Omaha daily bee., 1905-10-25
new YORK. STOCKSAND BONDS
Reaction in Values Shows Professional
Character in Recent Dealings
HIGH PRICES CAUSE MISREPRESENTATION
new Record in Many shares Causes
Hesitation on the Part of
Traders - Close f.
Heavy.

NEW YORK, Oct. A.-Probably the chief
Importance to be attached to todays mar
ket is the light L throws upon the pre-
ceding markets. The days reaction with
entirely lack OF any change In news made
pretty conclusive evidence OF the profess
slonal character Of the upward movement.
The demand for stocks in the loan depart
ment of the Stock Exchange was not more
than nominal today, indicating the large
reduction in the outstanding short Interest
The conclusion was accepted as reasonable,
therefore, that yesterdays 1OOO,OOO shares
mark was due to the combined efforts OF
driven to cover by last weeks advance IN
prices and to the taking Of profits by the
party of professional spectators which had
conducted the operations for the advance.
A small increment from the outside de-
mand caused by the squirt in prices factlt-
tated the movement to take profits. The
joint effect was an extensive closing up OF
outstanding speculative contracts so that
the market of today was left clear Tor new
ventures The hesltating disposition as to
the direction to be taken by the new COM
mitments was responsible for the wavering
Of prices and the shrinkage In the volume
of business. --
The check to the advance in view Of the
further easing of the money market rate
was a disappointment to that speculative
sentiment which had held the conviction
firmly that money stringency was the only
thing that would restrain a rise In prices
of stocks as result of the great activity
and prosperity in all branches of business
affairs. The fact that yesterdays early
advances had carried the average level
Of prices to the highest Of the year and, In
fact, to the highest record prices as a
whole, was n subject of comment and
doubtless an occasion for pause. The low
grade OF some of the securities which were
being rushed forward into prominence was
also subject for grave questioning. II
Is the experience OF speculative markets
that the stirring up Of such securities as a
slbilities for advance In stocks of more
substantial value have been exhausted.
Tne result e.; Of the PROFIT taking today n
fairly ludicrous. They have been bought
quite Unfortunately for several days on
would turn to them. Any appreciabie
1 movement offers a handsome proportion OF
profits where the entire purchase Price is
so small. An example Is Standard Rope
and Irvine for which a sudden demand
yesterday carried the price UP to 50 a
share on par value Of 800 On a move.
to 81. - ''''0 ''' wv ''''' - -''
Selling for London account was quite a
factor in the days weakness, and the ap.
preach Of Stock Exchange settlement
| there was held to explain the selling. There
were small changes In the money market
but considerable Importance was attached
dent Of the imperial Bank of Germany
| expressing satisfaction with the interna.
| tional money situation But there was nc
cessation today in the firmness OF the for.
| eign exchange market here, and the au.
! thorities allowed themselves an intimatior
mote contingency. New York exchange a
Chicago also fell back to par. The sub.
treasury continues to yield cash TO tn,
banks and the money market was called
easy. The special points OF strength II
today's stock market were without ex
nlanation and were believed 10 be attribute
BILE TO operators tactics for the purpose o.
sustaining the market AGAINST the realiz
ing In progress. The hard and soft coaleri
were the conspicuous EXAMPLES OF suc'
stocks. Their sustaining influence was ef
fective In limiting the declines and RESTORING
some part OF the losses. The market CLOSED
| heavy
Bonds were firm Total sales par value
sS.S55o0o. United States bonds were all un
changed on G y. -,st-
Quotations Z n the, New York Stock ex
Ichange rang as follows: e. ~. t,st 3