Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-06-23
NEW YORK STOCKS AND BONDS
Early Market is Weak and Unsettled on
Selling Pressure,
COVERING BY SHORTS CAUSES RALLY
Rumor of Early Dividend in south
ern Pscinc Causes Advance in
Union Pacinc-ClOse is
Firm.

NEW YORK. June e The selling pres
sure, which was so evident in yesterday
stock market, was carried over into today
early dealings and kept the tone of the
market unsettled and weak for time.
During the course OF the morning the uq-
uidation spent most OF It's force: Inc pro.
fessional bears, who followed the market
actively all day yesterday began TO per
ceive that their operations we're runnlng
ahead Of the current of the market. When
they began to bid for stocks to cover
their short contracts II developed that the
supply Offering for sale was much dimin-
ished from the large volume OF yesterday
and a recovery In prices ensued. Demand
on the recovery extended beyond the limits
OF the professional short interest.
The action of the market on the rally
was hesitating and uncertain and there
was a marked falling off in the activity
of the dealings, as prices recovered TO last
nights level and above Southern Pacific
| was the effective leader Of the rising ten
sympathetic effect on Union Pacific: The
| rumors on Wednesday OF an intended early
! dividend declaration on Southern Pacific.
! following the more liberal policy indicated
| by the Baltimore & Ohio, were varied today
| by reports Of an intended offer of au-
thoriEed preferred stock Of the southern
| Pacific to the common stockholders at sub
scription prices, which would prove OF
value as rights. No official information
Tss forthcoming az to the re az ib r OF
! covery was the revival of the report OF a
Great Northern ore land deal with the
| United States Steel corporation, which has
served many times as animation for bull
campaigns in the stock market. The Hill
| railroad stocks responded quite sharply, and
! United States Steel recovered part of yes
| terday's heavy decline.
| various skilled estimates of the move
ment of currency during the week indicate
a cash gain for the banks of between 1920
900 ana $l,700,00o the movement with the
interior apparently shifting again in favor
| Of this center, as compared with the loss
last week on the interior movement. The
liquidation I'm stocks this week serves to
reduce the loan item Of the banks and It is
| thought probable that renewed borrowing
| in foreign markets during the week may
/ have reduced the local loan account. Ar
| improved condition in the banks is looked
| ment. 1t is expected, however, that any
| increase in the strength Of the banking
position will be required to meet the prep.
arations for the July disbursements The
time money market continued firm in tone
with an active demand for loans for sever
and eight months. No business was re-
ported for those periods less than 81 pei
cent, which represents an increase OF yes
terdays ruling rate. There was some hal
In the downward tendency of sterling ex
change and the London money market wal
pending loans. The sterling exchange rate
at Paris showed a sharp drop following
the advance yesterday in the private dis
count rate there. The exchange situation
therefore, made no further progress to
wards the point Of profit on gold imports
to New York. A decline in the quoted
price Of copper was an incident of the day
While prices were declining in the morning
something was made OF reports from Wash
ington of further steps impending in tn
official movement for the prosecution o
trust officials. The late recovery was onl!
slightly interrupted and the closing wa
firm and quiet, about the top level.
, Bonds were heavy. Total sales par value
81, $4,000. United States bonds are all un
changed on call.
The following are the quotations on tn
| AXGhAnRQs