Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-10-11
NEW YORK STOCKSANDBONDS
Relaxation Of Money Narlst Relieves
Pressure Of liquidation.
MOVEMENT IS IRREGULAR AND MARROW
Announcement of New Issue OF
Twenty-Five million GREAT north
ern stock sends that
Issue Up.

NEW YORK. Oct i0.-There was some
perceptable relaxation in the money market
today and resulting relief from the pres
sure of liquidation on the stock market
which was in evidence yesterday. AT the
same time one or two Incidents calculated
to inspire the speculative spirit occurred.
The result was movement towards re-
covery in prices. There was nothing like
revival of speculative activity. however, as
shown by the practical cutting In half OF
the volume OF transactions compared with
yesterday. Except In a few closely held
stocks the price movement was narrow ana
The long prevalent rumors Of a melon cut
ting for the Great Northern stockholders
developed in the decision to issue Hb,CoOcOo
Of new stock, present stockholders TO be
allowed to subscribe at par to the extent
Of 20 per cent of their holdings. Probably
thousand rumors have circulated as the
outcoming benelt to the stockholders OF
this company but none OF them proved to
have been entirely accurate. The announce
ment seemed unexpected at just this time
and the price of the stock was rushed up
over points during the first hour. In the
curb market a quotation was establlshed
for the subscription rights by sales at 35h
d37. The stock was also helped by the
statement OF gross earnings reported for
September, which reached A955, 65l, an in
The declaration Of the initial dividend on
the common stock of the United states
Cast Iron Pipe company was an influence
on a number of low priced Industrial stocks
in the same way the recent increase In
the dividend of the Railway Spring stock.
The call money rate yielded rather ue-
cisively below per cent today for the first
time since last weeks furry. At the same
time sentiment over the money outlook
was improved in London. This latter de-
velopment seemed to be due largely TO the
report that the Bank OF France had re-
linquished 100000 in gold to be shipped to
Egypt relieving by that much the require
ment In the London market. The foreign
exchange market here was firm again in
response to the easier tone of the money
market, but there was general belief that
the relaxation in money Is due largely TO
yesterdays liquidation of special accounts
In stocks. Deposits on New York tax pay
ment are a factor and liquidation in cotton
is also believed to have Afforded relief to
the money market. The quiet tone of
money Is felt to be dependent at present on
the quietude of speculation. This belief
the stock market. The government reports
confirmed the confidence in the favorable
outcome in the oats crop and helped to the
strong undertone of stocks. Some atten-
ton was attracted by reports of the extent
| TO which the congestion Of freight threatens
| TO embarrass grain and -four exporters
! here owing to their large contracts for de-
| livery on the other side with engagement
OF freight room on steamships and purch-
asses in the west already made. The day S
extreme rise In stocks was not all held un-
| til the closing owing to the proflt-taking
| movement in the last hour and the closing
| tone was irregular.
Bonds were steady. Total sales, par value
81, 235, 200. United States bonds we're all UNI
| changed on call.
| Following were the sales and range OF
| prices on the Stock exchange today:
| Sales. High. Low. Close