Omaha daily bee., 1903-06-10
Prices FIuctunte Exceedingly, Closing
at Months Lowest Average,

NEW YORK, June 9.--Today's stock mar
ket went through an extraordinary series
OF fluctuations, closed at the lowest average
on the present month and in a semi-demor-
allied condition. This was alter prices
had been rallied to above last nights level,
the second rally establishing substantial
net gains in a number of active speculative
leaders. st. Paul rose rs over last night,
Missouri Pacific Ia New York Central ll5
and Pennsylvania, Union Pacific, the Atchi-
sons and Wabash preferred about a point.
There were important examples also among
and the whole market was a Substantial
fraction above last night. The large buy
ing on the advance gave the rally a more
impressive appearance than anything that
has occurred during the present decline, and
the conviction of the floor seemed fairy
general that the market had turned up
ward at least temporarily. The result was
due in part to large operations in profess
sional cliques which planned the demon
stration on the assumption that the short
interest in the market might reach un-
wieldy proportions and must be vulnerable
to attack. There were. in fact evidences
OF alarm among the bears and large buying
developed to cover shorts. The demonstra-
tion was aided by the published opinions
of some important leaders in the financial
world, as many stocks at their present level
were selling below their intrinsic values
1t has been evident for several days that
there was absorption of an influential char
acter In several points on the list notably
st Paul, Pennsylvania and New York Cen
trail Reports from accredited sources sus-
tained the belief that responsible financial
| interests stand ready to take over all avail
abe offerings of Pennsylvania at or about
the price which the recent new issue of
stock was issued to the stockholders for
control, and that they formulated this pur-
pose in definite offer to the underwriting
syndicate to take the new issue of stock
off it's hands Such a state of affairs is
calculated to buttress Pennsylvania stock
There were some fears among the bears on
that account to cover their short contracts.
The strength in the market, therefore be-
came quite general. 1t was not until near
2 o'clock that the advance eliminated. At
that time II became evident that the higher
level of prices was being used as a basis
for renewed liquidation and the market
crumbled until the close the fall gaining
momentum as II proceeded. The force of
| the selling centered on Baltimore & Ohio
| and Norfolk & Western, the former falling
| The failure of so promising a movement to-
| ward recovery redoubled the discourage
ment on all hands and heavy selling was
renewed In Atchison down to new low
| level on this movement at 651h, Union Pa.
! cihc to 7S%, Reading to 1875, Erie to 3OSs
and United States Steel preferred to 79A.
| new low level on the curb. The source of
selling was a mystery, but II was quite
commonly attributed to further calling of
| loans by some large capitalists and the
! for Boston and London account were In
| first on the weakness There was little in
| the way of news developed beyond a re-
| newed outbreak of the wild speculation in
| cotton in which Wall street was reported
/ to be on the short side. and a further hard
I ening of the time money market. Transfers
/ of currency to New Orleans and reports of
| a new demand from San Francisco had
rather an optimistic influence on feeling
over the money outlook
The bond market shared in the weakness
| of stocks, but in only a moderate degree.
| The total sales, par value, 81, ,9S5, ,OO0 United
States rs and 3s advanced "a per cent on
| the last call.
/ all AnalF VAh