| Show 1 MARKET RAN OFF AT THE CLOSE Good Tone Prevailed During the Day wever S c I S LOSSES tOSSE WERE FRACTIONAL o t S EAn BA D THINGS THE WEEK K Jane 13 Some fc W lIUe In to ys stock flee after the th violent recovery la In prices of or and the day before from front the theof of or the tremendous depression de lon of Wede Wednesday day Many Man stocks have re regained gained bIed from S Z to 7 points during the two days The effect ha has baa been to lee les lessen sen en the demand from b and to develop some selling pressure from the speculative contingent ent which was waa Wa fortunate enough to secure stocks at the low level This elem nt showed some anxiety to take profits today t day and took advantage of u th strong bank statement to sell stocks The lessened demand was demonstrated by the In Inability Inability ability of the market to absorb these offerings so 80 that prices 8 ran off sharply and closed generally below last ast nights S level S The days clay losses lessee were generally trao trac Operations for Pe fee he advance e nr rr tinned this morning especially in tn Bat Bal Ohio and in Reading the former stock rising rl at one time nearly two points and the latter a point The large earnings reported by the Balti Bait Baltimore Baltimore more mace Ohio were the motive for buying stock and reports were current that Reading would show I extraordinary extraordinary nary earnings ear tor or May fr The decision 1 against the right of the tile interstate com cout commerce commerce merce meroe commission lon to exact certain in Ia i formation from the coal carriers O also i iwas was made mad much of by the buyers of i Reading Some of the inactive stocks I which had suffered from recent heavy i decline were bid up sharply today members of the Canadian ad a group ro p being conspicuous S S S I The loan Joan contraction 00 of O by the banks wes was regarded as gratifying I evidence that the th stock market liquida 1 tion had af at lt become effective In the recuperation of at f the hank bank resources The rhe cash ca increase l of about one and three quarters qu t million bout about agreed with the lo ni the he rise rl e of in the t surplus b t makes good last Jast we The TM statement to Is as s good goodas as expected in every respect but the demand for stocks thus induced was not sufficient to absorb the sales sates to take profits S I Weeks Resume doom and despondency de the stock market In the early r week n J Thursday there was waS a reversal rever l Ot sentiment ee It is certain c that t at n g justified the ex cx extreme views helt r on n Mon MO Monday l day evening and an y morning On W Wed M the prevailing view was that the country cour was facing tad a 8 crop shortage that the iron and steel trade bad had passed pa ed the culmination of its pros prosperity prosperity for the present movement and that K a general industrial reaction was in iI sight On Thursday morning the themore themore more m of the operators were willing to new period of ex cx expansion pan ion in all 11 ejections In other words the pre pr inS sentiment took its tone from r m tt movement of prices in attempt to fathom the tb me the sellers and subsequently of the buyers It was evident that the h he bulk or the tb selling was prompted sot lot sotby ot by despondency over the outlook but by special necessities of the te sellers growing out of the overextension of ot the obligations In new projects which had overtaxed their resources of the capital and nd credit There was w s good evidence that some very heavy heU holdings of or a speculative Character were ale abe being thrown over presumably from frO fr es a the necessity owing i TI to the t great shrinkage in the market value t b f securities with a correspond corresponding corre ing contraction in the basis of oC credits which required the placing of addition additional al a collateral for loans leans and the supply of or collateral for additional margins for holding stocks on credit The prolonged period of the decline and the tM th lack of recuperative power PO in the market had made the bears Dears very bold To sell seJI stocks and borrow berrow them for delivery I and then offer O er prices down seemed to have unvarying ng success In uncovering orders rde wiping out margins I and brinIng Bringing a flood of offerings offering which I could rould be bought In at st the lower level leveland leveland leveland and yield a handsome profit The great financial interests which 1 are usually ready to come into the market and buy simply tot for support t I seemed indifferent and it was wai wai suspected or feared f that many of the wealthy men inca had bed their t r own needs to 10 look after in g holdings s of unmarketable se Down D WI to Level The level of prices s was getting down downto to aa an attractive ette level 1 from a strictly investment standpoint and the fact tact that the decline was still unchecked I Iga gave ga va rise rJ e to fears that insiders insider had knowledge of ot unfavorable conditions I not known to the public pub lc and which prompted the selling of oC stocks It is fg characteristic of oC the genuine invest investment 1 mont meat buyer buy r however that he Jae does not I concern himself with protecting mar market market market ket prices pikes nd is 15 content to accept of offerings offerings at ata a level which agrees with Ith his big judgment the market early In n the week gave g the impression that r ill It were we eager to sell and ud all reluctant o 0 buy the conception grew that the which deb goes necessarily with very sale was wu of or a substantial char charter fter Mer ter Buying orders on a scale down dowa took a given amount am of stocks stOC sr r ev e every ejr fraction of the decline be bearne arne iame oa ie conspicuous co As A a result of widespread Inquiry and a exchange of views and aDd by bankers cap capitalists and n financiers Ie on Wednesday day and Wednesday Right night the conviction crystallized the e current rumors of coming com failures Were unwarranted and aM that short rt played a large Jarp part in what hat attributed to urgent liquida liquids liquidation liquidation tion tio on Wednesday Great abroad agreed with advices from New York in response re pon to inquiries that some ome standard stocks stocka had fallen falln to an attractive attra tive investment level leve based ba d on present rate of divi dividend d and und prospects for continuance When the bears bearz were ere confronted wit t the knowledge that the stocks were wm soiling and making themselves them BIble sib to deliver and sn an were going out of th market and ana into strong boxes and nd ha they were selling into a pocket ac according a according cording to a phrase of the t street the th were overtaken by something like a panic and their rush to buy stocks caused a rebound in prices equaling of ot the first part of ot the week The arrest of the decline in itself checked cheeked the f fC ore C d selling s due to the shrinkage le a ad d there th ere was apparent rent re relief lief lIet also ateo fr TE he hc recent persistent pe t selling supposed sup to be due to necessities stiles elsewhere Confidence increased that the general gen gentt t i 1 situation had been greatly strengthened by the liquid tion Tt is that lars larg loan ln n have ha n n repaid to t t ti Ne New v York lork trust rUSL companies as a resul I tt of the liquidation as the loan accounts accountS of the banks have not been notably re While the selling on the stock exchange was in progress heavy pay py ments of obligations ns to foreigners are re known t te have been made and the like ilke od of embarrassment emb from future requirements in that field thereby much lessened l The government crop report of June 1 with its promise of an II un an unprecedented unprecedented wheat yield after allow allowing ing for t damage dam g jo thiU crOP relieved most mo t of the apprehension on that score Reports of railroad earnings show ef effective teethe eUve increases es in the net returns and Del have bave proved reassuring r The doubtful of f the corn ern rn crop and d the un an unsatisfactory satisfactory reports from the cotton crop remain to be considered and the labor situation continues to disturb sentiment of the decline Bonds have moved more narrowly but in sympathy with stocks United States s and an J le Is advanced H per cent and nd the new per cent cent as com compared co i pared ired with the closing call of last week |
