Omaha daily bee., 1903-05-19
NEW YORK STOCKS AND BONDS.
Market Erratic, Rally Being Followed
by CrumbIinr Prices

NEW YORK, May 1S-There was con-
siderable liquidation on the stock market
equalization of sentiment, which has
been approaching definite formation for
some time, but has been deferring action
In the hope of a recovery. There was no
development to cause the decline, except
the engagement of S2325 900 of gold for eX-
port to Europe. This had been quite defi-
nitely extended and the amount was rather
less than some of the forecast. There was
a slight hardening In the call loan rate in
response to the gold movement, but could
by a withdrawal of credits.
The result Of the consideration over Sun
day of the general finance outlook seemed
to be rather the placing of stop-loss orders
as a precautionary measure below the mar
ket than definite orders to sell. The open
and a slight decline was followed By
considerable rally. This rally persisted
after the first knowledge of the engage
ment of gold for export. But the report
that 5000, 900 had been deposited at the sub
treasury for telegraphic transfer to New
Orleans, was followed almost Immediately
by a crumblipg of prices throughout the
list. The violent speculation in cotton is
making demands on the money market,
which was taken in i'll part by the stock
market.
1t is probable that the demand in prices
was Immediately due to professional at.
tacks by the bears, but the existence OF
stop-loss orders below the market make
prices very vulnerable. The usual result
of considerable decline is now seen In
the Increased disposition to sell merely De-
cause prices have declined. Stocks which
have now got lower than In last months
decline on account of the Northern Sc
curities decision are conspicuous sufferers
in the present selling This is seen in the
case of st. Paul, New York Central and
Southern Pacific especially. When prices
one recovery, 1t is the speculative theory
that effective support has been determined
on at that point When the price goes
lower on the second decline IL is customary
for professional operators TO sell II on the
theory that the final resting place for
the price is indefinite. Quite number OF
stocks today broke through the previous
low level for the year and last month, ana
this fact had strong influence on bearlsh
sentiment The days export & Oh gO1Il aloogi anu
are a demonstration that the allotment
of the Transvaal loan in London Is not
TO relieve the pressure for gold ABROAD as
was boped The London market itself is
now taking account of the future perlodlcal
requirement for the payment OF the
TO the loan. The fact that large portion
of the proceeds of the loan Is payapoIe 70
continental holders of the South AFRICAN
railroads, which are being purchaseu 10y
the colonies, makes a prospective pressure
upon London for remittance TO contlhentaI
points. The outgo of gold from here is IN
payment of borrowings ana Is an lhsUt
ance against future pressure ,s -.
With the large requirements aheau vi
the domestic money market there Is e,itgoing 1p
gold will be readily available for recall 10
this market when It is needed Nearly al
the active stocks today fell between ana
points and St. Paul, New YORK SendtT,a,, Send,as
exceeded that Amongst dormant stocks
there were even wider declines. Amaigass
mated Copper was strong as the enec' .Se pa
the increase in the dividend rate on Llle
Calumet and Hecla stocks. The market
closed easy and within a small fraction OIL
the lowest. t,,t,, fund
honds were dealt for in this time on the
exchange and rose more than a point over yer
Saturdays price on the cuTD wiInouI VIII ,.,eeI,
nIanotion otherwise lords were "eaN
Total TTotai sales. par value. Si2 100000; 49,
T@nited states new As declined a on the
last call 49,, ,,o,at,ors on IN.
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