The Montgomery advertiser., 1903-06-10
WALL STREET REVIEW
MARKET HAS EXTRAORDINARY
 SERIES OF FLUCTUATIONS.
General Conviction That Prices Have Turned Upward, at Least Tenn pirarily-Demonstration Plan
 ned by the Professionals.

NEW YORK, June e.-Today's stock market went through an extraordinary series of fiuc- rart Of the movement and a ser1-de inoralzed condition. This after prices had twice been rallied to above last nights level, the second rally establishing substantial net gains in number of active speculative leaders. St. Paul rone 2h over last night, Missouri Pacific I%; New York Central Ih and Pennsylvania pfeferred about point. There important examples amongst the industrials showing gains of point and the whole market a substantial fraction above last night. The large buying on the advance gave the rally a mere impressive appearance than anything tfst has occurred during the present dtc"nc and the conviction of the floor seemed fairly general That the market had turned upwards at least temporari.v The result was rndoubt- cdly due in large part tc operations of pro- fessional clique which planned the demon stration on the assumption that the short and must be vulnerable to attack. There were in fact evidences of alarn, amongst the bears The demonstration was aided by the published opinions of some important leaders in the financial world as many stocks at the pres ept lev.l were selling below their intrinsic values. It has been evident for several days that there was absorption of an influential
 haractnr in several points the list. notably in St. Paul, Pennsylvania and New York Central. Reports from accredited sources sus- tained the belief that responsible financial in terests stand ready to take over all available offerings of Pennsylvania at about the price which the new issue of stock was offered to StocknOluerS TOT the purpose or COntrOl ana that they had formulated this purpose In a definite offer to the underwriting syndicate to take the ne wissue of stock off its hands Such a state of affairs is calculated to but tress Pennsylvania stock. The strength in the market became quite general It not until near o'clock that the advance eliminated. At that time it became evident that the higher level Of prices was being used a basis for renewed liquidation and the market crumbed until the close the fall gaining momentum as 1t proceeded. The force of the selling centered on Baltimore and Ohio and Norfolk and Vest ern. the former falling an extreme 3es and Norfolk and Western 3asc. The failure of 50 promising a movement toward recovery re- doubled the Encouragement all hands and heavy selling renewed in Atchison down to new low level this moment at 65H. Union Pacific to 73%, Reading to 43%, Erie to 3o& and United States Steel preferred to new low level the curb. The course of the selling was mystery. but 1t was quite com monly attributed to further calling of loans; by some large capitalists and the consequent forcing of liquidation. Selling for Boston and for London account influences the weakness. There was little in the way of news development beyond renewal of wild reported to be on the short side and hard enng of the time money market. Transfers of currency to New York and reports of new demand from San Francisco had rather an ominous influence on feeling over the money outlook.
 The bond market shared in the weakness of stocks. but in only a moderate degree Total 2s and As advanced h per cent. on the last call.
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