Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-11-03
new YORK. STOCKS AND BONDS
Market Is Active and Higher During
Greater Part Of Session.
BIDDING FOR READING STARTS PANIC
shorts Run Price tn 90 1876 and
Movement Induces slump
I'm Prices of other
shares.

NEW YORK, Nov 2-Today's stock mar
ket after active trading throughout the
session, was subjected to a shock In the late
afternoon when a bear panic developed in
Reading and that stock was rushed up to
1885 This movement induced slump in
prices elsewhere. but when Reading yield
ed to below 132 the general market rallied.
Inc closing, however, was Irregular and
highly exciting.
The market was gathering strength in the
afternoon when the violent advance in
Reading set in on a paroxysm of buying
lots Of many thousand shares. The feeling
of panic amongst uncovered bears a
clear enough motive for this movement and
the fear Of losses to be involved induced a
general throwing over of stocks I'm other
directions. Gains were pretty generally
wiped out in few minutes and a number
OF important losses established. The move
ments in the market were for specialties
and a scrutiny OF the whole list discloses
the general movement In the general lead
ers was narrow There were some stocks
In this class that moved upward during the
day, but they were greatly outnumbered by
the similar movements in the industrial list.
The upward movement was not simultane-
GUS, but was effected by transition from
one stock or group of stocks to another,
some item of news agreeable to the move
ment being brought forward In each case
to account for II.
The reopenlng OF the foreign stock mar
kets after yesterdays holiday showed some
renewed depression on account of the con-
tinued disorders and troublesome outlook
in Russia There was a sharp reaction IN
the price of Russian bonds and London
was an active seller of stocks in this mar
ket curing the early dealings. IhlS redc-
tionary influence was contested from the
outset by the sudden upward movements
In individual stocks. This was only partly
successful in overcoming the general heavi-
ness OF the market so long as orders con-
tinued to be received in the market from
foreign markets. After the hour when
| trading abroad was over the market here
/ made better general progress upward The
coalers continued to hold the conspicuous
| place in the trading which had distinguished
them for a long time past The supposed
| new factor today in the awakened demand
| for them was the reported opinion of the
! head of the mine workers that a strike OF
| coal miners was unlikely for the coming
spring. The stimulation thus given lifted
| Heading to a new high level and was of in
| fluence In awakening Erie from a partly
| dormant position. Pennsylvania was af
| fected by the same influence. coupled with
| the extraordinary activity reported in the
| iron and steel trade. The group of Smelt-
| ing and Metal stocks continued to be in
! fluenced by the rumors Of an intended
/ merger.
| Time money continued very firm in this
| market and foreign exchange recovered
! England made very weak return with its
| proportion of reserve to liability down to
| the extraordinary low proportion OF S so
| per cent. Open market discounts hardened
| In London, call money rose sharply, and
| sterling exchange at Paris declined frac-
/ ton. New Orleans took another $500 900
| from here by transfer through the sub
| treasury. Some OF the southern and south
| earnings for September some of them
| showing decreases in gross earnings with
| an increase in operating expenses to mag
nifty the effect of net earnings.
Bonds were irregular. Total sales, par
* per cent on call.
| Quotations on the New York Stock ex-
| change ranged as follows: