Omaha daily bee., 1906-06-29
NEW YORK STOCKS AND BONDS
Prices Move in a Fsvsrish and Uncertain
Manner An Day.
SHORTS UNEASY AND RUSH TO COVER
Liquidation Continues In Large
volume, but Bears In Haste
to Take PrOhts Bid
Market I'D.

NEW YORK, June 2s.-Prices Of stocks
moved In a feverish and uncertain manner
extent to which the short Interest had been
built up in the course of the rapid decline
in prices and the heavy liquidation OF the
last few days The extent TO which TINS
liquidation has gone and the effective relief
thus secured serve to make the short inter-
est uneasy lest a sudden turn In the course
Of the market might be imminent. The
liquidation was continued in large volume
in the early part of the day. But the eager,
their precipitate rush to buy for this pur-
pose caused extensive recoveries In prices.
From the one extreme of the day TO the
violent and the extreme swing was cut up
by numerous smaller vibrations renectinB
the uncertain state OF mind OF the protes-
sional operators who were attempting 10
follow the market. -
T on ~ The MARKET was the result
Of general conditions, as for some time past
Yesterdays half demotalized selling ana
unsupported weakness had the inevitable
effect of inducing lower calls upon custom,
ers Of commission houses for additional
margins and commission houses were re-
ported as complaining that a large proper
ton of these requests brought back instruc-
tions to sell the stocks and close out the
accounts some OF me inPor'n1,n ANY, ipn TpuS
their loads. Numerous smaller pools when
were committed to attempts to control the
market for minor industrial stocks were
their holdings, offers of small parcels IN
some cases finding absolutely no bid in the
market. The fact that the most spectacular
operations on the bear side of the market
had Ventured to fix definitely today as the
date for panicky outbreak in the market
made the uncovered bears eager to avail
themselves of what was thus made to
appear crisis In the declining tendency:
This disposition was the more pronounced
on account Of the failure to appear of the
heralded elimination which was to be
exploded in disastrous effect upon values.
Conditions in the money market were
unchanged, rates continued to work closer
with the approach OF the July settlements.
The call loan rate got above per cent
early in the day. The feature IN the time e
up for accommodation for the shorter
periods as compared with the almost eX-
the end of the year which has been in evil
dence for some time. Sixty day loans on
industrial collateral were made at per
cent. This was the natural consequence
market. Foreign exchange continued to
| decline in response to the same conditions
/ in London at a profit for import to New
/ York II any supply were available there.
| No arrivals are expected In London until
next week, when Il is believed engage
ments will be made for New York account.
| II is to be noticed. however, that the day.
sharp drop in sterling exchange at Paris
! London's available gold. The expected
| early adjournment OF congress which Is
hoped for by stock market bulls was given
some credit for the rallying tendency in
the market. Prices were well sustained
| during the latter part of the day and some
striking gains were established in the
mercurial speculative favorites. There was
a notable shrinkage in activity at the
higher level and the closing tone was
slightly Irregular, but near the top.
Bonds were irregular Total sales, par
value, $l36O,0 900. United States bonds were
| all unchanged on call.
The Following are The quotations on the