Omaha daily bee., 1903-06-03
NEW YORK STOCKS AND BONDS.
First Effective Turn Against Bears is
Accomplished.

NEW YORK, June 2.--The first effective
turn against the bears which has been ac-
complished since the present prolonged de-
cline In prices set in was effected today,
and that without any striking development
IN IN the news to affect values. on the con-
trary, there was a demoralized slump in a
group of securities which were sympa-
thetically affected by the speculative
breakdown in the Canadian markets. 1t
was the serenity with which this break
was regarded and It's failure to induce any
further liquidation in the market which
Impressed the bears with the advisability
Of protecting their position by covering
their short commitments.
During the last hour of the trading the
demand from this source became some
what urgent and Missouri Pacific was lifted
over z points over last nights level. Rock
Vile & Nashville, Wabash preferred and a
number of such influential stocks rose
about 2 points over last night in the late
dealings and the market closed very active
ana strong. Premonitory symptoms OF
trouble have been visible in the Canadian
group or securities for some time and
seemed to have their inception in the
Tumored troubles of the Dominion Coal and
iron companies In an excess of speculation
on the part of the Canadian shareholders
In these companies. Yesterdays sharp de-
cIines In some Of these stocks induced de-
mands for additional margin by New
York brokers and forced liquidation OF
some some, OF these accounts today Twin City
ai,Ipd Gi,apid Ts Transit suffered the severest de-
points. Canadian Pacific, Detroit United
Railways and Minneapolis, st. Paul & Sault
on rapidly descending scale. A drop of
~ points In Minneapolis & ST. Louis was
an incident Of the day. Late recoveries
ran 10 points In Minneapolis and Twin
City Rapid Transit and between 3 and 4
points In Canadian Pacific and Sault Ste
Marie Besides the disturbing Influences
the market had to face the probability of
shipments OF gold on Thursday of an ag-
gregate Of 100000. although only part
OF thls sum was actually engaged today
A slump in the London copper market
Eausea caused the drop Of 2 points in Amalga-
aniI mated an. ana was a check to. the early hard
enlng tendency OF the market. London re-
sumed trading after the holiday TODAY and
Was was aisposed to buy stocks here, as II
americans. The further reports of flood
damage in the west were without notable
narn nmeSn1 as the quieter tone of the grain
harm to the crops had been exaggerated
Inc weekly crop bulletin of the Weather
was feared. The reports from Th,ons o.,sln an
mat settlement had been effected Of RE
dIheiShI handlers' dispute was a notable
earnings by the Pennsylvania, showing a
tbs noerai Increase seemed to be effective in
Itself moved narrowly II has not sscsnad str,.d
b6SsnTssd 6Ss Sasd course Of the standard stocks
yielded an Investment return Si%fdcS wbic5
money % in 10 loans the For present saNd. return OF
nave been signs of stability in a number
~ ~ tea1lng stocks which have approached
rn9is r1ins isVei. it Will be remembered that
70 prices which offer returns than on firsts
e.s oIass railroad bonds. ExtravaRant vaIna-
Sohs placed on railroads which were souSht
TOT control and on which there were ssne
f. Euine nsrpe hopes OF dividend increases were the
I.nIuences ~ I1 IN fixing this level, and todav's
rally Is an intimation that the nrices yos
come come or these stocks at least have cot
0qJS Nsn, 70 . an attractive investment level.
NeW ROCK Island IS, newly dealt in rozo
more than ! point over last nigbt's' o'IS,s rose
price ana there was a sharp advance in
Enlteo states Steel second S. OtherUisa
sales, par value, $2.51O,O 900. United Ststas
call. ." Pei 0ehe on the last
Following are the quotations on the Man,
York Stock exchanged: ~ '"e NC"