Omaha daily bee., 1906-05-02
NEW YORK STOCKS AND BONDS
Early Market is Dull and Hesitating and
Values Begin to Reoede,
FALL SOON BECOMES PREClPlTA1I
Decline UncOvers Many stop Loss
Orders and Volume of Holdings
Thrown over Add to
DemoraIizatio

NEW YORK, May 1.-The Discrimination
OF buyers OF stock to deal freely at the re-
covered level of prices established yester-
udy became manifest early In today's stock
market. After a period Of dulIness and
hesltatlon fluctuations I'm prices began to re
S ne snq tue tall became precipitate again
DtIote the end OF the day. The LIQUIDATION
Whlch mad been withheld with the idea
snst better prices might be obtained came
out again IN large volume when the down
waited the weakness OF the market
Inc. ine toFce OF the selling pressure carried
prices or leading speculative issues far
lower than the lowest prices touched last
week; This had the result of uncoverinR
Ss aSIp orders and exhausting margins
ieIt untouched In last weeks decline and
leo TO free throwing over movement ~
speculative holdings in all directions De
irnrII,.,at III Ihe money market had an
linporIant bearing on the renewal OF LIQUID
alton Loans were called and the call
.nloney rate ran up sharply during the af-
geTnoon 10 10 per cent. Some LIQUIDATION
OF speculative holders was forced at this
Iate and there appeared to be discrimjna-
Iloh exercised against some securities for
coIlateral in loans No new cause devel-
oped for the course of the money market
ana It's reflected influence in the stock
n,St he S 1eyonu the progress of the working
Out or the adjustment to the conditions
hXed by the San Francisco losses Addi-
! tlonal engagements of gold for import were
mace and corresponding Withdrawals made
by the subtreasury by the banks engaging
the gold, the proceeds of the shipments he
| coming Immediately available in bank re-
/
Francisco also continued, but fell to com
paraUNely small portions, the volume of
gold engagements widely overwhelming
the outward movement. The exchange at
the clearing house this morning amounted
to $5446lS,564, which is much above the
average. Large dividend payments helped
10 make up the volume OF May l settle
ments and the dimensions of the exchanges
indicated some other important financial
transactions.
Yesterdays recovery in stocks was gem
orally regarded as an incidental movement
such as usually occurs In the progress of
extensive liquidation when profits on the
| snort side become so inviting as to at
tract buying to cover. The holiday in
London left the market without its usual
| impulse from that source. The compare
| tive quietness of May day in Paris was a
negatively favorable Influence owing to the
| widespread anxiety which has been felt
| OF the day. Renewed violence in the an
| thractte mining region was regarded as
| not tending to further the prospects for
settlement
| The selling movement became as violent
| during the final hour as at any time last
| week and the market took on an appear
| ance of decentralization. Declines from last
| night OF between two and four points be-
| came quite numerous. Great Northern pre-
/ ferred headed the list with a loss of lt per
| cent. Other stocks scoring lesser losses
were Northern PacifiC Chicago ST. Paul,
| Minneapolis e. Omaha; st. Paul, North
| western, Delaware & Hudson, Tennessee
Coal Smelling Reading, Union Pa
mated Copper. Colorado Fuel ell and others
/ OF less prominence. Hasty short covering
! formed the only interruption to the throw
| ing over of stocks without regard to the
! price up to the closing, which was excited
and demoralized.
Bonds were heavy. Total sales, par value,
| $2,225,000 United States Ss declined u per
| cent on call.
Quotations on stocks today were as fol-
| lows: