Omaha daily bee., 1905-10-04
new YORK STOCESLND BONDS
Depression Early in the Day Gives Way Il
Better Tone Later.
MOVEMENT is NARROW AND PROFESSIONAL
Imperial Bank of Germany Raises
Rate of Discount from Four
TO Five Per
Cent.

NEW YORK, Oct S--Today's stock mar
ket reversed the course of yesterday, the
symptoms OF depression in the early part
later as compared with the early strength
OF yesterday, changing to heaviness before
.ne close The difference as between the
Two Gays was apparent rather than real
as the whole movement was narrow and
pIoItsSlohal except for the obscure class of
SPefti nl! The feature Of the market
pace IN the trading Of the low priced in
uustrlals, many Of them non-dividend nav
caSes ana others with checkered dividend
career, was In itself dissuasive influence
70 the investing class as the bringing into
prominence OF such securities often marks
a n, iiI,dl stages or speculative campaign
IN nuah ier OF rumors were put into clrcula-
tlon alleging prospect Of early dividends
On some OF these low priced stocks These
we're met In at least one case with official
denial. The increase i'm the diIidend on
railway Steel Spring last week is the spe-
. yIat lnuuceInent to speculative ventures in
ot the general list became marked only
after business for the day had been com
pIT Tbo at foreign money centers.
, me early influence of depression from,
Ihat source was due to the advance in the
discount rate of the Imperial bank of Ger
a many i;,, from to per cent, which induced
OF discount in Berlin, London and Paris,
Frlces OF investment securities in those
s nl5i,ts declined in consequence and some
seihns OF American securities in this mar
ket resulted. This effect Is a striking ex-
ample OF the close bonds uniting ali the
money markets of the world since tbe
hardening of foreign money markets is
oirectly due to the Withdrawals of gold for
the oeneht of New York. The enormous
Changes IN the various items of the Inn
peIlal bank of Germany explained the
SIIohS cal FOR the rise in the bank rate
-, ne weeks decrease In cash reached over
$4i,Vg,uOO, supposed to be from Russian
amounted to over $77,OOOOOO, and the ex-
pansion in the note circulation amounted
70 over $SS, 100000 London was reported
70 De discussing in consequence the posi-.
putty OF another rise in the Bank of Eng.
!Snd rate: Sterling exchange advanced In
TINS market and yesterdays reactionary
tendency In the money rate checked
Inc governments report on cotton and
the break in the price OF that commodity
became influences in the later tradIns
ana overcome the depression shown bS
some OF the southern railroad stocks owins
70 poor reports of August net earnings
announcer advance in the price of conner
made the metal stocks firm. The an.
nouhcement OF the Erie bond issue and tht
/ Napasn controversy were discussed witt
| interest, but were without apnreoiahI
erect on the stocks concerned. CoverInr
| or shorts in the late dealings by traders
who had worked against the market ir
the morning helped to the more genera
advance which developed after the southerr
Iauroad group moved upwards. The clos
| ing was strong
Bonds were steady. Total sales. ma,
value, $4,000. United States new a. al
Nanced y per cent on call.
The following were the quotations on IN
| new YORK Stock exchange