Omaha daily bee., 1903-06-16
NEW YORK STOCKS AND BONDS.
Rising Tide Reaches High water
Mark and Prices Ebb Once More

Mark and Prices Ebb once More.
NEW YORK, June 15.-Prices of securi-
ties had a decided backset as result of
today's trading. Pressure developed from
the outset and with only occasional halts
and small fractional rallies the level of
prices sank lower throughout the day. The
stocks in which the great bulk of the trad
ing occurred have lost al the way from 2
TO points from Saturdays level. This in
cludes the principal coalers, grangers, Pa
cifcs and southwesterns The question
whether the market was on the eve of a
revival OF speculation for the advance was
thus decisively answered and there was a
corresponding relapse in prevailing senti-
ment about the Stock exchange into de-
spondency and apprehension. There was no
very important development of news to ac-
count for the renewed decline, but II was
obvious that the urgent demand from the
uncovered short interest had become mostly
satisfied, while the investment demand had
cropped out with a sharper recovery in
prices from Wednesdays low level There
was some large selling early in the day
which had the appearance of selling on
speculative accounts which had been Sc
cured at the low level London took part
In the selling and western wire houses also
sent orders on an important scale. The
selllng was not SO large later in the day,
but prices yielded without resisting power
and there was no attempt perceptible to
support the market. The result is to open
up former doubts about the motive of the
selling and the extent to which liquidation
may now be pursued on the decline. The
uncertainty over the corn crop which fell
into the bdckBFouuu IN the satisfaction over
the government report on wheat came into
play again today, and the excited jump in
the cotton market called attention afresh
TO the dangers of that crop. Last weeks
teeling that the elimination of the western
hoods left that factor amply discounted
gave place today to the realization that
statistics of railroad earnings from that
region for several weeks to come must
show the large inronds upon traffic and
anen a Large large expenses P for repairs Of the dam
OF the coai miners convention and the ex-
tension of the lockout In New York build
ing trades revived anxiety over the labor
outlook
Money was easy, but sterling exchange
recovered here and ran OF sharply both in
Paris and Berlin. AS a result there was
close calculation over an export of gold by
tomorrows steamer, keeping alive expecta-
ever, with no announcement of any engage
Inent. The satisfactory recuperation shown
by the banks In the Saturdays statement
leaves the surplus reserve still at a low
ieVel for this season OF the year. and there
is disposition to await with great interest
the compilation of the returns to the con-
troller for June of the condition of ma
tional banks throughout the country The
inference from the foreign trade statement
Tor May, which shows a falling of IN total
exports compared with last year Of over
S2OOO,OO0. Is that our exports of Lnanufac-
tured products are declining, as the ex-
ports OF agricultural products were slightly
above those OF last year. The news from
London that a prominent financier has
booked passage home for this week after
authorised intimations had been given that
his vacation might be extended into August
was made use OF by the professional oper-
market was dull but irregular. Total sales.
par value, 4l,25,000. United States bonds
we're all unchanged on the last call,
vS vrSShoSwing are the quotations on the New