The daily morning journal and courier., 1903-06-13
YEsrERDAY,s STOCK MARKET
Active BuyIng and Higher Prices.

ActIVe BuytnS ana HtSner EF1ces.
 New York. June 12.-There was con- tinuance to-day of the active buying of stocks which developed so suddenly yesterday morning, and prices were carried to a substantially higher level throughout the list on dealings of over a million shares. The market closed active and firm at near the top level, profit-taking on the considerable disc making an insignificant impression up- on prices. The large demand this morning for stocks was fed freely and the active trading of the first hour was within a fractional range of fluctua- tions after the opening advance. The confidence with which these offerings were absorbed encouraged renewed buying. During the day there were lulls in the activity of the market with fractional recessions in prices, but no important pressure developed at any time. and the bulls had the situation completely in hand. Evidently a con- siderable part of the demand came from the short interest. which had failed to cover yesterday, in the hope of a re- action from the first rebound of which had put out fresh short lines to con- test the recovery. There was some cov- ering of short lines of older standing as well, which were put out early in the stock market reactiorN and which have remained uncovered through the occa- sional rallies. This demand and some buying from belated investors was sig nificant of a feeling of confidence that the turn in the market is something more than temporary. There was evil dence also of some new speculative ven- lures on the long side and of renewed activity by organized pools in certain stocks. The dealings in Reading were on an extraordinary scale, and it was pushed up four points in the late deal ings, helping materially to sustain the late strength of the market. A judicial decision affirming the right of the coal carrying companies to refuse to com ply with certain demands for informa- ton by the interstate commerce com mission was the nominal basis for the rise. Rumors were circulated also of 8 very strong showing of earnings for May to be shortly published. The Bal tinore & Ohio statement showing more than two-thirds of a handsome increase in gross earnings preserved for the net earnings made that stock and those af- filiated with 1t prominent features of strength. The Pacifics and St. Paul were in large demand and there was some disposition to attribute the strength of the Gould group to vague suggestions that the heavy accumula- f;o,,s aSf I1ay, y,c yffe o tba Soo1;pa ho resulted in sufficient holdings to secure representation in that company for the Gould interests. The forecast of the currency movement indicated a suff1- cient balance of receipts from the in- terior to offset the loss to the sub-treas- ury by gold exports, and in addition yield an increase in the cash reserves of the banks of nearly $2000,000. It is hoped that the heavy liquidation early in the week will be reflected iii 8 con- siderable loan contraction. Sterling ex- change continued to recede, but an ad- ditional engagement was made of gold to go to South America. Monday is the first day upon which payments are tc be made of the fifty per cent. install ment of subscriptions to the new Penn sylvania stock issue.
 This will call for the payment of $45,000,000 on or before June 27. Large portions will be paid in Europe and in Philadelphia, and it had been officially intimated that the proceeds will be used for payments of the 40O00,000 loan taken out by the Pennsylvania for six months last January.
 Bonds advanced in sympathy with stocks. Total sales par value,$2 ,oOO U. S. 2s coupon declined A and the new. As E per cent. on the last call.