Omaha daily bee., 1903-05-27
Market shows Nervousness over bus
tnesa Outlook.

NEW YORK, May 26-The conspicuous
Factors in today's stock market were the
relaxation in the pressure of urgent and
forced liquidation which has kept the mar
ket unsettled for some time and the ex-
treme caution of the buying at the higher
level that was maintained today. The
general level of the market was above
last night all day, but prices wavered and
fiuctuaIed constantly throughout the ses-
at the lowest and in the neighborhood of
last nights level, but one OF the numer-
Gus rallies set in during tRe last hour and
the closing was firm at higher prices than
at any previous time during the day. The
opening dealings disclosed good buying
orders distributed among the great spec
ulative railroad stocks, the movements in
which were of a sympathetic nature with
the general market, These are precisely
the stocks which have set forward strong
est in the recent liquidation. The evidence
that they were supported had an important
reassuring effect on traders who had be-
come somewhat alarmed as the result of
yesterdays events. Developments in finan-
cial and business affairs were without eff
feet on the market and the attention Of
operators on the stocks was devoted al
most exclusively to attempts to solve the
mystery of the source of the stream of
liquidation. Pure surmise and irresponsi-
BILE gossip played an important part in
generally arrived at that the recent SELL
ing has come from important and wealthy
interests and that the selling was prompted
by some special financial needs of the
holders rather than by conditions af-
fecting the stocks sold. 1t is a matter of
public news that very large accumulations
of railroad stocks have been made during
the late period of rumors of extensive
consultations Part OF this accumulation
was made in the direct effort to secure
control of various railroads and part of
II was made by wealthy speculative fol-
lowers, who were informed of the pros
poets under way for a profitable turn in
the market The great check to the whole
sale consolidation process came by the
Northern Securities decision and in in
81 from the iD1nOeqibilitV Of
marketing newly manufactured securities.
The consequence has undoubtedly been the
abandonment of many consolidation pro-
jects and the tieing up very large holdings
In the hands of projectors and their spec
ulative friends and followers. Among these
| are many individuals who came into enor~
nous fortunes the result nt the early
period of Industrial combinations, espe-
eially the formation Of The United States
sources In their hands they seem to have
| been slow to part with their securities at
sacrifice, while according to the current
| surmise in Wall street over extending
| themselves in new financial and business
| projects which never reached the stage OF
| flotation. While this liquidation is held to
account for the special pressure to sell
/ the fact remains that the scanty buying
demand which makes the selling effective
| in breaking prices is due to general dis
| trust of business and industrial outlook.
| The behavior of today's market suggested
| that potent buyers of stocks were sus-
picious that the liquidation was not en-.
| evidence, in fact OF its occasional renewal
| today but II was we'll absorbed and prices
were sustained with determination. The
| engagement of $500, 900 in gold for export to
| France was of only momentary effect;
| The threatening aspect Of the freight
handlers dispute in Chicago seemed to be
! offset by the better outlook In the local
| building trades. An announcement that
| the underwriting of the Pennsylvania new
| stock has been oversubscribed was a
| strengthening influence.
The bond market was irregular. Total
| sales par value. 81, 230, 900.
| United States bonds were all unchanged
| on the last call
Following are the quotations on the New
i - "a. IL nlnnr.r