Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-01-31
NEW YORK STOCkSAND BONDS
Market Breaks Badly in the Latter Part Of
the session.
COURSE EARLY IN THE DAY IRREGULAR
At the Beginning of the Final
Hour stocks stream into the
pit from all
Directions.

NEW YORK, Jan. 3O-The stock market
broke badly In the latter part OF the aay
after series OF mutations OF speSuIa'ssaS
sentiment, which did not carry prices lei
from last nights level in other dlreeuohs,
This state of uncertainty lasted uhtll VIE
beginning of the final hour OF tne sess ~ a.
when stocks began suddenly to stream INTO
the market from all directions at once as
though by concerted agreement News Oh
any development to account Tor the ~, move
ment was lacking. IL was generaiy az
tributed to a growing distrust OF the tecni.i
cal position OF the market and 10 inc STOW
ing holiness of an aggressive bear party
which las been built up in the mar ct in the
last few days. This parry was credited Win
a large part of the selling which broke INC
market yesterday on nominal grounus oi
alarm over the congressional solution OF IN
quiry into the combination OF rallrodiqis
under the Pennsylvania auspices by tIis
morning opinion had settled down INTO tne
feeling that yesterdays violent break IN
prices was largely due to clevery exc exc
euted strike by the bear party Inc sn nHlers
which was obviously for the purpose OF GOV ,
ering shorts emphasized the convlctlon OF
the large proportion of short selling In yes
The extent of the decline yesterday, how
ever, had the inevitable effect OF preclpltat-
ing speculative liquidation this morning:
There were considerable Accommodations of
selling orders in commission houses at ths
opening. With the renewal OF the deciine
fresh Importance was attached TO the actlol
in the house of representatives on inc
standing of the Pennsylvania group OF ran
roads and to the measure at Albany 10 III
vestigate the state banking department.
While the market was showing resistance 20
the depression during the early part or the
day speculative opinion was inclined 10 Dr.
little the Importance of these measures.
Some effect was produced by the tone of an
interview with the president of the Great
Northern asserting his conviction that the
course OF affairs in this country at present
amounted to a consumption or the country
principal for cost of living.
The variable reports of net earnings TOT
December by the Erie, Lehigh Valley
Chesapeake g. Ohio and the Canadian, Pa
cific railroads were ignored by the rush to
liquidate speculative holdings. The Russian
financial situation continued to engage at,
tention abroad and increased the Likelihood
of an outgo of gold from New York. But nc
engagements were announced. The princl-
| pal pressure of the liquidation entered IN
I Reading, Colorado Fuel, Union Pacihc
| Amalgamated Copper, Lead, Smelling and
| such stocks, which had been the subject OF
excessive or reckless speculation in the I'M
| mediate past. The rush of shorts TO cover
| caused violent rallies at the last, whlcn
! largely reduced the extent of the declines
| The United States Steel stocks were MOI
much affected by the selling and came ur
strongly at the last, the common rising 80
| over last night in antic patton OF faiorapi'
statement of net earnings for the quarter &c
| be given out late in the afternoon.
Bonds were irregular. Total sales pal
| value, 33,3S50O0. United States bonds were
| all unchanged on call
| Following were the sales and range Of
prices on the Stock exchange today: