Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-11-17
NETWORK STOCKSkyD BONDS
Market Opens Irregular and Active on
Improved Money Conditions
PROFIT TAKING CAUSES A REACTION
whole List IL swept 60 n
Lower Level I'm Late Liqui-
dalton and Close L.
weak.

NEW YORK, Nov. is.-Conditions In the
money market showed evidence today OF
and very irregular openings in stocks were
resumed accordingly. The further retreat
of the bear element by covering OF shorts
and the most aggressive operations against
them continued TO be in special stocks
which are credited with being largely in
the hands of pools The movements in
some of this class became so violent as to
unsettle confidence again There was also
by the wide recoveries from the weeks
low prices. Alarming reports OF conditions
in Russia and the great strength of for
eign exchange caused the abrupt break in
the late market.
The opening rate for call money showed
the easier conditions existing In that de-
rate touched s per cent only momentarily
and reached steadily to per cent while
The premium which has been exacted on
time loans for short periods also disap-
peared and the tone for that department
was also easier. The presence in Wall
street again OF the secretary OF the treas
ury was made the occasion for repeated
rumors Of an intention TO take measures
was announced later in the day that the
secretary had decided TO return to WASH
ington speculative discussion readily turned
to the conclusion that this indicated relief
from any further apprehension OF threaten
Ing conditions in the money market.
Actual developments pointed to a. cessa-
ton of the drain on the cash reserves OF
the banks, thus relieving them of the
necessity of continued loan contraction
to keep pace with a further shrinkage in
reserves. The subtreasury for two days
now has contributed a small sum to the
money market instead OF a withdrawal
and its net withdrawal for the week has
thus been reduced. The increased volume
of pension payments is responsible for the
change. A more important development
was the rise at a number of points Of the
interior exchange on New York to pre-
MUM. At Chicago this premium advanced
70 zoe per thousand. Reports were current
amongst New York bankers OF advices
from the west that currency was already
returning to the secondary reserve cities
central reserve cities. This movement was
expected by the first week in November
and the violent counter movement instead
at that time was a potent factor In upset
ting the money market. Another con-
spicuous feature OF today's money develop
ments was the spasmodic recovery In ster-
ling exchange to a point nearly NC In the
pound above the low level of the week for
sight bills. The renewal of Russian dis
| turbances and their revived effect in de-
! pressing foreign markets were influences
In our foreign exchange market.
| The foreign exchange situation, together
! with the uneasiness caused by the feverish
advances in special stocks, combined 70
J induce the late reaction in the market
/ Rumors of the state of AFFAIRS In Russia
/ assumed an alarming cast Advances In
! do with the special demonstrations OF
| strength in the smelling and metal stocks
! The whole market was swept to lower
| level in the late liquidation and the CLOSING
| market leaders between / and points
/ lower than last night
| Bonds were irregular; total sales, pal
| value, A,220, 0O0 United States bonds were
| all unchanged on call.
The quotations on the New York Stocl
| exchange ranged as follows: