Omaha daily bee., 1905-10-28
new YORK STOCKSAND BONDS
karkst Opens Active and First Hour
Largely Absorbs Days Business
HEAVY SELLING FOR FOREIGN ACCOUNT
Return Of z. II. Hartman starts Re.
port OF Probable Developments
In Northern Securities
Group.

NEW YORK, Oct 1.-THE market started
on at an active pace today, but the first
hour Of trading absorbed the bulk of the
days business and thereafter there was
notable shrinkage in the volume of transac-
uons until the weekly closing. The activity
OF the first hour was caused by a contest
DeIWeen conflicting forces. There was large
selling for foreign account and the market
was plainly under the continued influence
or depression manifested at the close yes
terday Support was forthcoming. but IL
required quite large buying to sustain
values against the selling pressure. When
again and for a long time hung practically
suspended with last nights closing level
movements In special stocks continued a
feature without much effort on the general
surface of the market
The Northern Securities group came into
prominence on the assumption that the re-
turn TO New York Of the head OF the Union
racine company would be followed by de-
Nelopments In the Northern Securities set
on u is point and the operat ons seemed CON
nned 70 the trading element. The foreign
Ting erect Of the disturbed state OF affairs
IN Russia. Continental centers were re-
ported sellers OF securities In London and
issue Of the proposed Russian loan would
De delayed and the tie-up OF money in prep
aration for II extended for this reason.
Inc estimates of the weeks currency
movement with the interior Indicated a
nominal gain by the banks and the gain on
subtreasury operations was also reduced TO
nominal proportio ions nv the suhsdence Of
pension payments. Money on call was in
brisk demand in London In connection with
the pay for the Stock exchange settlement.
7 Among the new developments applying to
special properties United states Reduction
and American Smelling were affected by
the reports of the sale by the former to in
I terests largely represented in the latter
company Of holdings In the Utah Copper
| company. The recent weakness of Rock
/ Island found an explanation in the state
ment Of net earnings for September, show
/ ing the gain in gross earnings almost all alb
I sorbed by the increase in operating cost
while for the affiliated St. Louis & San
/ Francisco system the heavy increase in
operating expenses served to cut down con-
, siderably the net return. The strong up
ward movement of Standard OIL In the curl
| market was a subject Of comment and had
some influence in keeping the midday stock
mar ket firm. Exports of wheat Tor the
week rose 1,435,627 bushels over those fol
! last week and there were reports of very
I urgent demand for vessel room for further
| shipments in prospect This development
did not affect the strength of the foreign
exchange market. The stock market held
Its recovered level poorly and during the
: last half hour of the trading fell back &c
I the lowest and closed weak and inactive.
| Bonds were heavy. Total sales, par value
49, 10000 United States bonds were all un
/ changed on call.
| The quotations on the New York Stocl
| exchange ranged as follows;