Omaha daily bee., 1903-05-08
NEW YORK STOCKS AND BONDS.
Prices Go Down, While Brokers Spec
uIate as 10 Cause.

uAHhF ~ "
NEW YORK, May 7.-Prices went down.
ward on the Stock exchange today without
any clear reason, although the theories
current for the decline took a wide range
over the whole financial field on the part of
the board room traders, who had the mar
ket to themselves. The simple explanation
seems to be that the professional operators
who have been buying and bidding up
stocks to a moderate extent during the
week find themselves with little company
and feel that they have reached the limits
of their courage in speculative commit
ments. The process of selling to take
profits finds as narrow a participation in
the market as that during the advance.
Prices consequently recede easily, and in
pretty close proportion to the advances on
the same volume of dealings. The factor
which came in for most discussion today
in seeking an explanation for the decline
was the problem of the foreign exchanges
and possible gold exports. The develop
ments in connection with the new Trans
vaal loan, for which subscriptions were
open today, were of foremost significance
as bearing on the exchange question. The
terms of the loan are much as expected
and the strength of sterling reflected the
continued direction of funds toward Lon
don. Subscriptions for American account
are small, but the maturity of foreign leans
in this market makes the London pressure
for money effective in New York. Only 8
per cent of the subscriptions is required to
be paid on application, but the over-sub-
scription promises to be so great that it is
estimated that applicants will not receive
over 3 per cent of the amounts asked for.
On this basis the 3 per cent on the totll
DDllN dllDl WOhIu dAlpNlAN " 0OlliCllAl6
over the total sum of the full subscription.
The immediate pressure for credits in Lon
don Is thus easily understood. The pres
sure on the exchanges in favor OF London
Is likely to relax very suddenly when the
subscriptions for the loan are closed. Mean
time the question of gold exports is still
open. Another cause T. which the days de-
| preston is attributed was the slump in the
sinking fund bonds of the United States
S"hipbuilding company. Those bonds have
never had more than a nominal market,
but their last sale price on the exchange
was so. They were opposed at that price
today and then at successive concessions
as large as 5 per cent at q time; Sales
were made as low as 40. No explanation
of this incident was offered. The activity
of the bear faction was apparent in the
circulation of rumors of the serious Illness
of a conspicuous operator in stocks and
also in vague assertions of a coming bond
issue by a western railroad for as much as
$35, 600, 900. Neither of these rumors was
| wholly ignored. There was a much greater
show of authority today for assertions that
the suspended Rock Island and st. Louis &
summated The market closed in fact with
a general conviction that an announcement
was imminent. A general decline in wheat
was calculated to relieve any anxiety as 10
that crop, owing to last weeks weather.
Changers and Pacihcs were not affected by
the late liquidation. The late weakness IF
labor disputes on the Great Northern and
the Southern railway may have had some
influence I'm depressing the market. The r.
tention OF the Bank of England rate eau ed
some reflected depression in the London
market. Am~algamated was we'll sustained.
apparently on the rise in the London price
OF the metal. The market closed steady,
but only lightly above the lowest.
Bonds were irreaular. Total sales, par
value, 81 .41O,Oo0. United States 2s. coupon
advanced 4 and the new Is declined a on
the last call.
The following are the quotations on the
New York Stock exchange: