Omaha daily bee., 1908-06-04
NEW YORK STOCKS AND BONDS
spasmodiO Drop at Opening is Caused
by Heavy offerings.
PRICES REBOUND AT MIDDAY
Volume Of Dealings shrinks and
Relapse az Last sends Values
ca Lowest Point of the
Session..

NEW YORK, June S.-The stock market
was subjected to quite a drenching at the
outset by the o~utpouring of sales induced
by consideration Of some OF the overnight
developments. The spasmodic nature Of the
drop In prices, which resulted in opening
the way to an upward reaction and a prac-
tically complete repair OF the opening losses,
was effected by midday. A notable con-
traction in the value Of the transactions
hen occurred as though the speculative
temper favored a breathing spell to take
account OF the violent experiences through
which the market has been carried this
week. Prices relapsed suddenly at the last
to about the lowest.
Large attention was attracted to the re-
ports from Washington of the plan of the
government authorities for pushing a new
suit against the Standard Oil company on
rebating charges, which might involve max
imum fines even In excess OF those imposed
IN the previous suit, n W on appeal to the
higher courts. The speculative operators
IN stocks showed the same feeling towards
the news that they did towards the an
nouncement OF the suit against the New
Haven railroad for violations OF the anti
trust law. 1t was interpreted as an lndicR-
ton or renewed determination on the part
OF the administration to. push prosecutions
against corporations. There seemed to be
a more serious view taken Of the cut in
prices OF steel bars than was the case yes
ter1ay when II was first announced. This
was partly due TO the tone Of public COM
ment on that action. Its Importance was
enhanced also by a report from Pittsburg
that the subject was figuring in the wage
negotiations going on between the western
Bar Iron association and the A~malgamated
Association of Steel Workers. Not only this
cut In steel bars, but the prospect Of reduce
ton In other lines was urged, 1t was re-
ported, at this negotiation in favor of an
agreement for lower wages. Financial SEN
timent Is sensitive to suggestion of wage
controversies and whatever approval has
been shown of the policy of maintenance OF
prices, which the steel trade has sought to
enforce, has been due to the claim Of the
advocates that 1t would obviate the neces-
Ill nf ANn mo nos IN thai 1.CN az
This claim was accorded about the same
sympathy as that advanced in behalf of
an advance iD railroad freight rates to safe
guard the rate of wages OF railroad EN-
ployes. The present unfavorable view Of
the cut In steel prices, however, is due more
to the feeling that It is a belated response
to a course of affairs that should have
been recognized earlier.
The aggressive support which turned the
market conferred on Union Pacific and the
renewed rise in that stock to the high fig
ure OF yesterday and OF the year was ac-
companied by authoritative intimations that
the details of the $40, O00,0 00, 900 bond issue
had been arranged. The maintenance of the
American Smelling dividend, although at
ore time subject to widespread doubts, has
been discounted in the more recent action
duction In the American Car and Foundry
dividend. The weather may caused some
misgivings over crop prospects, especially
in the Southwestern states. 1t was after
the Union Pacific bond sale announcement
had spent its force that prices ran off again
to the weak closing.
United States bonds were unchanged on
call.
Number Of sales and quotations on stocks
/ WaE 90 nllnuVa