Omaha daily bee., 1896-11-22
Saturdays Brief Session on Change
Dominated by the nenrs.

NEW YORK, Nov 2l.-Today's brief session
was dominated by the bears who directed spe.
cial pressure against the granger group. The
recent unfavorable returns published and the
predictions of continued light exhibits for some
time to come, based upon the decreased move
ment OF grain, the arguments advanced
in favor of lower prices Liquidation was evil
dent in some instances and checked tendency
toward Improvement in other properties. Some
OF the wpriced stocks figured prominently in
the decline, notably Reading Missouri Pacific
and Tennessee Coal Decided weakness was
also apparent in few of the usually inactive
stocks, on very light dealings, however. Con
solldated Gas was very irregular on moderate
transactions, but left off at a slight gain The
bank statement was exceptionally favorable,
showing for instance. increase OF S2I, ,937, 900
in deposits. but. in view of the decidedly easier
monetary conditions, exerted no appreciable in
ftuence upon prices The closing was at the
lowest OF the day at net concessions averaging
mainly shaped by the bear professionals
and sold-out bulls, who made unremtting ef-
forts TO force out long stocks and precipitated
"A decided reaction
The course OF prices was epatic but, with
the tendency. toward lower level a result
which was chiefly achieved by n material ex-
tension OF the short interest The developments
bearing upon values were mainly favorable to
the advocates OF depression, and the bears made
special play against the higher priced spe-
cialties, for effect upon the general list. The
fluctuations, with few exceptions Were ex-
tremely narrow. and the market finally lapsed
into extreme dulness. Continued suggestions OF
possible political complications, in relation 10
the Cuban question although not widely cred
tied deferred the general public well as
leading operators, from making ventures on the
bull side and restricted dealings Trade repOrts
were Indicative of queter general movemen IL
and unfnvorable traffic returns put a damper
upon efforts TO advance prices on the other
hand, the decidedly easier monetary conditions
evidenced by a drop in the call rate To 2Ib per
cent and In lime accommodations to 4 per cent
well as urgent inquiry for prime mer-
camille paper facilitated the carriage of stocks
and offset efforts TO induce liquidatlons This
condition would also favor operations by lend
ing stockholding interests against an unwieldv
short interest. Tho bulls contended that IL was
too early To admit Of the reelection In earnings
OF the improved business conditions, while The
bears laid stress upon the reaction In grain
which, II was alleged would cause a liphter
movement OF ensthound tonnage. Foreigners
were moderate sellers OF our stocks and bonds
being Influenced to an extent by the hardenins,
rates for money abroad, The traders hammered
Sugar and made successive reductions In the
prices or the various grades Of the product and
met no resistance. II, indeed. they were NOT
assisted By insiders. The special argument
against the stock the prospect OF hostile
legislation at the next session Of congress Deal
tngs In bonds were on considerably lighter
scale, although the over-the-cuunter'' inves..
ment business was reported by leading houses
very heavy.
The failure of the Ryan syndicate TO secure
control of the Seaboard Air Line caused appre-
hension OF renewal OF rate hostlllties. Spe-
ciiic developments In some properties were re-
ieoted In especial movements. Consolidated Gas
sharply advanced on announced variety of
bullish unconfrmed reports and Pacific Mail
responded TO the resumption OF dividend pay
ments by q substantial Improvement READING
was strong ON the formal organization OF the
new company and prospects OF material reduc-
ton OF rentals OF leased lines American Spirits