Omaha daily bee., 1903-06-05
NEW YORK STOCKS AND BONDS.
Operators Unload when They see
Prices Are to stay Down.

NEW YORK, June 4.-Yesterday's late
reaction was taken as a demonstration of
the futility Of the effort made earlier In
the day to put prices up and professional
operators this morning proceeded to throw
over such holdings as they had taken on
with expectation Of an upward turn of
prices. There was not much in the news
of the day having a bearing on values.
The weakness OF the market increased as
the day progressed and before the close
took on the appearance of forced liquida-
tion which was in evidence earlier in the
week number of Canadian stocks
treme depression caused by the Canadian
financial difficulties, but there was some
apprehension that after effects of those
troubles were to be feared al other points.
The greatest selling pressure today con-
verged on Amalgamated Copper, of which
thousands of shares were thrown upon the
market with seeming disregard of what
prices they would bring. The stock touched
extreme decline of points for the day and
IA points lower than ever before in the
history of the company. The urgency of
the selling without news affecting the
property gave rise to disquleting rumors
as to the necessity which could cause
heavy liquidation. Much of the selling
was said to be for Boston and rumors were
circulated of a process of loan contraction
at that center following the collapse in
Canadian securities. American smelling
also showed evidence of special pressure
The personality of the brokers employed
in this selling caused the movement to be
associated with the pool which is UNDER
stood to have operated both in Amalga-
mated and in the market for the metal
Another influential factor in causing dis
cCuragement was the free selling of Penn
sylvania through the day. This stock
touched 123A, a decline on the day of 1B
and 1% below The previous low record on
the movement. This compares with the
subscription price to stockholders, which
has also been underwritten by a syndicate
at 130 The liquidation of this stock caused
a bad impression upon sentiment all
around. The furry in the call money mar
ket to Az late In the day was evidence that
there were urgent req/rements to be met.
| The incident of the day was the evidence
of support for the United States Steel
stocks, large buying orders being executed
by houses formerly acting for the steel
syndicate.
But the reports from the iron trade had
| influence in depressing stocks generally.
The reports that the steel market Is grow
| calling of a convention of anthracite
| miners to consider a strike was naturally
| depressing. The strength of the grain
| market, an unfaVorable report from the
| Missouri agricultural department and the
unprecedented low condition Of cotton re-
| ported by the government were eftectve
| influences in the days weakness. The dis
| turbance in the call loan market was con-
sidered as foreshadowing Va poor bank re-
| turn Saturday. The market closed
weak and active and practically at the
| lowest.
Bonds were irregular. Total sales, par
! value, S2,195, 900. United States bonds were
| all unchanged on the last call.
| Following are the quotations on the New
| York Stock exchange: