Omaha daily bee., 1906-05-24
NEW YORK STOCKSAND BONDS
Large Selling Orders Gauss a General
Decline in Prices
TIRED HOLDERS BEGIN TO UNLOAD
Absence of Prospect for PrOat Taking
DiscOurages spectators - Days
News Not UnfavOraBIe to
Values,

NEW YORK, May 23.-There was a de-
cided Increase In the amount OF business
done at the Stock exchange today, but
selling orders made up a large proportion
Of the expansion in activity and prices
suffered accordingly. The decline In prices
seemed the result in large part Of the sus-
pense involved for speculative holders Of
stocks in prolonged period of dullness
and sluggishness, A paralysis Of specula-
tive demand leads almost inevitably to
slow sagging tendency owing to the nor
NAL offerings OF stocks to be marketed
even in the quietest periods. Spectators
dread the slow shrinkage or disappearance
Of profits In such a market. Todays sell
ing was supposed TO be by tired holders.
of this class, who have become discouraged
over the prospect OF any early revival of
News of the day was not regarded as
adverse to values and some items were IA
vorably interpreted. The progress of the
investigation into the coal carriers was
not one of these The resumption of the
Inquiry today may have been responsible
for a feeling of dependency on the part
OF spectators. The graft disclosures
reaching into the railroad world are
dreaded for their effect on public senti-
ment just as were the life insurance ex-
posures. with just cause in the latter case,
as was proved by the event. Pennsylvania
stocks themselves show SEINE resistance to
the general depression in the market. in
ness even while other stocks were strong.
This was attributed partly to the practical
confirmation of rumors current for sew
| eral days of a fresh bond flotation by the
company in Paris, estimates of the amount
reaching as high as $4,000, 900. No details
| were obtainabe of the term for which the
! new issue is to run or the rate of interest
! which II is to bear. Sentiment respecting
| the huge borrowings of the Pennsylvania
was not materially altered by this new de-
velopment But the fact that resources
| were found in a foreign market was re-
garded with great satisfaction for the relief
! afforded to the domestic market. The
! home market is believed to be secured
| from any further early demand by this
| company and the operation will serve also
| to fund some of the large Indebtedness Of
! this market to Paris and defer the neces-
sity for its liquidation. hopeful augury
! was drawn from the event, for the chances
| OF French participation in future American
| capital issues since the overcoming of the
obstacles in the Bourse regulations which
| have prevented dealing In American securi-
| ties In Paris heretofore argues a propitious
| sentiment on the part Of the French finan-
cial power to the new departure. As the
are lodged in France, willingness to ven-
| ture them in American securities may be
| of far-reaching consequence to the i'm
portant financial projects in contemplat ton
| in this country and which threaten to be
! hampered by the excessive demands upon
our own supplies of capital.
Some OF todays price movements pointed
to quarters where these needs are to be
met. The weakness of New York Central
was attributed to the new stock issue Inn
pending. Circumstant Al reports were cur
rent of forthcoming $50. 900 900 temporary
note issue by st. Paul to finance It's Pa
cihc coast extension. The ofiicial dis;
States Steel bond issue was coupled with
admission of the possibility of an ultimate
resort to this means of securing resources
to complete the companys great Indiana
plant. Hopeful sentiment prevailed as tc
banking operations in San Francisco. The
breaking of the drouth in the southwest
did not help the market, since the previous
crop damage reports had but little effeci
on stocks. The reduction in the Imperia
Bank of Germany's official discount rate
was of but moderate influence either ir
foreign or here. Reading and Pennsylvania
made centers Of resistance to the decline
and of the partial rally which followed
and which was fairly we'll held at tn,
| close
Bonds were easy; total sales, par value
81, $4,000. United States bonds were un
changed on call.
The following was the range of prices OF
the New York Stock exchange:
Sales. High. Low. Close