Omaha daily bee., 1906-03-07
NEW YORK STOCKS And BONDS
Market Gives Evidence of Relief from
Forced Liquidation.
DEsULToRY RECOVERY OF VALUES
Dealings In AmalEamated Copper.
Union Pacihc and ReadinE
Make Up Bulk of
transactions.

NEW YORK. March 6-The days market
gave unmistakable evidence OF relief from
the pressure of the urgent and forced liqui-
dalton which upset prices yesterday. A
desultory recovery was the consequence in
which covering by short contracts by pro-
fessional operators on the bear side of the
market played a large part. The later
stages OF the market, however, showed a
striking disinClin .tiOn to fellow the recovery
of any large commitments on the long side.
After SO sharp a shaking out as that OF
yesterday. a renewal of decline in a more
deliberate way after a temporary rally Is
not unusual But the rally usually goes
further than that Of today. The large
part played by short covering operations
In the demand which lifted prices was in
dicated by the relatively large buying Of
the stocks which were most acutely under
pressure yesterday. Amalgamated Copper
was notable example, the determined
support of that stock at par yesterday
apparently having convinced the sellers
that protection was to be afforded the stock
by interests capable Of taking care of Il.
The dealings in this stock, Union Pacific
and in Reading Will be found to make up
the bulk of yesterdays total transa ctions.
The advancing tendency was spotty and
irregular and did not set in until after
a ragged opening in which a majority OF
the list sold lower than last nights clos
ing Besides the prominence of yesterday $
weakest stocks in the recovery there was
a show Of positive strength in the Wabash
securities and those of southwestern rail-
roads in the same group.
The assembling Of the coal opera tors to
consider the proposition Of the anthracite
miners for an agreement gave rise to vary
ing rumors which were reflected in the
fluctuations of Reading. Announcement Of
a deposit at the subtreasury of 100000 for
transfer by telegraph to San Francisco
gave chill to the market owing to the
Importance attached to the money situation
from stock market standpoint. The trans
fer &c generally recognized as due 10 the
calling home by the japanese government
of the resources of its bond issue which
have been on deposit in New York for
many months past. where they have had
the benefit of the high prevailing rates for
money in the New York market Their
withdrawal at this time is supposed to be
connected with the new loan operations
by the japanese government in their home
market. Much interest naturally attaches
to the extent to which this movement may
be carried, but no authoritative information
is forthcoming on the market. Today s
money rates were not materially changed.
although the general tone begins to show
the benefit OF the liquidation accompl shed
in the stock market. Foreign exchange
also was inclined to yield today. The sag
ging tendency of stocks at one time wiped
/ out pretty much all of the gains but a
heavy buying movement in Southern Rail-
way In the final dealings re-establshe
some portion of them and left the closing
tone steady.
Bonds were steady. Total sales, par value
s2,O4O,O0O. United States bonds were all
unchanged on call.
Quotations on the New York Stock eN-
| change were as follows