Omaha daily bee., 1906-03-06
NEW YORK STOCKS And BONDS
Shares Are Thrown Over by Wholesale at
Heavy Sacrifices.
LEADERS DECLINE FOUR TO EIGHT POINTS
Reading, Hill Railways, America
Smelling and Colorado Fuel and
Iron Drop sharpIy-Bond.
Are Irregular.

NEW YORK, March 5.-A penalty was
palu IN todays stock market for some OF
the excuses of the past speculation. The
paying OF the penalty must be the more UNI
palatable as coming in the midst of the
Irultion of the expectations on which the
original speculation was based Incoming
reports from all quarters sustained the con-
Vlction in the unparalleled level OF the coun-
trys prosperity. Nevertheless, stocks were
thrown over today by wholesale at heavy
sacrifices and at severe speculative losses
Judged by the enormous shrinkage in market
quotations Indicated by the comparison of
prices touched today with the high prices
was in force.
The slump OF today was a elimination OF
the more gradual declining tendency last
week. The acceleration of the pace in the
later stages of the movement is not
novelty in the stock market whether the
movement be either upwards or downwards
Speculative holdings which have been re-
tanned through earlier encouragement in
the hope of a turn in the tide and an Inn
provement in conditions become an increas-
ing burden as prices sag downwards When
selling becomes urgent in character the
quicker decline enhances the difficulties of
belated holders and detracts from the dis
position to buy stocks. Hence II comes that
the later stages of a decline take on an APP
pearance OF aggravated weakness. Margins
are wiped out stop-loss orders uncovered
and the professional bear trader is always
on the watch to take advantage OF the SIT
uation and force the decline The shrink
age in the value of collateral makes the
lenders of money additionally exacting and
lateral which may have been playing the
largest part in market activity. All of
these factors were at work In todays mar
ket. There was not much news of any
more substantial character to account for
the decline.
The opening of the week disclosed the
continuance of the factors of depletion of
bank reserves, The sub-treasury continues
TO take funds from the New York market
and interior exchanges indicate that the
current of the cash movement Is in that di-
rection. Foreign exchange also became
frmer today in spite of a yielding of dis
count rates In London Rather gloomy pre-
dictions were heard of the outlook for an
anthracite strike and the special weakness
of Reading was attributed to this cause.
The continued disturbance in the life in
surance field was given credit for effect on
sentiment although II had no immediate
consequences In the stock market. The
liquidation in Amalgamated copper was
supposed to come from interests concerned
in the settlement of the Montana copper
of the possible auspices of the decline In
this stock market. An advance in the price
of copper both here and in London, had no
effect on the price of stock The market In
the latter part of the day showed some eYi-
dence of the relief afforded by the liquida-
ton and the bear traders were inclined TO
buy to cover their short contracts. This
caused some recoveries from the day ex-
treme decline which ran to over points IN
Reading and between 4a5 points in Anal
ern Pacific. Great Northern preferred, Col
orado Fuel and few others. Declines
ranged very generally from i to points.
The late rally was not well held and the
closing tone was rather easy.
value s, S5s 900. United States bonds were
Quotations on the New York Stock ex-
change were as follows