Omaha daily bee., 1906-06-20
NEW YORK STOCKS AND BONDS
Downward Course Of Market is Arrested
and Prices Make Substantial Recovery.
SHARP ADVANCE IN PENNSYLVANIA
Announcement Of Completion Of Paris
Loan Causes Rush to Buy
Closing Tone -
Firm.

NEW YORK. June 1s.-There was a
substantlal recovery In the prices of stock
was pursued through the week and which
was carried over into yesterdays market.
Inc tendency towards recovery was per-
until It was overcome by the outbreak of
selling in Pennsylvania. The decline was
thus forced beyond its limits in a manner
and the rebound today was correspond
ingly sharp. This was particularly so in
Fennsylvania Itself. he fact OF The sharp
break yesterday in this stock while the
maj steps In closing the contract for
the placing Of the $50, Doc, 900 loan In Paris
were being actually taken. offers some
ting o. mystery. The rush to buy the
nouncement of the terms of the loan in
dicstcd a decided Misrepresentation on the
pare OF many of the sellers yesterday. II
v as tbs eager rush to buy part of this
c'nSs that caused the widespread interest
in opening quotations of the stock which
tGrric1 II up to as high as 1873. This price
was only momentarily held and was not
touched again during the day. The Penn
sylvania loan operation, however, was a
strong influence in the whole market, not
M.tlStending the fact that the negotia-
lions and its probable successful Issue have
h"cn known and discussed for several
works. The Importance of this new open
ing for securing capital for American en-
tcrprises makes special appeal to sentt-
ment ~ this time owing TO the large re-
Gu'remehts OF that character to be met
10y many of the great railroad systems Of
the country.
The operation has an important bearing
also on the immediate money situation
owing 10 the large borrowings in foreign
money markets made for New Yorks ben
eft in the last few months and which
are maturing constantly at the present
time Various rumors were current today
markets for several other important rail-
road systems which were in need of large
sums of capital to carry out projected
improvements. The effect of the breaking
OF the drcuth in the winter wheat region
had some belated effect in today's market
these having L;. been offset yesterdSy 6t the
Pennsylvania. Today's market was unset
tied at times by the violent slump in Inter
borough Metropolitan. consequent upon
been inserted in that stick at so since the
reorganization plan went into effect. The
OF busy discussion of its probable
reason. The floods of stock which the
supporters were obliged to take yesterday
at 80 offered a sufficient superficial ex-
PLANTATION for the break Where the large
amount of stock came from, however, and
the terms Of the supposed pool agreement
the subject of the days business gossip
regarding the movement The general
market succeeded in throwing on the In
huence of this diversion.
The trading became intensely dull at the
high level but prices were pretty Wen
maintained with the sustaining influence
of the special strength in Baltimore &
Ohio Positive assertions were made of
the prospect of an immediate increase in
the dividend rate on this stock. Other
wise the principal strength OF the day was
shown in the same speculative favorites
as for some time. Conditions in the local
money market were but little changed.
Rates for. time loans for the shorter per-
iods were called slightly easier, but V
strongly held for the longer periods. The
continued decline in foreign exchange was
attributed to the supply of bills against
Paris subscriptions for the Pennsylvania
loan. The realizing in the final hour was
well absorbed and the closing tone was
firm
Bonds were irregular. Total sales par
value $l,T40.000. United states 3s regis
tered advanced Il and the new As regis
tered declined 4 OH call.
The following are the quotations on the
Stock exchange;