Omaha daily bee., 1906-04-28
NETWORK STOCKS AND BONDS
Market Lower on Heavy Selling Of seouri-
ties by Insurance Companies.
RAILROAD LIST SUFFERS THE MOST
Great Northern Preferred Slumps
Twenty-Five Points and other
Lines FaII from Eight 20
Fifteen Points.

NEW YORK, April 2I.-Neeessitous
lquldation threw large volume Of stocks
upon the market TO-DAY at time when
the demand was almost paralyzed. Inc
bear element amongst the traders showed
itself alert and well organized ana met
the evidence of forced selling by saw
age onslaught on prices which cut under
the market and added 20 the Generalization.
The holiness with which the bear element
operated was Indicated by the violent re-
bounds between onslaughts, when the bears
took hasty profits by buying To cover
shorts. IL was the common understanding
that the most urgent liquidation was Tor
the account Of some Of the insurance COM
panies. The indiscriminate way in which
stocks were thrown over and the violence
Of the declines at which sales were Effected
gave rise to disauieting rumors, especially
regarding the position Of some OF the In
surance companies. The enormous losses
suffered by the insurance companies in
San Francisco have given perfectly nat
ural occasion for keen discussion Of their
standing ever since that event, and 1t has
been generally expected that so unpreee-
dented scale OF losses could hardly fail
field.
Further large engagement of gold for
import were secured in Paris today, the
aggregate for the day reaching SSOOO,OOO.
This was contrasted with S1,5O0,O0O, the
amount OF the days transfers TO San Fran
cisco through the subtreasury, Thus SUP D
the Pacific coast aroused some hope that
the principal requirements there incident
to the resumption OF banking were nov nov
satisfied. But this development awaited
nothing to check the force Of the liquida,
ton which poured into the market.
The speculative account on the long side
of the market proved much heavier than
there has been any suspicion OF and the
wiping out Of margins and the uncovering
of stop-loss orders brought a flood Of sale
orders from all quarters. The western
speculative centers figured very largely In
this class of selling and the market was
not free from rumors OF threatened casual
in no In W.
No news regarding any of the properties
whose stocks were most affected accom-
The violence Of the decline in some Of the
high-priced railroad stocks revealed the
fact that prices had been marked up I'M
duly during the recent period of confidence,
in the market. The appearance Of any
considerable supply of stock proved that
no adequate demand existed at the high
prices which had been made. The Hill
stocks and the Northwestern Pacifcs were
the largest sufferers, and Reading. New
York Central and some of the highly spec
ulative industriais also fell abruptly. The
break of twenty-five points in Great North
ern preferred measured the maximum, but
the Chicago & Northwestern stocks, North
ern Pacific. Chicago & st. Paul. Minneapo-
lis & Omaha, Colorado Fuel and Anaconda
offered examples of. to 10 points declines.
In the general list losses Of 2 to 5 points
were fairly general. The rise in the early
part of the day was due to. the continuing
effect of yesterdays gold announcement,
which prompted the shorts to cover. IT
only served as a better basis for the re-
newed liquidation.
The weeks currency movement indicates
cash loss for the banks OF upwards of
S6,OOO,OO0 There was little change, how
ever, in the days money market. The
weakness in stocks continued throughout
the day with successive selling movements
at new low levels, interspersed with occa-
sonal rallies on short covering. The clos
ing tone was weak, although mixed with
some of these spasmodic rallies.
Bonds were weak. Total sales, par value,
$2G95,000 United States were all unchanged
on call.
The following was the range Of prices on
the New York Stock EXCHANGE: