Omaha daily bee., 1906-07-06
NEW YORK STOCESAND BONDS
Early Recovery in Prices is Practically
Wiped Out on Realizing.
MANY CAUSES CONTRIBUTE TO REACTION
vanderIip's Address Before New York
Bankers Construed as Containing
an AIarmIst Note-MOney
t. Easier.

NEW YORK, July 5.-The recovery in
prices OF stocks which set in on TUESDAY
was substa ntially extended today and then
practically wiped out on realiEing The
renewed weakness at the advance greatly
unsettled speculative sentiment The un-
dertone OF the market was decidedly I'M
proved at the outset The buying, al.
though comparatively light, was erected
on a rising scale Of prices and the dullest
periods of the morning were during the
pauses of the advances or on positive re-
actions This was a reversal Of the recent
couragement until the late reaction and
corresponding depression then
The largest part of the demand was at
tributed to the uncovered short interest
and the rise in prices In itself drove this
element to buy stocks to cover. The rise
had its impulses from abroad where prices
Of Americans rose during the holiday in
terval here. The weak return for the Bank
OF England Is a measure Of the strain OF
in England the widow dressing require
ments of the private discounts. But the de-
cline in discount rates both in London and
Paris showed the influence at work Of the
redistribution Of the funds accumulated for
those purposes. Brokers had bids for
stocks In the opening dealings in New
York with a view to reselling In London
which caused an almost immediate rise to
the London parity. The consequence was
that uncovered bears found their positions
somewhat cramped at the outset ana they
scrambled to secure stocks. This was the
active period Of the day. Later prices we're
effected on greatly reduced business The
New York money market showed the ben
eft OF the returning flow of dividend and
interest money and both call and time
loans we're reported easier. The contirma-
ton Of earlier reports OF an engagement
of gold In Australia was confused to mean
an additional engagement. Discussion was
hopefully renewed OF probable engagements
in London next week. Reports OF an In
tended issue OF New York treasury bonds
toward the end OF the month made bad
known requirements, The Journal OF Com
merce estimates new capital issues in June
at slH, 900, 600 of which nearly ss7 00O,000 were
of bonds. This compares with a total Of
| SlZ7. 100000 in May. but the aggregate for the
| first six months OF the year Is brought to
1927. 700 900, which is less than S42 900 I'M
der the new capital issues for the whole
of the year 1906. Ice company stocks were
weak on account Of the success attending
prosecutions in various parts OF the coun-
! try Allis-Chalmers stocks were under
| allowed to underwriters Of the new bond
| issue. There was some disposition to con-
| strue the tone of Mr.. Vanderlip's address
before the New York state bankers on the
/ necessity of currency reform as containing
an alarmist note. This conduced to the
| later reactiocary tendency Of the market,
| which was aggravated also by the reduc-
| ton effected in the short interest and the
withdrawal of Just so much potential sup
/ port from the market. The weakness OF
| Brooklyn Transit was due to reports OF
proposed fare regulation. The market
| closed weak near the lowest
Bonds were irregular; total sales, par
value, 81, 10000. United States IS regis
| tered declined u per cent on call.
The following are the quotations on the
Stock exchange: