Omaha daily bee., 1906-06-15
NEW YORK STOCKSAND BONDS
Sharp Break in Market Due to Unsettled
Conditions for Several Days,
LEVEL or VALUES PUSHED TOO HIGH
Spectators Unable TO Take PrOhtu
without Causing Decline
Crop Report n Disap-
pointment.

NEW YORK, June 1.-THE sharp break
In foday's stock market was the natural
consequence OF market conditions for sew
eral days past. The failure Of the govern
meat report on Monday to sustain prices
evidently proved a great appointment to
the speculative operators for the advance.
The decnne since then has brought
realizing sense Of the difficulties Of Sc
curing profits in the present market. Varl-
Gus successes in advancing prices servei
to obscure the narrow limits OF the mar
ket. So long as selling was withheld and
the professional element was agreed In
buying stocks the rise in prices not
difficult to account for Hut the events
of the week have awakened the conductors
OF the campaign to the difficulty of dis
to which prices have been pushed. Dis
enlargement over this condition. undoubt-
eddy prompted a good deal Of selling in
The formation OF a we'll organized bear
party was also to be perceived In the action
OF the market and on the attacks on some
of the stocks made vulnerable by undue
manipulation of late. Rumor was very
busy with the supposed identity OF the
the formidable prestige attached to some
of the names used by reason OF the smash
ing success Of historical campaigns of the
past made these rumors an evil portent
to the less confident holders OF long stock,
Amongst the ranks OF these were some
influential market organizations which had
accumulated special stocks into pool hold
ing. That there was extensive unloading
of such pool holdings today was the cur
rent belief. Reports, in some cases had u
that the selling OF this class was due TO
the approaching expiration OF the date Of
the pools. Matters Of this character are
never subject OF exact information and
professional traders took full advantage
OF the natural vagueness OF the reports
to exaggerate them and distortN them with
the purpose Of influencing sentiment ac-
cording to their own views.
Actual news bearing on values was
scsnty and the market was affected al
together by technical causes. In the grain
m rketa the grains the sub
ject of some bullsh speculation, which
affected the small grains to some extent
| in sympa thy. Neither the grain nor the
cotton markets offered any supporting
factor for stocks, but neither was there
anything in the crop news to account Tor
the days weakness. Iron trade authori-
ties reported some increasing demand for
pig iron, but these reports are powerless
to offset the influence of the steady supply
OF United States Steel stocks which Is fed
into the market on every opportunity. The
violent reaction In the price OF copper IN
London may have been an aggravatng
factor in the special weakness OF Anal
gamated Copper and the fall In this stock
was of large sentimental effect on the
whole list. The same was true OF Read
ing. owing TO the large place held by that
stock in the recent speculation Baltimore
& Ohio was the only effective point Of re-
sistance In the whole market. Its ad-
vance was associated with the policy dis
closed yesterday by the Pennsylvania rail-
road authorities in raising dividends on
| subsidiary stocks. But Baltimore q ONO
| has had its recent dividend increase and
| failed to benefit any from 1t, owing 10 the
concurrent increase I'm the issue of stock.
| The Treasury departments call for return
| OF S100O0,0O0 on deposit with national
banks on July 10 was felt to compncate
! the money outlook On July falls due
| the requirement for the second installment
OF the increase in trust company reserves
made obligatory by the new state law. II
J is estimated that this will call for $1,000
/ 900 in addition to the cash. now held by
| the New York trust companies. The Vio-
| lence of the raid on Reading In the las ;s
| hour caused the decline to overrun itself
| and the scramble TO cover amongst the
shorts induced spasmodic rallies. Inc
! closing. however was feverish and unset
/ tied.
| Bonds were easy Total sales, par yalueI
81, 1000. United States bonds were all un-
/ changed on call
! The following was the range OF prices
] ha York Stook exchange: