The Birmingham age-herald., 1902-06-20
ANIMATED SHAKING
 OUT OF ACCOUNTS Sharp Reaction from the Recent
 Prolonged Advance BONDS WERE AGAIN WEAK The Short Selling From Time to Time Has Encouraged the Bulls to
 Extend the Advance and
 Force Some Covering.

New York. June 19-There was quite m animated shaking out Of speculative accounts in todays stock market and harp reaction from the recent prolong- d advance It became evident soon af- er the opening this morning that the real culmination of the rise had occur led yesterday. The leading speculative interest in the market apparently took advantage of the stimulating influences ,f yesterdays excited rise in Illinois Central to take their profits. This morn- ng there were some operations that seemed to represent continued efforts 10 advance the market by one or two of the important speculative parties whose joint efforts have induced the late rise But the effective support of the principal speculative interest was lacking and the professional traders were able to make sales to take profits Tor that account. They needed no other invitation to turn aggresslvely to the bear side, and they sold the list through put with great freedom. Prices gave way readily and fell on an average from one to two points below last nights level The bears were so precipitated in their selling that they were obliged to bid quite urgently for stocks when they came to take profits, causing some substantial rallies With the demand from the shorts satisfied, the market yielded again and closed dull and irregular. The whole movement was technical and was as little affected by news of the day as the previous advance had been. The &C., tivity of the bears was evident in the circulation of alarmist rumors, after wards denied. One of these was that J. P. Morgan was seriously ill., Another was that a fresh judicial decision had been rendered against the United States Steel bond issue.
 The earlier weakness was confined to the stocks which have been the favorites during the bull campaign, but active selling of United States Steel developed under the inuence of these rumors and carried that stock down 13s below last Light. he .ong continued rise In stocks has made the professionals alert for Signs of reaction, which was considered overdue. The short selling from time to time has encouraged the bulls to ex- tend the advarce and force covering. A large portion of this short account was forced cut in yesterdays jump in prices. adding to the technical weakness of the market today. The stirring Of interest by outsiders, which was first manifest yes sterday, also facilitated the profit talk ng by the insiders in the bull campaign. There was no unfavorable news today which has not been under discussion for some time past. l'- '-- ''7~ ss''#.f9'-
 The too abundant rains where wheat hsrvestr is in progress and the con- hnued orouth in Texas also received more attention than hitherto. Sterling ex- rhenge was still firm and declined at Paris, both movements tending to in- crease the pressure upon New York for gold. Various new bond issues which are being advertised indicate large require ments upon the supply of credits in ad- dition to the demands for the coming semi-annual settlements. Individual causes aggravated the weakness of some special stocks Doubts were expressed over the maintenance of the present div idend rate on Colorado Fuel.
 Minor incidents of the day were de- olines of ten points in International Power, four in Rutland preferred and Az in Ice preferred and Brooklyn Union Gas.
 Bonds were weak in sympathy with stocks. Total sales. par value, $3, 10000
 United States bonds wer5 all unchang- ed on the last call.