Omaha daily bee., 1906-06-16
NEW YORK STOCKSAND BONDS
Liquidation Continues and General. Level
Of Prices is Materially Lower
BEAR PARTY TAKES THE AGGRESSIVE
READING Leads the Decline, Drop
piRg Many ,Points-CIOsinR
Tone Irregular and
umcertain.

NEW YORK June l5.-Speculative liqui-
dation Of the same kind as that which
developed yesterday continued today and
FORCED prices TO materially lower basis
all around. The bear party showed itself
alert and well organized to take full ad-
vantage Of the vulnerable position OF the
market and their vigorous attacks on
prices built up a requirement to cover
stocks. which Induced occasional rallies
The trading was within professional linn
its, as the campaign on the long side has
been throughout. The fail in prices took
place with the same dearth of news to
account for a depression Of sentiment. as
ment was clearly indicative OF the disap-
pointed hopes OF the professional move
with profit. stocks which have been
most prominent in the attempts to get
prices up are coming in for their fun
share of corresponding prominence on tbs
deolne Reading is the notable example
and continued It's unenvisble leadership in
the melting away of prices. The penalty
clearly illustrated in the days most con-
splcuous movements. Rational explanation
for the excessive advances IN Reading were
long ago abandoned and 1t was considered
sufficient 30 account for them that a wager
should be made by the leader Of the spec
ulation in the stock that the price should
reach some designated figure by a specified
date. II does not cause great surprise
that buying attracted by such means de-
course Of prices going against the profit
OF the position.
A irmer tone in money was the only
important development In conditions. Call
money was In active demand, owing to
the large requirement for the heavy divl-
dend disbursements which were made to-
day. These included the 100000 Standard
Oil dividend and a number OF other divt-
dend payments calling for large amounts.
Rates for time loans also advanced ap-
probably both for short and long periods.
The demand for seven and eight months
loans was called very strong, and scanty
supplies were offered. The rate was Sh
per cent, strongly bid, and business was
done at-above that figure. The preliminary
estimates of the weeks currency move
something over 100000. which was more
than accounted for by the operations with
the subtreasury. Reports of crop dam
age continued to have an influence on the
stock market and to occasion rising APP
prehension OF an impairment of the year
harVests The statement of the May for
eign trade showed the falling off on values
of agricultural exports made UP with a
large margin In addition by the increase in
value of manufactured exports, but the
heavy expansion at the same time IN , the
value OF the imports resulted In a>smaller
trade balance in our favor for the month
than in May Of last year. The excess
value OF exports this year Ia $B,6OO, lS4,
compared with So. 26S.145 for the preceding
May. While the discrepancy Is small,
Of the large reliance placed by New YORK
on foreign money markets for resources
to supply the needs of the fall money
market here, Last prices were generally
above the lowest, but the closing tone
was irregular and rather uncertain.
value, s., $4,000. United states new 4s ad-
vanced per cent on call.
The following was the range or prices
on the New York Stock exchange g.