Omaha daily bee., 1906-07-03
NEW YORK STOCKSAND BONDS
Fairly Market Fsvsrish and Uneven on
Oonfictinn Influences
VIOLENT SLUMP LATE IN SESSION
Prices Break sharply on Extensive
Liquidation and Esta blIsh New
Low Level for Present
Movement

NEW YORK. July 2-The load Of selling
winch the stock market had to carry
seemed slightly mitigated during the early
trading today and the uneasiness OF the
bears which was caused by this fact
made the market feverish and uneven for
a a. tim s,,, under the conflicting Influences Of
the selling and the demand from shorts
70 cover Later the selling was resumed
in full force and the market closed weak
after the FIRST break IN the We" market G'e and
there were occasional breaks. But the
fact was obvious that any show Of buy
Ing demand was taken advantage Of TO
the full extent to continue the realizing
sales. Late In the day free liquidation
was resumed and attempts at support were
practically abandoned, the consequence be-
ing a violent fall In prices to the lowest
on the present movement. furry in tho
enhanced pressure to sell and II was in
ferred that there was further calling OF
loans and forced closing out of speculative
holdings. II is not unusual for the New
York money market to show immediate
relief from the needs of settlement with
the arrival Of the date and the extra de-
mand for call loans today did not occasion
great surprise. II is the longer time money
outlook that is the subject OF soictude.
out $50, 900 of July disbursements is ex-
pected TO pass as soon as these disburse-
ments are accomplished. But the tone OF
the time loan market continues strong
with an active demand and very scanty
supply. The heavy and stagnsnt tone OF
foreign stock markets was unrelieved.
tary of the treasury inviting subscriptions
to 100000 Of Panama canal bonds was
regarded as a Complicatng factor In the
glut in the bond market. The recent pros
porous course Of the government revenues
and the surplus in course of accumulation
In the treasury have led to an assumption
In some banking quarters that the imme-
dlate needs of the canal work would be
supplied out of the treasurys cash bal
ance and the hotation OF bonds for the
work postponed to a more propitious time.
This hope is disappointed by the days
events. Reassuring reports from railroad
traffic managers were calculated to cor
rect the impression made by last week s
reports of a falling of in volume OF mer-
chandise transported and that development
was pronounced temporary, as shown by
a recovery in the week Just past. But the
effect was not perceptible on stock and
more attention was paid to reports OF
cutting of grain rates to Missouri river
points. Firmness In the London copper
market contributed to an early advance
in the copper group OF stocks. New incor.
porations In June OF companies Of 100000
capital or upwards are reported TO be $3l =
10000 larger than for June, 1905, but nearly
one-half OF the total was of mining COM
panies and one-half of the remainder In
street railway and light companies This
| Is a significant showing of the multifarious
ways in which interest is diverted at pres
| ent from the securities dealt in at the
Stock exchange. Pressure of Liquidation
| became active in the late dealings and
| OF distress which was believed to reject
| money difficulties on the part Of some spec
ulative holders of long stocks.
Bonds were more active, but were easy:
| Total sales, par value, N,SO,OO. Unlted
States 2s and the 3s coupon declined =
| and the new 4s coupon y on the last call.
/ The following are the quotations on the
| Stock exchange: