Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-04-11
NEW YORK STOCKS AND BONDS
Market Becomes Decidedly Weak Under
Raid Of an Organized Bear Party.
MANY STOP LOSS ORDERS ARE UNCOVERED
shortly Before Noon There Is o
short Rally, hut Reaction soon
Sets In and Close is
Irregular.

NEW YORK, April l0.-Stocks became de.
ctdedly weak today under what appeared
TO be raid by an organised bear party
In the speculation. The continued strin-
gency Of money has been viewed with
considerable equanimity by speculative
holders of stocks so long as prices held
pretty steady or showed occasional signs
Of advances, keeping up speculative con-
iidence that there would be ultimate
to cover interest charges even at the high
prevailing rates. But with prices starting
decisively downward sentiment underwent
a marked alteration. IL was evident that
the fear OF such a movement had prompted
the placing Of large stop loss orders be-
OF the bear party had succeeded in forcing
prices down to the figures at which these
stop loss orders came into effect there was
quite indtsCriminate selling and throwing
over OF large holdings for what they would
bring.
The market showed more acute weak
ness than at any time for several weeks.
The firm resistance hitherto shown by
stocks to the stringency in the money mar
ket has caused belief that extensive specu-
lative commitments i'm stocks must be play
ing very little part In the expansion of
credits which has run up the rate for
ment to show the strong technical position
Of the stock market in spite OF the fact
that the severest stringency in money had
been confined almost wholly to the walls
of the Stock exchange itself.
A decided effect seemed to be produced
duced on sentiment also by the government
the winter wheat crop. The condition was
poorer than had been hoped for and the
decided strength resulting I'm the wheat
market dashed the sangulne confidence that
has been felt in the promising outlook for
the crop and the assurance OF that potent
! factor in keeping OF tho high tide OF pros
perity. There was little change in the
money situation. the renewal rate being
generally held at 20 per cent While the
rate yielded early TO below that figure, II
recovered later to above II and touched
% per cent again. While sterling exchange
continued to decline so as TO widen the
margin OF profit on engagements of gold
for import, the difficulty of securing a
supply Of the precious metal seemed to
grow owing TO the scarcity Of new ar.
rivals in London and the keen competition
OF Paris for the available supply. An
other days loss OF nearly 100000 to the
subtreasury brought the absorption for the
with H,sO4OOO the corresponding period of
| last week.
At one time during the morning the stock
| market was quite generally strong. Read
ing was advanced on talk Of a compromise
of the coal mining dispute. Amalgamated
! Copper responded to gossip Of a prospective
! dividend increase. But these stocks after
wards were amongst the weakest OF the
| list with corresponding effect on the re-
| Versal OF sentiment. The professional char
| acter of a part of the selling was indicated
| by the demand to cover shorts, which
| caused some recovery, so that last prices
! were not at the lowest OF the day, al
though the closing tone was unsettled and
| irregular again
! Bonds were easy Total sales par value.
s., 10000. United States old Is coupon de-
| clined Il per cent on call.
| The following was the range OF prices on
! the New York Stock exchange: