Omaha daily bee., 1906-11-23
new YORK STOCKS AND BONDS
Great northern Preferred Falls on An
nounoemsnt Of Ore Land Settlement
EFFECT HAD ALRt 20 BEEN DISCOUNTED
Union Pacihc and southern Iron
shares Advanee-Market suffers
Reaction and Close is weak
and Lower.

NEW YORK Nov 22.-The stock market
still showed strength and breadth OF activ-
We're ssnsaton ye bs rSsSacte e af Sew
eral OF the stocks which we're thus at
fected, however, were such that the SYM
pathetic effect on the general list was
unsettling rather than cumulative
The bad repute Of some stocks with the
speculative element has to do with causes
quite aside from the financial standing or
character Of the companies themselves.
Stocks OF comparatively small capital or
which are closely held in few hands and
are seldom active in the stock market
are not favorite mediums OF speculation
in time OF ordinary activity. Their sud
den energCnce into prominence either by
large transactions or violent fluctuations
Is usually accepted as a sign that market
possibilities have been about exhausted In
the more popular stocks and that only
the course OF elimination by exhaustion has
brought the speculation around to this
| class This feeling was accentuated by the
ticipntion OF Great Northern stockholders
~ the benehts OF the ore lands contract
The valuable nature Of these benefits was
beyond dispute. But this transaction has
served so long as the handspring of one
/ speculative movement after another while
| held in the confines of vague conjecture
| that doubts are felt as to what can take its
/ place with equal erect now that II is
definitely outlined and therefore placed
without the realm OF speculation. This i'm
preston on sentiment was clearly manifest
/ IN the movement in Great Northern pre-
| terred itself which started downwards
/ IN sympathy. The feverish fluctuations In
shifting.
! The most substantial example OF strength
in the market from the speculative stand
point was Union Pacific. which moved ag-
| gressively away from ST. Paul after having
been crossed momentarily by the per cent
payer early In the week The revived dis
cussion OF a southern iron merger was re-
! Elected in that group of which Virginia
! Iron, Coal and Coke was the conspicuous
/ figure with a buoyant rise at one time OF
1874 over last night. The coalers also
! drawing of an analogy between the Great
Northern distribution and what might re-
suit from separation OF coal mines and
lands from railway company ownership. A
great many low priced industrias were
concerned In the movement at one time
or another.
The course of the call money market
showed that the factors OF relaxation were
not as rapidly effective as was indicated
by the later course of yesterdays market
There was no rise to 10 per cent, as II
ruling rate was maintained at about pei
cent until late in the day. New York ex
change at Chicago fell back to a small
discount after having ruled at 20 cent,
premium when the week opened. Another
10000 also was transferred to San Fran
cisco through the subtreasury. The lat
money market continued strong and yer!
little was offered The rate OF per cen
was bid for three months and per cen
bid and 61a per cent offered for six months
There was a marked decline in speculative
confidence with the progress of the day ant
decided reaction In prices from the higl
level. Net losses were as conspicuous a
gains at the end of the day and the clos
ing was weak.
! Bonds were irregular. Total sales. pa
value, 81, 10000 United States % registers
advanced y per cent on call.
The following was the range OF prices o.
the New York Stock exchange: