Omaha daily bee., 1905-10-27
NEW YORK. STOCKS AND BONDS
Market Shows a Chilling Eject Of Sharp
Break in Prices Wednesday,
GREATER CONSERVATISM IN lNDUsTRAls
Report that Production in Several
Lines ~ In Advance OF Demand
Causes Halt In Imitation
of Values.

NEW YORK. Oct. 26.-The stock market
TO-DAY showed the chilling eftect IN senti-
ment OF the sharp preaK in prices wnicn
developed late yesterday. mere were
occasional Isolated points of strength but
they were not efrecuve at any time as an
onset to the generally heavy cone. WEAK
ness in the general list was not acute, put
there were some conspicuous declines as
well as advances Inc coaiers made a
further demonstration Of strength, but the
movement showed signs of over extension
and lost its force in the absence of any
development TO explain it. kumors con
unued prevalent OF further consolidation
Of the anthracite interests, but no authority
was found for any Of the reports in circu-
lation The growing disposition TO exer-
else mors discrimination IN the operations
to advance Industrial stocks was encouraged
by the incident of the passing OF the dlYi-
dend on American Hide and Leather pre-
ferred, as well as by the poor showing
of earnings reported yesterday by the Corn
Products company, The lesson was thus
perity all Industrial enterprises are not
bound to secure the same advantages "A
spirit of great conservatism was manlieSt
even towards the iron and steel and rail-
road equipment industrials. An Indictment
to this spirit was the admonitory state
ment of the Cleveland Iron Trade REVIEW w
of a real peril in the present tendency TO
advance prices, The president OF one or
the principal car construction companies
also came forward with fiat assertion for
publication. that the demand for car equip
ment was being exaggerated ana was
calculated to do damage by stimulating
4
duction, he asserted, is in excess of demand.
London was a seller to notable extent
| in this market, principally on account OF
! the uneasiness caused by the upheaNal
! in Russia This same influence was a
| factor in the wheat market owing to the
Russian cereal crops. The progress OF the
settlement upon the Stock Exchange 1T
London held up the rate for call money
there and the open market discount rat,
| also rose above the bank rate. me PAM anN
return was weak, showing loss IN oulllOI
| of upwards of $1,000,000 coinctdent with al
| expansion OF the banks credits to the eN
! tent of S17,670 900, thus bringing down Lnt
proportion of reserve to liabilities from Soc
! per cent last week to 40.ll per cent Tht
! showed very strong recuperation, It's cast
| on hand increasing S1l765,OOO, accompanies
| by a broad contraction both In loans anI
! note circulation. The discount rate II
Berlin also eased a fraction. Discounts anC
! sterling exchange were unchanged II
| Paris. The easier tone of money was main
tanned in this market but sterling exchang'
made a further advance and expectation
grew of an early announcement OF gold eS
ports With the subsistence OF the ma
monthly tide of pension payments tne sup
| treasury has also commenced again
| withdraw cash from the New YORK none!
market promising thus to neutrahze IN
! contributions of the earlier part OF TN
week by that institution. These develop
ments caused some apprehension OF re
the monthly settlement. The pressure 0i
the stock market gathered force ana I'M
| closing was weak at the lowest
| Bonds were irregular. Total safes pa
value, 50. $4,000 United states oohds "et
| all unchanged on call
| Quotations on the New York STOCK eX
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