The Birmingham age-herald., 1903-06-10
STOCK CONDITIONS
 SEMI-DEMORALIzED
Went Through Extraordinary
 Series of Fluctuations
INDus1RIALS MAKE GAINS
There Was Evlde ice of Alarm Among the Bears and Large Buying De- veloped to Cover Shorts.
 . .onds Were Weak.

New York, June 9.-Today's stock mar ket went through an extraordinary series of fluctuations, closing at the lowest av- craze on the part of the movement and a semi-demoralized condition This was after prices had twice been rallied to above last nights level, the second rally establishing substantial net gains in a numberE of active speculative leaders. Bt Pa a',h~ose 21t over last night, Missouri Peatihn ! Naw York Central # and
 a, Inion Pacific, the Atchi- > on H W. nash preferred about point. There were important examples amongst the lndustrials showing gains of a point and the whole market was a substantial fraction above last night. The large buying on the advance gave the rally a more impressive appearance than nything that has occurred during the
 esent decline and the conviction of the
 or seemed fairly general that the mar.
 had turned upwards at least tempo carily. The result was undoubtedly due tn large part to operations of a profes- sionaI clique which planned the demon- stration on the assumption that the short Interest n the market must reach very unwieldy prai ortions and must be vul- nerable to a aek, There were in fact evidences of alarm amongst the bears and large buying developed to cover shorts, The demonstration was aided by the pub lished opinions of some important lead CTS in the financial world as many stocks at their present .evel were selling below hea nxff- dent for several days that there was absorption of an influential character in several points or the list, notably in St. Paul, Pennsylyania and New York Cen tral Reports from accredited sources sustained the telief that responsible f. naneial interests stand ready to take over all available offerings of Pennsylvania at or about the price which the new issue of stock was offered to stockholders for the purpose oI control and that they had formulated this purpose in a definite offer to the underwriting syndicate to take the new issue of stock off it's hands Such a state Of a'airs Is calculated to sN'ttress Penns are nla stock. There were
 A fears am, ordt he bears that tomor- cal monthly tior report will not reflect CT alsueh d 4 has been feared and durify yppro r9u continuation of the ThA at tns blast also prompted the '. by ev. rnisto le strength in the MclcHay m .,-. ecame quite general genor men "eeNs' Ir o'clock that the meoel: R. J oany At that fine 1t be- for Higher l; to an ,the highe level of terprise, "Tl, No. d as basis for re- +v' . R. ,e presed the market crum-
 Isroct eied. The force of
 ~lrg centered on B. & O. and N & ,.. the former falling an extreme 9Ss and Norfolk and Western 3ss. The fail ure of so promising a movement towards recovery redoubled the Encouragement on all hands and heavy selling was re- newed In Atchiscn down to a new low level on this moment at 651a; Reading to 43ss, Erie to SOss and United States steel preferred to 79A. Northwestern Securi- ties also sold down to a new low level pm the curb. The course of the selling was a mystery but it was quite common ly attributed to further calling of loans ''N .ea-rne large capitalists and the conse-
 ol 'ne s liquidation. Selling for
 Rhodes Vs. 1n account were in-
 road and Sue ess. There was lit-
 ham Mineral. rlA- ssws development be-
 In Inc sec ond al, .gild speculation in
 the case of Allison hd a bardenine srpUptee
 Robinson is still on :, Transfers of
 Tn the first divisie d reports of a
 court the case of R, aFrancisco had ..ey+.ih re outlook. I
 The bond market shared in the weak ness of stocks but in only moderate degree. Total sales par value $1,sS5, ,00O
 United States 2s and ss advanced A per cent on the last call.