The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-18
PROGRESSIVE DULlNESS is
STOCK MARKETS FEATURE.
PROFESSIONALS APPLY SEW
ERAL TESTS.
Efforts to Move Prices Either Way
Meet Poor SuCCeSs-LCndOn
Turns Buyer.

New York. June lI.-To-days operations
in stocks were made up almost wholly OF
professional operations of testing char
acter These seemed TO demonstrate 20 the
satisfaction of the testers that stock for
sale was TO be net on advances, and that
the offering down of prices did not promise
large success in dislodging selling orders.
The consequence was progressive drllness
In the trading and sluggishness in ;iuctua
tons IN prices. This agrees with the gen.
eral expectation OF the most experienced
Observers who saw IN the sudden rally of
last Thursday the natural course following
elimination of the long decline, and large
short interest uncovered after the urgent
liquidation had been completed. With the
satisfaction of this short interest. prices
halted and then declined. but without get
ting back TO the low level of last Wednes-
day. although they were near 1t yesterday
morning. The. failure OF the bears to get
prices below the previous low record yes
terday saved the market from a renewal
and uncovered Stop-loss orders which had
been pretty well wiped off accounts by the
previous low prices.
PERIOD OF HESITATION
After these various fluctuations. the mar
ket naturally falls into a period OF feeble
and hesitating movement on the operations
by, room traders while awaiting 4 new de-
velopment In the general situation In
their attempts TO move prices the profess
sional operators made capital this morning
of the expectation that gold would be en-
Actual inquiry was made at the assay Office
by one International house looking to
shipment OF gold. as the strength of foreign
at Berlin brought the operation closely
within the range of profit.
Some selling of stocks this morning for
London account here added TO the require
ment for exchange. but London turned buy
er later in the day. On the upturn Pennsyl-
vania 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 at
tributed to 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 subscriptions
in full. although the requirement is for the
payment of only 30 per cent installment
June e.
HELPS COALERs.
The settlement of the anthracite concilia-
ton board trouble also helped Pennsylvania.
as It did the coalers. notably Reading. A
reaction in the grain and cotton markets
was strong factor and was especially et-
fective in Atchison. Missouri Pacific state
ment of net earnings for April. showing an
increase of some "a per cent over those OF
the preceding April. helped the Southwest
etH: ne anuihs OIL me aoaSn Was paS S
terests have been harmonized. but the alb
rupt relapse in the stock gave tine rise an
appearance of manipulation. Colorado Fuel
and its convertible bonds suffered violent
declines and partial rallies on account OF
the published reports of a delay in payment
yesterday of obligations falling due, oifi-
cially explained as due to a misunderstand-
ing. Realizing during the last hour com
pleteiy wiped out the days gains. except for
point saved for Pennsylvania, and the
closing was lifelesS and heavy.
The movement of bonds was irregular IN
some stocks. Total sales. par value. 5000
COO United States coupons IS advanced !.
per cent on the last call.