The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-06-20
STOCKS AND RnNns

New York, June 19.-There was quite
an animated shaking out of speculative
accounts in today's stock market and a
sharp reaction from the recent prolonged
advance. 1t became evident soon after
the opening this morning that the real
elimination of the rise had occurred
yesterday. The leading speculative in
terests in the market apparently took
advantage of the stimulating influence
of yesterdays excited rise in Illinois
Central to take their profits. This morn
Ing there were some operations that
seemed to represent continued efforts to
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 prin-
cipal speculative interest was lacking
and the professional traders were able
to detect sales to take profits for that
account. They needed no other invita-
ton to turn aggressively to the bear
side and they sold the list throughout
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 precipitate in their
quite urgently for stocks when they
came to take profits, causing some sub
stantial 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 has been. The ac-
tiVity of the bears was evident in the
circulation of alarmst rumors after
wards denied. One of these was that J.
T. Morgan was seriously i'll. Another
was that 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 faVortes during the bull cam
paign, but active selling of United
States steel developed under the in
tluence of these rumors and carried that
stock down rs below last night The
long continued rise in stocks has made
the professionals alert for signs of re-
action, which was considered overdue.
The short selling from time to time has
encouraged the bulls to extend the ad-
vance and force covering. A large por-
ton of this short account was forced out
in yesterdays jump in prices, adding to
the technical weakness of the market to-
day
Individual causes aggravated the
weakness of some special stocks. Doubts
were expressed over the maintenance
of the present dividend rate on Colorado
fuel. Minor incidents of the day were
declines of 10 points in International
Power, four in Rutland preferred and
Az each in Ice preferred and Brooklyn
Union Gas.
Bonds were weak in sympathy with
stocks Total sales (par value So, No.
900.
United States bonds were all unchang-
ed on the last call.
The total sales of stocks today were
$4,000 shares, including the following
Atchison, $4,000; Atchison preferred,
$500; Baltimore and Ohio, $500; Erie,
7,4OO; Illinois Central, 1900; Missouri
Pacific, $1,000; Pennsylvania, 20, 500;
Reading, 5S,600; Southern Pacific, $780,
Union Pacific, $4,000; Wabash, II 400; do
preferred, $500; Amalgamated Copper,
17,400; Car Foundry, 6,1OO; Colorado
Fuel and Iron. 10000; American Sugar,
$500; United States Steel. $3.50.