Omaha daily bee., 1906-06-28
NEW YORK STOCKS AND BONDS
Violent Break in Prices Fellows Heavy
RsaliSing salea
MARKET LEADERS DROP 3 TO q POINTS
General Net Losses Average one 20
Two POints-CIOse is Active
and Lowest of the
Day.

NEW YORK, June H.-There we're few
special new developments in conditions TO-
Gay TO account for the rather violent break
in prices. The influences which are respUn-
sible for the unloading Of stocks have been
gathering for some time. Todays break
was due as much as anything to the DIS
couragement over the failure OF the market
to respond to anything in the nature of ia
vorable developments. This mad the erect
OF fixing opinion that favorable opportuni-
ties were being taken to sell stocks. This
resulted In reassurinR the uncovered bsAr
interest which hRd begun to manifest some
mlsBiving over its position owing to the OK
tent TO which the decline has already ex-
tended and the proportions to which the
short interest Is reputed to have grown.
With the demand from the bears to cover
shorts reduced, there was no effective buy
ing from any quarter TO absorb the heavy
liquidation which came upon the market
again today.
the morning to support prices and to drive
the shorts to cover. This had the effect
for while Of intlmidstinE the bears, and
on any considerable decline they showed a
disposition to take their profits and to buy.
With the progress OF the day the pressure
OF long stock on any advantageous opportu-
nifty became clearly manifest and efforts at
support were almost wholly abandoned. An
example of the action of the market, in
face OF good news, was furnished In the
case OF Anaconda, which broke violently on
realizing on yesterdays selling before the
general market began to weaken. Its de-
preston was communicated 20 Amalga-
during the day OF intended dividend In
creases and the actual raising of the rate
Of disbursement on Ontario g. Western,
therefore was without effect In inducing
any buying Of stocks. The earlier example
OF the weakness of Pennsylvania, in face
Of the rise In the Baltimore & Ohio divl-
dend, was also kept in mind and helped TO
convince sentiment that. important liquida-
opportunity offered.
The money market today offered no evil
dence Of any urgent demand for funds on
call, although the tone was somewhat
firmer. But the influence of lenders OF
money in inducing the liquidation Of stock
was believed, nevertheless, to be a pre-
ponderant influence. A large reduction of
commitments on the part Of the stock mar
ket seemed in progress under this influence.
Ii took the form In some cases of more Sc
we're scrutiny of collateral In loans, Many
reports were current OF Discrimination
against some of the industrial stocks as col
lateral on loans. and, while the banks were
not inclined to admit these reports, the spe-
cial weakness in the stock market OF the
stocks referred to in the reports indicated
condition of disfavor OF these SECURITIES
at their present level OF values. Calling OF
loans proceeded to some extent in prepaTa-
ton for the July settlement Fears that a
furry might occur next week In connection
with these settlements had something to 90
with the pressure 70 sell; Sterling exchange
continued to decline, with reports OF gold
being secured for import. II Is now believed
that the SO 000, COO OF government deposits
will be Withdrawn from the national banks
on July 10, in accordance with the an
nouncement. in order to facilitate the re-
deposit OF government funds in San Fran
cisco banks, which is intended. A meeting
of st. Paul directors without taking any
action on the expected plan for financing
the Pacific coast extension. added to the
speculative feeling OF disappointment and
increased the weakness or the stock merKet'
which was most active in the last hour'
with closing prices near the lowest. Gem
eral net losses run from TO over points
and the leading speculative favorites lost
from 8 to 4 points and upwards on the day s
dealings. Bonds were irregular. Total
sales, par value. 81 .935.CO0. United States
The following are the quotations on the
Stock exchange.