The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-06-18
STOCKS AND BONDS.

New York. June 17.-Todays operations
in stocks were made up almost wholly
OF professional operations of a testing
character. These seemed TO demonstrate
to the satisfaction of the testers that
stock for S<le was to be met on advances
and that the offering down of prices did
not promise large success in dislodging
selling orders. The consequence Was 4
progressive dullness in the trading and
slUggishness and fluctuations in prices.
This agrees with the general exIf ia
ton of the most experienced observers,
who saw il the sudden rally Of last
Thursday the natural course following a
elimination Of the long decline and leay-
ing a large short interGJ uncovered
after the urgent liquidation had been
completed. With the So tisfaction of this
short interest p-ices halted and then de-
clined, but without getting back to the
low level of last Wednesday, although
they were near il yesterday morning. The
failure Of the bears TO get prices below
the previous low record yesterday saved
the market from renewal and uncov-
cred stop-loss orders, which had been
pretty well wiped off brokers accounts
by the previous low prices.
After these fluctuations the market
naturally falls into a period of feeble
and hesitating movement on the Oper-
atoms by room traders while awaiting d
new development in the general situa-
ton.
In their attempts TO move prices the
professional operators made capital 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 inter
national house looking TO shipment
Of gold as the strength OF foreign eX-
change here and the decline in sterling
at Berlin brought the opera ton closely
within the range Of profit. Some selling
OF stocks this morning for London &C
count added TO the requirements for ex-
change 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 2 points. The
movement in the stock seemed TO be due
to organized efforts and was attributed
te the rate at which subscriptions are
being made by stockholders for the new
stock. 1t is reported that in many cases
stockholders are paying their subscrip-
tons in full. although the requirement
as for the payment of only 20 per cent
installment and the time for its pay
ment extends TO June q.
The settlement of the membership of
THE anthracite Cancellation board also
helped Pennsylvania. as it did the coal
ers. notably Reading.
A reactionary tendency in the grain
and cotton markets was a favoring fac
tor and was especiT.y effective in Atch-
ison. Missouri Pacifics statement of
net earnings for April showing an in
crease of some a per cent over those
OF the preceding April helped the south
westerns The bidding up of Wabash
was based on rumors that the Gould
Pennsylvania interests have been har
moni7ed. but the abrupt relapse in the
stock gave the rise an appearance Of
manipulation Colorado Fuel and Iron
and IS convertible bonds suffered vio-
lent declines and only partial rallies on
account OF the published reports Of a
delay in payment yesterday of oblisa-
tons falling due, Officially explained as
due 10 A misunderstanding. Realizing
during the last hour completely wiped
out the days gains except for a point
saved for Pennsylvania, and the close
was lifeless and heavy.
The movement Of bonds was irregular.
in sympathy with stocks. Total sales.
par value $209O.e00 United States cou-
pom IS advanced i per cent on the
last call.
Closing quotations Of stocks were as
follows: