The Birmingham age-herald., 1905-06-23
NANCE STILL ON Y IN STOCK PRICES Obstacles Are Overcome With
 Considerable, aCility SKILLED PARTY IN CONTROL  Operations Give Evidence of Abundant Supply of Funds and of Re-
 sourcefuI Expedients in
 Manipulation.
SKILLED PARTY IN CONTROL

lau York. June 22.-The advance prices continued in the Stock Exchange for the fourth successive day. The obstacles en- countered in the offerings to take prohts increased quite materially, but they were absorbed with considerable facility. The action of the market warranted con viction that & movement was In the hands of an organzide party or sNilleu operators bent on attracting tohoWins of outsiders by demonstrating the possi- bilities of strength in the market. Ihelr faith in the profit to be derived from this oneration is supposed to be based on the innate evidence of strength afforded by the market Itself by it's resistance to re- cent attacks.
 Contentment with the future promise of prosperity is counted as the underly- ing factor in the hardness of prices put muoh is heard also of the probability or large dimensions of sleeping snort ih- terest." the result of an accumulation oA a persistent short selling for long tiiie mast A sufficient advance in prices would dislodge such an interest and force It 10 huv stocks to cover. The organized cam paign which has developed this week IS clearly designed to lift the level Of prices rather than to effect an indefinite aceu- mutation at the lowest prices possible.
 The operations give evidence of an abundant supply of funds and Of re- sourceful expedients in manipulation which show the leaders to be experienced and skillfuI operators. New develop ments from hour to hour are given less importance than those during the recent neriod. while small and unorganized trad CTS were striving for small turn Tn prices. movement of greater consist ency and more substantial basis IS 'eVl- dently designed now, as is shown py pne confidence with which stocks are ap- sorbed on the advance.
 The coming semi-annual dividend aH1 interest disbursements are supposed 10 be in view on the part Of those :" no 1ie seeking to patch up prices. Ine ths- hursement period gives rise to some Adt- ural demand for reinvestment oi aee1- nulated funds Cash reserves are now ac- cumulated in New York very freely III antieipation of these requirements ana there seems no probability Of even temporary disturbance of the money market while effecting their dlspurse- ,nents After that the pressure or lule capital Tor investment 10
 crease The influence of yesteruay III crease in the Reading dividend was ob- vious in the direction taken by today snecuIation. the largest operations cen .ering in the Pennsylvania group. The leading increase is supposed to indicate It the probable policy of the direcso o.s 5 of the Baltimore and Ohio, Norfoik aho Western and Chesapeake and Ohio ana the benefits to result to the PennsylVahia itself from it's holdings or thls roau as is eecur,tv stocks helped the situation in the movement of these stocks.
 The Hendricks report on the Equitaoie I ne affair was regarded 'as opening ID new depths to be sounded. But any un- facorable effect on stocks was oyerfid- den by the influence of the specu'st'"e campaign. The same was true or ctep damage rumors current in the gram market, and of reports that the reiation