Omaha daily bee., 1903-06-18
NEW YORK STOCKS AND BONDS.
Tests Fail 90 Give Hope
of Better Things.

NEW YORK June 17.-Today's operations
in stocks were almost wholly professional
and of a testing character. These seemed
to demonstrate to the satisfaction of the
testers that stock for sale was 10 be met
on advances and that the Offering down OF
prices did not promise large success III us
lodging selling orders. The consequence
was a progressive dullness in the traulnB
and suggishness in fluctuations In prices.
This agrees with the general expectation
of the most experienced observers, VINO saw
in the sudden rally of last THURSDAY the
natural course following elimination OF
the long decline and leaving large short
interest uncovered after the urgent nqulda-
ton had been completed. With the satls-
lection of this short interest prices matted
and then declined, but without getting PACK
to the low level of last Wednesday, al
though they were near 1t yesterday morn
ing. The failure of the bears to get prices
below the previous low record yesterday
saved the market from a renewal and un-
covered stop-loss orders, which had been
pretty well wiped off the brokers' accounts
by the previous lower prices, After these
various fluctuations the market naturally
falls into a period of feeble and hesltating
movements on operations by room traders
while awaiting new development IN tne
general situation. In their attempts 10
move prices the professional operators mace
ce pital this morning of the expectation that
gold would be engaged for export to Ger
many tomorrow. Actual inquiry was made
at the assay office by one international
house looking to shipment OF gold, as the
decline in sterling at Berlin brought the
operation closely within the range OF pront.
Some selling OIL STOCKS InlS IuOEnluB lON
London account here added to the require,
ment for exchange, but London turned
buyer later in the day. On the upturn
Pennsylvania was made the leader of the
market and was lifted at one time more
than points The movement In the stock
seemed to be due to organized efforts and
was attributed to the rate which subscrlp-
tions are being made by stockholders for
the new stock. II is reported that in many
cases stockholders are paying their SUD-
scriptions in full, although the require
ment is for the payment OF only % per
cent installment and the time for its pay
ment extends to June q. The settlement
of the anthracite conciliation board also
helped Pennsylvania, as 1t did the coalers,
notably Reading. A reactlonary tendency
| in the grain and cotton markets was ia
voring factor and was especially effective
! in Atchison. Missouri Pacihc's statement
| of net earnings for April showing an in
| crease of some "a per cent over those of the
| preceding April helped the southwesterns.
| The bidding up of Wabash was based on
| rumors that the Gould-Pennsylvania inter-
| ests have been harmonized, but the abrupt
| relapse in the stock gave the rise an APP
| pearance of manipulation. Colorado Fuel
| and its convertible bonds suffered violent
| of the published reports of delay in pay
! ment yesterday az obligations falling due,
| officially explained as due to a misunder-
| standing. Healizing during the last hour
! completely wiped out the days gains eN-
| cept for a point saved for pennsylvania
| and the closing was lifeless and heavy.
| The movement of bonds was irregular in
| sympathy with stocks. Total sales, par
| value, 81, 900. United States coupon 3s
| Sdvanced u per cent on the last call
| Following are the quotations on the New
| York Stock exchanges.