Omaha daily bee., 1903-06-19
NEW YORK STOCKS AND BONDS.
Great Body of Securities stay SUI
premeIy stngnnnt All Day.

NEW YORK June 1s-There were a few
individual stocks in which active trading
in the stock market today, but the great
body of securities listed for trading on the
exchange was stagnant. The market
started off with some show OF strength
with the influence of the reduction in the
rate of discount of the Bank OF England
to per cent and the easier tone of private
discount in response. higher range Of
quotations for Americans as consequence
awaited the opening. of the stock market
here. Some of the leaders were lifted a
point over last night during the first half
hour. Pennsylvania was IN special de-
mana man ana Tumors conunued1 20 circuiate
been adjusted. IT was possible to secure
official admissions that efforts to this end
were being made, but these seemed to be
by outside interests rather than by mutual
approach of the two parties to the differ
ence. The progress OF subscriptions to the
new Pennsylvania stock had n favorable
effect on its market value well. When
II was learned that the price Of cotton was
orators in stocks indulged the hope that
they would be able to force an upward
turn, but they met selling pressure and
had to abandon the attempt.
This selling was especially acute in
metropolitan Street Railway, Metropolitan
securities and the iron and steel stccHs
the selling being notably large in United
States Steel, both common and preferred.
The former touched 2S1s and the latter ex-
ceeded its previous low record of 1884 by
fall to 7sA. The presence in the market
of a large and persistent selling order in
United States Steel was the occasion of
much surmse as to its source. The whole
group was depressed by the admiss ons
made by an authority in the trade tnat
concessions made in the price of iron did
not yet tempt consumers and that conces-
sions are being quietly made by some of
the larger interests in the steel market.
further reduction in the price of iron
was announced during the day. The incl
dent OF a delayed payment of maturing
obligations by the Colorado Fuel company
was a continuing factor Of depression in
whole
dropped at one time pa but recovered the
greater part of that loss. The weakness
Of Metropolitan Street Railway and OF
Metropolitan Securities was directly trace
able to the statements regarding the COM
panys earnings made by its president on
the witness stand The drop in Metropoli-
tan Street Railway reached 3& and in the
securities company g. with a partial re-
covery in both cases. The effect of the
Bank of England discount reduction was
partly offset by the continued strength of
sterling here, and its weakness in Berlin
and Paris. The inference seems to be dis
position on the part of Berlin and Paris to
of the reduced interest rate with an at
tempt on the part OF London to divert the
demand upon New york Money here con-
tinues easy and the banks are gaining
from the subtreasury and 1t is believed
from the interior as well. Rates for time
loans, however, are firmly held, and 5h
per cent is demanded for loans over the
year end The ease of call money Is said
to be due to the fact that large provision
has been made by many interests in the
way of time loans to guard against the
period Of stringency and in the meantime
keeping the proceeds of these time loans
ket closed Intensely dull and weak and
near the low level of the day, with losses
of about l point in a number of leading
stocks.
Bonds were weak. Total sales par value
N,6O4,OOO. United States bonds were ali
unchanged on the last call.
Following are the quotations on the New
York Stock exchange.