Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-11-24
new YORK STOCKS AND BONDS
Market Has a Material Setback Due to
Heavy Realizing Sales.
RISE IN UNION PACIFIC STAYS SLUMP
Buying Believed 20 Re Due 60 Antici-
patton of Favorable showing of
Annual Report which L.
Expected To-day.

NEW YORK. Nov. 2S.-Prices had a ma
terial setback today and II was not until
the aggressive advance developed In Union
Pacific, late in the day. that any effective
progress was made towards repairing the
damage. Sales to realize profits I'm some
OF the sensational speculative favorites
proved to be overwhelming and caused
violent declines i'm those stocks and
sympathetic recession in the general list.
few specialties continued to make up
ward spurts. but they were not OF char
acter to sustain confidence in the general
strength OF the speculative, situation nor
to hold the list against effective selling
elsewhere.
The state into which the speculative
movement had fallen in the last few days,
especially the wild moves Of yesterday.
caused some perturbation and aroused
fear that they were of a kind which would
run quickly to elimination. owing 10 the
violence OF the manipulative methods pur-
sued. Very attractive profits also were
offered at many points I'm the market. The
consequence was that the selling move
meut, once inaugurated, grew OF its own
force with the result Of general show
of weakness by midday. Speculative profit
taking was especially conspicuous in Read
ing, Smelling, Brooklyn Transit. Anaconda
and the southern group Of iron and steel
stocks Some OF the late rumors which
have circulated in connection with opera
lions in all OF these stocks have been so
little credible that those who had bought
on the strength of them were easier
thrown into apprehension upon their denial
bad effect upon sentiment was produced
also by the evidence of a lack Of support
I'm the Rock Island group and the rapid
decline in prices there under light llquida-
ton. Rumors circulated that there was to
be no dividend paid on the second preferred
stock OF the ST. Louis & San Francisco
company, which was the weakest stock
I'm the group. 1t was not however, until
the enormous demand Tor Union Pacific
developed that any effective resistance was
offered 10 the general weakness OF the
market. The character of dealings in
Union Pacific stamped everywhere early as
of highly centralized origin, and the favor
able view of the market was that the
demand
knowledge of the character OF the annual
report the publication of which is looked
for tomorrow. Reports were circulated
that the disposition of the company's
Northern Securities assets as disclosed in
the report showed such large profits as to
Justify the movement. The view OF the
movement as Of speculative origin found
encouragement in the fact that the opera
lions i'm the stock were on very large
who concoCted the recent movement in
Reading. wager was offered from this
source that Union Pacific was destined TO
reach l15 on the movement in exactly the
same manner that a wager was made early
in the Reading movement as to its ultimate
There was no notable change in actual
conditions. Prices of iron and steel, ac-
cording to trade authorities are held down
only by main force. The sale OF Sl25OO,O 600
Of New York City bonds did not ruffle
the tranquility OF the money market, For
eign exchange also was steady and dis
counts in London were lower. The price
OF copper was lifted to the highest level
touched since 1871 The dlstTlo diudan 81 am am
Republic Steel preferred was known for
the first time to the market. The United
States Steel stocks and st. Paul obtained
most substantial benefit from the Union
| Pacific movement but the earlier losses
were pretty we'll restored In the general
| stocks The stocks under special pressure,
| however, continued weak and made the
| lowest prices of the dav in the last Few
minutes of the market unsettling the
| close. which was decidedly feverish and
very irregular.
| Bonds were steady Total sales, par
| all unchanged on call.
Quotations on the New York Stock eX-
! change ranged as follows: -