Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-03
NEW YORK STOCKS AND BONDS
Market is Demoralized BY Enormous
Volume Of Liquidation.
SALES EXCEED TWO MILLION SHARES
Anaconda DrOps Twenty Points and
Hill PacIacs Ten-L.ater Market
H. Higher. bot Close IL
Unsteady.

NEW YORK May Am enormous vol
ume Of liquidation was erected IN the
stock market today. The aggregate Of the
solute record OF dealings at the New York
Stock exchange, rose well over 100000
shsT an Sew made se esy one Of me &
tory. Very serious inroads upon prices
were caused by the violence of the liqui-
dalton. But towards the end of the day
the market showed evidence of the relief
afforded by the liquidation accomplished.
II was a fine day FOR the bears and they
operated with great holiness and on On
enormous scale all dav Their inclination
to take profits on the large declines of
the day was an important factor in the &C.
casional rallies.
The shrinkage in market valuations gave
rise to the Inevitable reports OF money DIFF
fculties and added to the uneaslness pre-
vailing about the stock exchange. There
was no confirmation Of any Importance of
these reports and their failure of verifica-
ton helped to the rebound The extreme
weakness shown during the day was at
tributed to the same causes which have
been Of effect for several weeks. IL was
generally accepted as a fact that very
wealthy speculative operators and power
full pools, who had persisted in disregard
ing the warning Of the money market and
In attempting to hold the market by main
force, were being forced from their posi-
ton and obliged to sell ont their huge
holdings to obtain funds In hand for the
reimbursement OF banking centers which
had advanced money for use In the abor-
tive speculative campaign. The manner in
which stocks were hurled into the market
and the size OF the individual blocks traded
in gave a strong impression Of the dimen-
sions of the specula tive interests which
were being forced to sell and of the dis
tress which urged them to the dramatic
measures. There was not lacking the sup
position, however, that the operation might
extend not only to the selling out OF hold
ngs in the hands of these interests, but
also to extensive commitments on the short
side in the effort to recoup losses on the
long side, according to the bold methods
usually pursued by the element supposed
to be most largely concerned.
The money market continued tight and
the rate for call money rose again TO IL per
cent. Rates for time loans for all periods
up to six months were firmly held at per
cent.
Intimations Of a forthcoming special
presidential message to accompany the re-
port of the Standard Oil company inquiry
were made something of. Decreases in
March net earnings by the southern Rail
way. Cleveland, Columbus, Cincinnati &
st. Louis and the Denver & Rio Grande
companies made disagreeable supplement
to yesterdays similar showings by the st.
Paul and the Louisville & Nashville, not
withstandng the largely increased earn
ings reported by the Pennsylvania and the
Norfolk e. Western. a--.
The substantial recovery OF the latter
part of the day left no adequate indica-
ton in the days net prices of extreme
Generalization that ruled I'm the market
about midday Of the season "a Al that time,
were such declines as l0% for Northern
Pacific, 10 for Great Northern preferred,
for National Lead, "a for Reading, AZ for
Smelling, for Union Pacific and Loco
motive. 5 for Cleveland Columbus, Gin
ctnnau g. St Louis and to points quite
generally throughout the list. BY the close
OF the day fair sprinkling of gains was
established, which was substantial for St
Paul. Brooklyn Transit. Canadian Pacific
Atchison and Consolidated Gas. The clos
ing tone. however. was unsteady, with
some fresh relapses at few points
Bonds were steady Total sales, par value
$S565,0 United States bonds were all un
changed on call.
Quotations on stocks today were as fol
lows: