Omaha daily bee., 1903-06-06

Bears Blum the Operators into Series
of TINS and Downs.

ChEA@ INV
of Ups and Downs.
NEW YORK, Tune THE bears had a
neld day on the stock exchange today and
the professional operators sold stocks with
selves somewhat over-extended towards
the close and had something of a scramble
TO. get back stocks to cover their short
sales. The turbulent and excited market
gave rise to many rumors of all degrees
of credibility. These all pointed to dis
aster during the early part Of the day,
shifted in a manner very characteristic Of
the stock market, to exceedingly roseate
views when prices turned upwards in the
final hour. This final rally made clear that
professional raiding tactics played an i'm
portant part in the days declines. Blu the
unsettled state of feeling amongst security
holders was clearly evident from the sue
cess of the raiders in dislodging long stock.
That there. was heavy liquidation during
the day is beyond question. Part of 1t was
forced by extensive calling of loans. The
forecast of the bank statement gave a
plausible reason for this contraction of
credits in the decline in cash resources for
the week. The calling of loans in accord
of the powerful financial groups with a
purpose Of forcing down prices and thus
affording an opportunity to buy in at an
advance. The stocks in which this fnan-
cial group is the dominant power have
been amongst those most severely handled
In the late collapse and the gossip OF the
group with an admirable purpose to extend
their power into other fields. An inhuea-
IldI VOICE IN the aTIdlTS OF the IelllSNl WAND
railroad is alleged to be the aim of the
campaign and to explain the recent per-
sistent attacks on pennsylvania stock, for
the purpose of accumulation. A story that
heavy lots of Amalgamated Copper had
been taken over from a conspicuous Boston
operator at a level below the market was
said to be an additional reason for the
change to the buying side of the market by
the capitalists referred to-. Amalgamated
Copper, after clipping another noint from
it's low record this morning. did become
aggressively strong in the afternoon, riS-
ing two points over last nignt. PennsSi-
month for n small fraction developed SUP
port that became rather steady. although
very active around last nights level, The
bad effect on sentiment of the recent large
selling in this stock was stu p~ercenuhle
today. Fears for the CROPS obviously played
a part also in the days heaviest decline,
which were amongst the cotton and corn
grangers Southwestern cotton carriers
Union Pacific touched a new low recn, d Tor
the movement. The late ralv resulted IN
the recovery of a substantial portion, OF the
early losses and some of the principal acuve
stocks on the list closed a fraction higher.
with a loss to the suh-treasury ny, the
banks, principally on account OF golo en x
receipt on the interior movement OF apout
only "a. 900. 900 n considerable impairment or
the surplus Of the hanks indicated that I'M
less the stock market liuuidation has made
much more impression upon loans ana de-
poslts than has been shown nv recent bank
statements. New York exchange at ChlcaRo
suddenly dropped back TODAY from 90 cents
tn ( cents premium. indicating a cessauon
~ reuittances from that point. But sterl-
ing exchange was lower and loan bills were
rerortad 10 Re freely offered In that mar
ket. wide declines in high grade invest
nnent stocks seldom traded IN were a fea-
tire Of the dav. The closing was quite hrm.
although there were a rev receSaunIrns lro"
Ponds were weak. Total sales p9r value
81 zen OOO. United States old As and Is ad-
vanced u per cent and the IS Y per cent
on the last call.
- GA.zfr o-lhopOas