Omaha daily bee., 1903-05-30
NEW YORK STOCKS AND BONDS.
show of strength Lasts but n Brief
Time mt New York.


show of strength in this mornings stock
market. but weak spots soon developed and
the later trading became .apathetic and at
the last stagnant The opening rise was
helped by London, especially by a consider
able rally in Rio tintos and a recovery in
the copper market As considerable inn
portance was attached to yesterdays Lon
don selling, which was supposed to be due
to an embarrassment of the short side Of
cotton and of the long side Of copper, this
action of the London market was consid-
cred significant. Amagamated Copper
started upward in sympathy. In view of
this tendency of the market and the i'm
minence OF a two days holiday the bear in
| terests showed disposition to cover the
short contracts. The two-day holiday here
will be followed by the regular Whitsuntide
holidays on foreign exchanges, so that the
pressure of any sudden news development
would be concentrated on the New York
stock market on Monday. But when the
bears started to cover they found 1t so easy
to secure stock, owing to the Increase In Of
ferinRs as the price level rose, that they be-
came reassured. Amalgamated Copper was
clearly under pressure of continued ltqutda-
ton, which was attributed, as was that of
yesterday, to the unloading of pool ac-
counts In the stock. The price went sharp
| fraction lower than yesterdays low point.
but met some support and rallied over
point. There was renewed selling on a large
scale Of Rock Island, and later in the day
| in Union Pacific, and Southern Pacific suf-
| fered renewed declines, the former touch
| ing new low level for the movement.
There was little to account for the action
| of the market. The bank statement was re-
garded as negatively favorable, inasmuch
as there was no impairment of resources,
but the small contractions in the loan ac-
count in view of the weeks extensive liqut-
dation In stocks was a DISAPPOINTMENT 1t
is evident that the loans paid off with the
| proceeds of the liquidation were taken up
! by other requirements of which the public
| is not informed. The weeks receipts Of
cash from the interior on balances served
! to about offset the outgo of gold exports
and otherwise The conviction is general
that large outward movement OF gold
| from New York is to occur. The strike OF
fret hn n n
| tinued to overhang the market and was
supposed to account for the special pressure
| against Union Pacific. Northern Securities
| on the curb also sold down to within
! fraction of the low level on the market.
| The gains of the morning were quite gen.
orally wiped out on the reaction. One OF
| these was in Leather preferred, when
moved up 1s on the plan for funding the
deferred dividend on the prsferred stock, s
The market closed 1feless ana not tar from
| the low level.
The bond market was irregular. Total
sales, par value, $1540,000.
Persistent and occasional urgent liquida-
| ton have again been the feature of the
stock market this week.
Both the source of and motive Tor SelllnB
have been enveloped in mystery. The sup
! position that the selling was due to the
| special necessities of the holders rather
| than to conditions affecting the properties
whose shares were sold or to conditions III
| the general business situation were rather
welcomed. The professional bears stood al
| ways ready to seize an advantage from
| the signs OF vulnerability in the market
| and their atlaCkS pldytu al lIlpOl NdilN pa
in forcing the declines. But the decline
was uniform in dislodging stock by Wlpins
| out margins and uncovering stop-loss Or
ders, and so justified themselves from u
practical standpoint The freedom OF the
bear selling gave hopes OF the accumula-
| tion of an effective short interest and kept
attention awake for signs of rally, but
each false start for an upward turn served
| to aggravate the encouragement OF mold
ers of stocks and to deter potential buyers
| from entering the market Sentiment over
the general outlook generally declined In
hopefulness with the extension OF tne NEAL laii
| in prices. The conviction was quite general
| that the selling from large capitalists Ior
| the purpose of protecting their commit
| ments in outside business and their mold
| ings in securities for which there is no
present market. Subscriptions to the un-
| derwriting of the new PennsylVanla STOCK
| and the rumors revived by the renewal OF
| the plans of the United States Ship Build.
| ing company were given as samples or
| Pennsylvania underwriting incident has
| been pronounced on the whole market The
necessity for resort 70 bankers syn no
| of the countrys foremost railroad COM
panies offered to stockholders on terms
| that were intended as a valuable privilege,
has made a deep impression of the lack of
| absorptive power in the securities market.
| There is no doubt that the underwriting
| project had as part of its purpose to reas-
! sure sentiment and courage, the subscrip-
| ton to the stock by others than the syndi-
| cate. The renewed pressure to sell the
| stock after the underwriting had been an
| nounced therefore created correspond
| ingly bad impression. The omcial report
| accompanying the plan for reorganization
! of the ship building company and the
| drastic character of that plan, with Its SUB
| stitution of stock issues for previous bond
! holdings and it's assertions of previous
| heavy overvaluations, served to disquiet
| the feeling of shareholders over the whole
| situation of Industrial combinations and
| their financing. Considerations which have
| had weight for some time past continued IN
| force such as the outgo of gold and the
| problem of the autumn money markets
| the high prices for cotton and the high re-
| straint of consumptive demand the reac-
tionary tendency in the pig iron market,
| the delayed planting OF the corn crop ana
| especially the widespread disturbances
! among wage workers. The hostile position
| between the Gou,d and PENNSYLVANIA inter,
| ests is weakening in itself and has caused
| fear of a spread to AFFILIATED interests:
| ANY interest of a favorable import has
| been consistently ignored. Improved net
! earnings for railroads in April the sus-
| tanned level of westbound merchandise
! trafic by railroads, the large volume of
bank clearings the country over and the
| great winter wheat crop have been power
! less to induce buying of securities, al
| though they have sustained confidence IN
| the general maintenance of prosperity In
| the country The possibility of an ap-
preaching Industrial reaction has not
| lacked discussion however, in the prevail
ing depression of the financial mood.
| The bond market has shown pressure OF
| selling here and there, but has been more
Irregular than stocks. United States IS de-
clined and the IS, coupon. advanced
per cent as compared with the closing call
irrniIou,JnS are the quotations on the New