The Birmingham age-herald., 1903-06-18
STOCK OPERATIONS WERE PROFESSIONAL Trade in the First Half Was
 Very Threatening LONDON DID SOME SELLING Closed LlfeIess and Heavy, While Real IzInu During the Last Hour Com
 pIetely Wiped Out the Days
 calns-Honds Weak.
LONDON DID SOME SELLING

New York, June 17.-Today's operations in stocks we're made up almost wholly of professional operations of a threatening character. These seemed to demonstrate to the satisfaction of the testers that stock for sale was to be had only on the advances and that the offering down of prices did not promise large success in dislodging selling orders. The conse- quence was a progressive dullness In the trading and sluggishness in fluctuations in prices. This agrees with the general expectation Of the most experienced ob- servers who saw in the sudden rally of last Thursday the natural course follow Ing continuation of the long decline. and leaving large short interest uncovered after the urgent liquidation had been completed. With the satisfaction of this short interest prices halted, and then de- clined, but without getting back to the low level of last Wednesday, although they were near it yesterday morning. The failure of the bears to get prices below the previous low record yesterday, saved the market from a renewal of forced liquidation on account of exhausted mar gins and uncovered 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 hesitating movement on the operations by room traders, while await ing a new development in the general situation. In their attempts to move prices the professional operators made capital ,4tar Of fcf hQf would be engaged for export to Ger many tomorrow. Actual inquiry was made at the assay office by one interna- tional house looking to a shipment of gold as the strength of foreign exchange here and the decline In sterling at Ber- lin, brought the operation closely within the range of profit. Some selling of stock this morning for London account here added to the requirement for exchange, but London turned buyer of stocks later in the day. On the upturn Pennsylvania was made the leader of the market, and was lifted at one time more than two points.
 The movement In the stock seemed to be due to organized efforts and was at- tributed to the rate at which subscrip- tions are being made by stockholders for the new stock It is reported that in many cases stockholders are paying their sub- 6crlOtlOnS III Iull AlLHOuBn lue TtQulIc- ment is for the payment of only 50 per cent installment, and the time for it's payment extends to June 27. The settle ment of the membership of the anthracite conciliation board also helped Pennsyl- vania as 1t did the coalers, notably Read ing. A reactionary tendency in the grain and cotton markets was favoring factor and was especially effective in Atchison. Missouri Pacifics statement of net earn ings for April, showing an increase of some 24 per cent over those of the pre- ceding April, helped the southwesterns. The bidding up of Wabash was based on rumors that the Gould-Pennsylvania in- terests had been harmonized, but the abrupt relapse in the stock gave the rise an appearance of manipulation. Colorado Fuel and it's convertible bonds suffered violent declines. and only partial rallies, on account of the published reports of i. delay in payment yesterday of obligations falling due, officially explained as due to a misunderstanding. Realizing during the last hour completely wiped out the days gains except for point saved for Penn- sylvania, and the closing was lifeless and heavy.
 Bonds were irregular in sympathy with stocks. Total sales, par value $2,019,000. United States Ss, coupon, advanced 4 per cent on the last call.