Omaha daily bee., 1903-06-12
Nhw YONG srocKs AND BoNps.
spasmodic Readjustment Brings
Prices to Better Level.

NEW YORK, June u.-There was a
spasmodlc readJustment OF the price level
OF stocks at the opening this morning,
which was continued dullng the rest OF
the session In more orderly and steady
manner. IL was evident tnat the principal
the short account and there was the same
lack OF adequate news TO explain the suu-
den reversal of sentiment as there has
been to explain the persistent weak
ness of the market for some time. 1t be-
came instantly apparent, however, with
the Aall OF the presidents gaVel this morn
ing tnat much OF wnat has been regarded
as urgent and forced liquidation yesterday
more especially, was deterring operation
speculative forces in the market seemed
to have reassured themselves over night,
buying orders were in consequence placed
in the market for execution at the OPEN
ing this morning. The uncovered bears
seemed to have information of what was
awaiting them and the opening looked like
a bear panic. Simultaneous transactions
In many thousand shares were made at
widely divergent prices. In Atchison, after
one sale of 90 shares at 6515, 1000 shares
were sold at varying quotations from &C
to 81, the excited brokers paying this range
of prices in different parts OF the crowd
at the same instant. In many of the other
stocks which have been under most pres
sure lately, prices ranged up at the open
ing with rush all the way from l to 3Ik
for the leaders. The principal trading and
the most notable movements of the day
were in Atchsons, Baltimore & Ohio, Nor
folk x western, ST. Paul, the Pacihcs and
Amalgamated, which are precisely the
stocks that have fallen in the weakest
manner for some time past BY the end
of the day the gains in these stocks had
extended to from 39s to Az the latter for
Atchson. Even larger gains were shown
by some Of the less active stocks. The re-
ports during the day indicate that ex-
tensive interchange of views and informa-
tion went on yesterday and last night
amongst the large capitalists and banking
intepedsStis the cable being resorted to freely
this city. This exhaustive investigation
failed to disclose any of the weak spots
In the financial situation which have been
rumored from time to time and which have
been dreaded by really responsible authori-
ties. Yesterdays rumors of trouble in
foreign circles were incidentally cleared up
and 1t was learned that there has been no
important selling of Americans for foreign
Investment demand TbeTe s'i has been SnT%i ia5 a6
obvious investment demand for several
days in this market for stocks which had
fallen to level at which their investment
return on the present dividend basis was
equal to or greater than the interest rate
on, on money: Buying .syyit & Of this character does
but II takes stocks out of the market and
reduces the supply. With the realization
that they had been selling into a pocket
the bears rushed to cover and caused a
violent revulsion on the stock exchange.
The government crop report helped the turn
in the market with its Indication of a
wheat crop beyond any Of the country s
history. A reaction In the cotton market
was Viewed with satisfaction and a violent
recovery In the London copper market
had a special effect on Amagamated cop
per. The Bank of EnGlands strong return
promised relief from the pressure for gold,
although more than $1.OO0,OOO will go to
South America on Saturday. The large
decrease in domestic exports for May and
the rather doubtful tone. of the leading
authority in the iron trade were ignored.
The lightness of the selling at the re-
covery demonstrated that liuuidation for
the present has been completed and the
market closed strong and active at the top
| level There was some irregularity in the
bond market but many issues advanced In
sympathy with stocks. Total sales par
value. 50. .975. 900.
u. S. Ss coupons advanced 4 per cent on
| the last call.
| FOLLOWING are the quota tons on the New