Omaha daily bee., 1906-07-13
NEW YORK STOCKS AND BONDS
Market ia Lower on Selling BY Bears TO
Take Profts
NEW LOW RECORD FOR THE MOVEMENT
Statement that Capitalists Are Pre-
pairing an OBJECT Lesson 20
Eject Legislation on
Investments,

NEW YORK. July l2.-Speculators who |
opposed decline in prices rather Tuetuly |
prone unced today's stock market defence |
less and 50 far as It implied an entire
absence of buying power the term was
an occasional covering movement by the /,
successful bear traders, who were satisned
to take inviting profits on the deeune IN
Stock exchange In explanation Of the move
ment clearly was simple conjecture for the
most part by the traders who were folow
ing the movement without knowing where
large supply OF stocks came from that
poured into the market The volume OF
the dealings had risen by noon to nearly
the figure for the days total of the day
before.
The quick effect of the revival Of the
activity in forcing down prices is evidence
OF the prevailing disposition to sell on
the part of those who make their appear,
ance in the market at all. Traders laid
far west of the president OF the Great
Northern as discrediting the. rumors Of
Northern ore lands deal was to be promptly
announced. AS a matter Of fact, the weight
SPno 6sy IS bs ss Ss onG
available means of causing prices to adj
vance, are much more effective while left
be as officially confirmed. II is feared that
the formal announcement would lead TO
selling TO realize, as in the case Of other
favorlte supposltion OF the traders was that
lately returning tourists from Europe hav-
|
have brought back definitely formulated
| policy of liquidation and the countenancing
| of a decline in prices. The difference be-
/ tween income returns on securities at tho
present level of values and on money loans
( Is one allotted motive for this policy. But
| the desire OF affording an "oblect lesson
Of the timIdity Of capital and the damage
| to flow from the governmental and popular
attitude toward corporations finds an even
causes ilInV for for''t this alleged policy
| A violent decline in the London price OF
copper ana response in New York ana
| of iron reported by a leading authority
were cause OF weakness that seemed more
substantial. AS matter Of fact the move
mant Of the market was traceable largely to
technical conditions The decreasing de-
mand for stocks on the recent rally served
was coming In at the prevailing level OF
J prices. Yesterdays late reaction brought
mRent touched last week Today those prices
were broken through in large number Of
stocks, although some Of the principal
market leaders are exceptions. The effect
was to encroach on margins and uncover
stop-loss orders which escaped at the pre-
vious decline There is no present pressure
on borrowers of stocks, but II is suspect cd
| that loans on time to some OF the stock
market pools are running to their maturity
and difficulty is found In satisfactory re-
The money market was tranquil and the
presence Of the secretary OF the treasury
( in the city was the occasion for an i'm
preston that the proceeds OF bankers
! subscriptions TO the forthcoming Panama
canal bonds will be left on deposit with the
banks and thus guard against an upset
money market as consequence OF the
subscriptions in connection with the current
withdrawal OF $10,Oo0,00O of government de-
posits limitations of a purchase by the
government Of silver bullion for mnta ge
were also calculated to suggest a means
Of release of government funds to the mar
ket. These suggestions of clearing condi-
lions in the money condition were given
some credit for the late recovery from the
recent extreme declines. although the TAX
ing of the days profits on the short side
played important part. The closing
was rather feverish, but with most OF the
rally held.
Bonds were weak. Total sales. par value,
S2,003,00O. United States 2s advanced u per
cent on call.
The following are the quotations on the
| Stock exchanRe.