Omaha daily bee., 1903-05-26
Drastic Liquidation Again Marks the
Day on Change.


NEW YORK, May 25.-The stock market
was subjected TO further drastic liquida-
tion today carrying prices to a new low
a one time pretty effectuaiiy checked and
prices established at a substantial recovery
from the low point by the determined sup
port OF important banking interests and
their persistent bidding up of prices. But
the pressure became more severe than ever
been withdrawn at the higher level and
prices plunged from the highest to the
lowest point Of the day; There, were some
quick profits by the room shorts, but the
closing was unsettled and unsteady and
age. There was no new development to
explain the heavy selling and it was evil
IDENTIFY due to general causes and the dis
coura ging effect OF last weeks prices
There was a large accumulation of selling
orders to be worked Off in the opening deal
mgs. Houses with out of town wire con-
nections were very large sellers and much
liquidation was attributed to Pittsburg and
ports during the morning that the condi-
ton of the cotton market and damage to
the wheat crop were responsible for the
lated selling that the supporting interests
in the market had to contend with in the
task they had set themselves and which
seemed to be achieved before noon. The
interests which have underwritten the New
Pennsylvania stock issue and those con-
nected with the United States Steel syndi-
cate were supposed to have share in the
support of the market. Buying for London
account also nelpeu TO dDSOTD Ine dC-
emulation of selling orders. Later in the
day London turned to the selling side and
sold heavily. The second period of weak
ness seemed to grow out of the conspicu-
Gus selling of Rock Islands. The seemingly
unending stream of st. Paul stock coming
upon the market also had a sinister effect.
The origin and the motive of this selling
which seemed to be concentrated in char
acter was the subject of much animated
| gossip all through the financial district
! There was talk of dlssenslon in the ranks
| Of the controlling interest of the Rock
Island project. Assertions were freely
made of the recall of loans on an enorm-
! Gus scale with the implied deduction of
| disciplinary purpose against undue indul-
! gence and speculative excess both in cotton
| and in stocks. The support of this morn
| interests seems to conflict with the view
| that the later liquidations was forced by
| peremptory recall of banking credits. The
| engagement OF 5000, 900 in gold for export
! to Germany was disagreeable supplement
| to the days heavy outgo to South America.
| But the best prices of the day for stocks
were made after the gold engagement was
announced. The disturbed labor situation
| and the progress of the fued between the
| Pennsylvania and the Wester Union were
| disturbing factors. The former tone OF
discussion, which took the form of surmise
as to what the possibility of industrial re-
| action was impairing the value of securi-
ties seems to have changed to question
| whether the persistent decline In securities
| Is not a symptom OF some unrevealed I'M
health in the Industrial situation.
| Bonds were weak In sympathy with
| stocks. Total sales par value $3.50, 900.
United bonds were all unchanged on the
ofS Following are the quotations on the New