The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-18
STOCKS ARE INANIMATE
MARKET DULL TO sTAGNATiON, WITH
PRICE MOVEMENTS SLUGGISH.
Pennsylvania Shows n Little Life,
Gaining Two Points, but Later Loses
1t, the Market Following.

NEW YORK, June I7.-To-day's opera
lions In stocks were made up almost wholly
of professional operations of a testing char
acter. These seemed to demonstrate to the
satisfaction of the testers that stock was
to be met on advances, and the Offering
down Of prices did not promise large success
in dislodging selling orders. The conse-
quence was progressive dullness in the
trading and sluggishness in fluctuations IN
prices. This agrees with the general ex-
pectation of the most experienced Cd
servers. who saw in the sudden rally of last
Thursday the natural course following a
elimination of the long decline and leaving
a large short interest uncovered after the
urgent liquidation had been completed.
With the satisfaction Of this short interest
prices halted and then declined, but with
out getting back to the low level of last
Wednesday, although they were near it yes
terday morning. The failure Of the bears 10
get prices below the previous low RECORD
yesterday saved the market from a renewal
Of forced liquidation on account Oh eA-
hausted margins and uncovered stop-losS
orders, which had been pretty well Wlpeo
off brokers' accounts by the previous lowe:
prices. After these various fluctuations the
market naturally falls into a period Oh
feeble and hesitating movement on the OPP
erations OF the room traders Whue await
lib HCW QcNSlopnhChe III IC
uation.
In their attempts to move prices the pro-
fessional operators made capital TINS morn
ing OF the expectation that gold would De
engaged for export to Germany tomorrow.
Actual inquiry was made at the assay ONCE
by one international house looking TO a
shipment of gold, as the strength OF foreign
exchange here and the decline in sterling at
Berlin brought the operation closely within
the range of profit. Some selling or STOCKS
this morning for London account mere
adda6 70 the rQnufrQnQnf for QXChAnRe. DuI
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 to the rate at
which subscriptions are being MADE 10y
stockholders for the new stock. 1t Is re-
ported that in many cases stockholders are
paying their subscriptions in full, although
the requirement is for the payment OF only
a 80 per cent. installment, and the time LOT
it's payment extends to } dne "a. The set
Element of the membership of the anthra-
cite arbitration board also helped Pennsyi-
vania, as 1t did the coalers, notably Read
ing. A reactionary tendency in the grain
and cotton markets was a favoring factor
and was especially effective In Atchison.
Missouri Pacihc's statement of net earnings
for April, showing an increase of "A per
cent. over those Of the preceding April,
helped the Southwesterns. The bidding up
of Wabash was based on runners that the
Gould Pennsylvania interests had been har-
monized. but the abrupt relapse In the stock
gave the rise an appearance of manipula-
ton. Colorado Fuel and Its convertible
bonds suffered violent declines and only
partial rallies on account Of the published
reports of a delay In payment yesterday of
obligations falling due, officially explained
as due to a misunderstanding Reading,
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 at par
value were $2,Oe0, 900. United States threes.
coupon, advanced u per cent. on the last
call.
Following are the days share sales and
the recorded price changes: