Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-06-22
NEW YORK STOCKS AND BONDS
Prices Are Generally Lower on PrsOipitats
Selling BY spsOulatsrL
SLIGHT RALLY IN LAST HOUR
COveriuE ny shorts Causes some
improvement, but Close lie Easy,
with values at y Fraction
Below Lowest.

NEW YORK. June IA pronounced de-
termination Of speculative holdings in
The small regard shown for prices in eff
iectinE this pupose argued precipttancy
which had very discouraging and de-
pressing effect on speculative sentiment
The cause for the mutations in speculative
sentiment are not always easily discover
able and there was nothing on the surface
of the days events which would account
at az for the abrupt transition from the
confidence manifested in yesterdays buy
ing Of stocks to the endless throwing over
OF holdings which characterized todays
market The nature and the volume of the
selling In view of this lack of explanation
of events In itself proved formidable to
the maintenance of confidence and gave
rise to feeling OF anxiety OF causes lying
beneath the surface which might be the
inducement for the large selling which was
in evidence in the market. The impressive
selling was especially conspicuous in Penn
sylvanis and In the United States Steel
stock and the sympathetic effect OF this
upon the whole market was very bad.
Some Of the events Of the week which
are regarded as most important from
financial standpoint are regarded as cal
culated to be of especial benefit in Penn,
sylvania in its stock market standing and
II is assumed that the benefit thus afforded
TO the stock was the motive In bringing
the directors of the Baltimore & Ohio IN
advancing the dividend rate from per
cent to a per cent basis was such an
event. So was the statement given out
by the president Of the Pennsylvania in
connection with the fotation of the Paris
the COMPANY evidently Intended to re-
assure public opinion on the subject. That
there should be such urgent pressure TO sell
the. stock and such an important volume
Of liquidation offered for the purpose in the
face of these measures calculated to sus-
tain the stock in the market gave rise to
uneasiness on the part OF speculative hold
ers looking to a rise in the price. The
persistent selling of United states Steel
was Of similar effect on good speculative
sentiment. The reported cut In prices Of
largely responsibe for the A weakness IN
United States Steel. although the supposed
intention to issue bonds for the resumption
Of the Indiana plant was also cited as
iron prices is enhanced by the fact that
It discloses trade policy traceable to the
same sources as were responsible for the
ago In the midst Of promises of unparalleled
prosperity in that trade and active specu-
lation in stocks. led by the authority In the
trade. Aside from these somewhat senti-
mental considerations there were no I'M
portant developments Affecting the stock
market
Money on call was easy. the stock mar
ket liquidation probably having an influence
in this direction. Foreign exchange de-
clined further in response to the reduction
| in the Bank of Fnglands offcial discount
rate. but rates for time money continued
| strong and only light supplies were offered
| Account is taken Of the approach Of the
| time for preparations for the July settle
| pressure on money supplies. The grain
| markets remained under the influence Of
scattered reports OF crop damage which
ket. There was some rally, on short
| covering during the last hour Of the ses-
sion but the closing tone was easy and
| Bonds were easy. Total sales. par value,
81. 7O5,Ooc. United States bonds were all un-
| changed on call
The following are the quotations on the
|