Omaha daily bee., 1903-05-29
NEW YORK STOCKS AND BONDS.
Weakness Again DeveIOpes Due to
Talk of Strikes.

Talk of Strikes.
NEW YORK, May 2s.-The stock market
developed considerable weakness again to-
day This was not surprise, in view of
the doubtful movements which greeted yes
terdAys attempt to put up prices. There
was this evidence this morning also of
pressure to sell stocks, which encouraged
The professional bears to make a bold at
tack on the market. Presuming on the
securities, the bears offered down prices
briskly and succeeded in wiping out mar
gins on and dislodging stop-loss orders,
which had been frequently placed through
out the day below the existing price level.
The stream OF offerings on this account
gained notably in volume when prices broke
through the previous low level on the
movement, as they did at many points.
This served to reveal the fact that many
the hope that the previous low level would
not be exceeded again. They were appar-
emily willing to risk holding their stocks
above that price, but had insured the
prompt sale Of their holdings il the mar
ket snould decline again below that point.
The large selling which spread pretty gen
counted for by any news department as
that last week. 1t was evident that the
fall in prices was itself the motive for a
large part of the selling, and the maneu-
vers of the bears contributed materially to
the fall In price. This was shown by the
decline in the last three-quarters of an
hour, when the shorts, taking profits,
caused recoveries from l to points in the
principal active stocks. notable center
OF disturbance Tor the whole market was
Amalgamated Copper. It's decline was
shared in by copper securities all over the
world and a violent slump In the price OF
the metal in London gave color to the
suspicion which has recently found express
sion that the metal market was under ma
nipulation for rise to assist in a specula-
ton in copper securities. Rio tintos were
sold in Paris and London on an enormous
scale. The extreme decline in Amalga-
mated reached 4h and its recovery on
short covering left 1t still 31s on the day.
1t was believed that a long standing pool
in the stock was forced to unload When
the concentrated selling was detected the
bears joined freely and attacked the stock
fiercely. Rock Island was under severe
pressure all day and the professional bears
were confident in the supposition that large
accounts in the stock were in vulnerable
position. The heavy selling of Union Pa
cifc and its lack of support caused a bad
impression The same was true of the
abandonment of St. Paul and Pennsylvania
to the vicissitudes of the market. National
Railroad of Mexico, preferred, was among
the market features on realizing following
the announcement of concessions granted
by the Mexican government
Rumors os a freight handlers strike on
western roads was given as reason for
depressing factors were authoritative de-
malls of reported conferences looking to
adjustment OF the Pennsylvania railroad
and Gould dispute obstacles in the way of
organization of the anthracite coal con-
ciliation board. the reduction in the amount
purchased by the United States Steel CO..
poration from yesterdays report, and the
effect produced by the United States ship
building reorganization.
The price OF London exchange gave fur
ther belief that further exports are likely.
The banks are apparently gaining on the
interior movement to offset the export of
gold; but rates for time money were ap-
preciably frmer today. Rather favorable
reports of net earnings were entirely ig-
nored ST., ,Paurs April statement showed
about one-quarter of the interest of gross
saved for net.
Railroad bonds were heavily sold The
bond market otherwise was irregular. To-
tai Sales par value, S2,250.000 United
States bonds were steady and unchanged
on tho last call.
Following are the quotations on the New