The times. [volume] (Richmond, Va.) 1890-1903, 1902-06-20
Professional Operators Turned
Aggressively to Bear Sides.
L0sSIsoF oNETo TWO POINTS
Bears Were so Precipitate in Their Sell
ing Tha. They Had to Bid Urgently
for Their Profits. Causing
Brief RaIIy-DuIl Closing.
(By Associated Press.)

NEW YORK. June 19.-There was quite
an animated shaking out Of speculative
accounts in to-day's stock market ana
Eharp reaction from the recent p1oloaseu
advance. 1t became evident soon aL.e e1
the opening this morning that the real
elimination of the rise had occurred yes
terday. The leading speculative interests
in the market apparently TOOK aosaa1tafse
excited rise in Illinois Central TO take tnelr
profits. This morning there were some
operations that seemed to lndlcate contln-
ued efforts to advance the market by one
or two of the speculative parties, whose
Joint effort have induced the late rise. But
the effective support OF the principal spec
ulatiyo interest was lacking, and the pro-
fessonal traders were able to detect sales
to take profits for that account. Ihey
needed no other invitation to turn aggres-
sively to the bear side. and they SOLD the
gave way readily and fell on an average
from 162 points below last nights level.
The bears We're so precipitate IN their sell
ing that they were obliged to bid quite
urgently for stocks when they came to
take profits, causing some substantial raj
lies With the demand from the shorts
closed dull and irregular, The whole
movement was technical, and was as little
affected by news Of the day as the pre-.
vious advance has been: The activity OF
the bears was evident in the circulation
OF alarmist rumors. Afterwards denied.
One OF these was that J. p. Morgan was
seriously Ill. another WIS llldl d A. eSi
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 dur
ing the bull campaign. but active selling
Of United States Steel developed under
the influence Of these rumors and carried
that stock down 11 below last night. The
short selling from time to time has en-
couraged the bulls to extend the advance
Ind force covering. A large portion OF this
short account was forced out in yester-
days jump in prices, adding to the tech
meal weakness Of the market to-day.
Individual causes aggravated the weak
ness Of some special stocks. Doubts were
expressed over the maintenance of the
present dividend rate on Colorado Fuel.
Minor incidents OF the day We're declines
of 10 points in International Power. in
Rutland preferred and az each In Ice
preferred and Brooklyn Union Gas.
Bonds were weak in sympathy with
s3.11o,o0O. United States bonds We're all
unchanged on the last call.
The total sales Of stocks for the day
were $50, 500 shares.
MONEY AND ExcHANGE-Money ON call
steady at 2ls@s per cent: closed offered at
lrer cert Sterling exchange firm with nctua!
business in bankers bills at 81. S7hs for demand
and at S4.S5ls Mi.S5H for sixty days: posted
rates. S4.s6Ma SSH; commercial bills. S4.S415I
l4s5G. Bar silver 52as: Mexican dollars, 424s.
Government bonds. steady; State bonds, mac
Itice: railroad bonds. weak.
STOCK QUOTATIONS.