts. The demonstration
was aided by the published opinions of
some important leaders in the financial
world that many stocks at their present
level were selling below their Intrinsic
values. 1t has been evident for several
Gays that there was. absorption of an in
the list, notably in St. Paul, Pennsylvania
and New York Central. Reports from
accredited sources sustained the belief
that responsible financial interests stand
ready to take over all available offerings
Of Pennsylvania at or about the price at
which the recent new issue of the stock
was offered to stockholders for purpose
Of control, and that they have formulated
this purpose in definite offer to the I'M
derwriting syndicate to take the new is
sue Of stock off it's hands. Such a state
SylVania stock
There are some fears among the bears
that tomorrow's month crop report will
not reflect as much damage as has been
feared, and the approach Of the culmina-
ton of the flood at st. Louis also prompt
ed the bears on that account to cover
their short contracts. The strength in
the. market. therefore, became quite gen
eral 1t was not until near 2 o'clock that
the advance eliminated. At that time it
became evident that the level of prices
was being used as basis for renewing
liquidation and the market crumbled until
the close, the fall gaining momentum
as 1t proceeded.
Discouragement Redoubled.
The force Of the selling conferred on Bal
t1more & Ohio and Norfolk & Western.
the former falling an extreme 35s and
Norfolk & Western 33s. The failure Of
so promising a movement towards reooY-
cry redoubled the encouragement on all
hands and heavy selling was renewed
in Atchison down to a new low level on
Il this Is moment at 657a, Union Pacific to
1875, Reading to 1885, Erie to 30M, and
United States Steel preferred to 1888.
Northern Securities also sold down to a
new. low level on the curb. The source
OF the selling was mystery, but it was
quite commonly attributed to further
calling Of loans by some large capitalists
and the consequent forcing liquidation.
Selling for Boston and for London account
were influences on the weakness. There
was little in the way of news development
beyond a renewed outbreak Of wild spec
ulation in cotton, which Wall street was
reported to be on the short side and a
further hardening Of the time money mar
ket Transfers Of currency to New Or
leans and reports of a new demand from
san francisco had rather an ominous
influence on feeling over the money out
look.
The bond market shared in the weak
ness of stocks. but in only a moderate
degree. Total sales. par value, $1,985, 900
United States Is and IS advanced u per
cent on the last CALL
CLOSING Ts1