The Birmingham age-herald., 1903-08-16
OPERATING DONE
 BY PROFES ESS|ONALS Anthracite Selling Carries Stock
 Prices Downward LONDON STORMS PRICES r-.....-.., Tnndancv Results in an
Reactionary Tendency Results in an Inroad Which Quickly Carried Prices to Level of English
 Market-Bonds Recover.

New York, August 15.-Operations in today,s stock market were made up largely of professional trading an im- portanf proportion of the stock ex- change members having left the city for an end-of-week holiday. The profession als were inclined to work for reaction owing to the rapidity of the weeks re- covery In the market which might be as- stunned to have built up a vulnerable ac- count on the long side of the market London evidently took the same view of the situation and had made inroads upon last nights prices here before our open ing.
 The selling by the anthracite opera uons quickly carried prices down to the London level. There was also free pront taking in Amalgamated Copper attract ed by yesterdays late squirt. After the London selling was completed there was a pause and then a vigorous recovery, which retrieved practically all the losses. This was apparently in anticipation of a very favorable bank statement The statement did not meet this expectation. The loan contraction, in view of the weeks augmented buying of securities, might have been regarded as pleasant surprise, but the sentiment of the mar ket seemed more influenced by the loss of cash. where & considerable gain had been hoped for The market sold off again to about the lowest with net losses of a point or more for some of the prin- cipal active stocks.
 The downward course of the stock mar bot faa fnr floa n plunge of last Saturday and prices have rebounded with some violence this week. 1t was not without the exercise of some forcible measures in the way of support for the market by large buying orders and by a relaxation of the pressure for liquidation of loans that the decline was arrested. Monday morning saw an in- gathering of influential men In the flnan- cial world recalled from various quarters by Saturdays events and it is common ly supposed that the results of Monday were the results to an extent of con- certed measures among bankers and cap italists. The mere fact of the arrest of the decline had the effect of Tightening the selling pressure upon the market caused by the destruction of margins and the constant shrinkage of collateral.
 There was some further selling of col- lateral of loans early in the week. caus- ing a continuance of some of last week rumors of financial difficulties overhang- ing the market, but the absorption of stocks was of much more confident and determined character than for a long time. After period of some hesitation the market turned strongly upwards. It was natural that a turn in the market after so prolonged a fall in the price should leave a very large short interest. There was besides large investment- de- mand waiting for the market to turn to supply them with reinsurance to come in and take stock. It has been confidently held that the necessitous selling for some time without regard to values of stocks was carrying the level of prices lower than, was justified by any stringency In the money market. But so long as money necessities promised to force a contlnu- ance of the selling of stocks, buyers were determined to keep out of the market on the chance of getting stocks cheaper by waiting These conditions were bound to cause a violent upward reaction at some time without necessarily waiting for a change in the conditions which have caused the great shrinkag6 in prices, for the simple fact of the liquidation accom- plishng the needed relief and thus put ting end to forced selling. eR
 Bonds recovered ia sympathy 5with stocks. United States old 1s. new 4s, regular and 5s have declined < and new 2s, coupon, F per cent on call.