Omaha daily bee., 1903-05-21
Liquidation Again sends Prices Down
in Active and Weak Market.


NEWe YORK, May 2~0-Liquidation be-
came urgent and ~precipitated the stock
market today and gathered force pro-
active and weak at about the lowest. No
such scale of activity has been witnessed
in the stock market since the trading fol-
lowing the Northern Securities decision.
Wide inroads were made on values and the
general effect of the selling torbids the
tack by the bear party. It was not clear
in fact, what was the cause of the mar
ket's weakness; The meagre demands de-
veloped yesterday, when deciseively turned
upward caused bad impression upon specu-
lative sentiment. The decline has been so
long sustained without notable pause at
any time that conviction has gained force
with the professional element that q large
short interest has accumulated in the mar
ket.
1t was believed also that prices had got
down to a level that would prove attrac-
tive to a large waiting investment demand
when once some assurance could be had
that the decline had run its course. Yes
terday's market was cited as proof that
the point had not been reached when these
sustaining forces could be relied upon.
Dependent views were taken of the future
of the market this morning In consequence
ment of H,300,O00 of gold for export and the
news that F. II. Hartman had undergone
a surgical operation met the market at the
opening ana Initiated the declining ten
dency. Tn enormous liquidation which
soon developed in .Atchison was a marked
Influence upon sentiment and continued to
dominate the market for the rest of the
day, the influence spreading to an increas-
ing degree up to the close. Rumors were
Atchison, but no official confirmation could
be had on this subject. The opinion gained
. SToGn .d hat a Is large g sPeeuisSfSi r oo Interest tn IN
was being made as a target for attack.
1t will be remembered that at various
and Rock Island was discussed as an alter
native proposition to the taking over of
the st. Louis & San Francisco. There
vas q nnncfdAHn hlo unnaNlatN tive GnnffnnnnN
In Atchison. The extreme decline in the
stock reached az which was equaled by
were fairly general amongst active stocks
and considerably exceeded that in cases
where the permanent stocks were forced
% point drop in Michigan Central. This
stock was subsequently bid up again 10
points before an Offering was encountered
ceptible in the precipitate decline at the
last, notably in the circulation Of rumors
that 100000 to 100000 gold would go out
on Saturday to Europe. The only basis
for this rumor was found to be the making
Of tentative arrangements for the Shipment
of $4,000 to South America next week.
The situation in the exchange market,
however, was a strong factor in the weak
ness of stocks. Exchange holds firm in
face Of the shipments and there is knowi-
edge OF the early maturity of some large
German loans in this market, which give
able gold exports to Berlin may have to be
made. A speculative upset in Boston
preclpltateo some semng In TINS market
were said to be selling stocks to cover
losses in cotton. Some stress was laid
count, as Indicating the growth of an in
vestment demand from that source. but
arbitrage brokers explain that much of
this buying is due to a transfer of holdings
from London to New York to secure the
benefit Of the present cheap money market
here.
United States Steel IS continued con-
spicuOus in the bond market. Prices were
weak in sympathy with stocks. Total
sales par value S,407, 900.
United States Bonds were all UNCHANGED
on the last call.
The following are the quotations on the