Omaha daily bee., 1906-11-03
NETWORK STOCESANDBONDS
Market iu Active and Prices Rise Sharply
Early in Day.
HILL ISSUES LtAO THE ADVANCE
Great Northern Preferred is Bid Up
over Nine Points by Uncovered
shOrta-CIose f. Easy
and Lower.

NEW YORK, Nov. z-The ADVANCE in
stocks was stimulated at first By the In
crease in the Pennsylvania dividend, was
Of business There was evidence to indi-
cate large buying by an uncovered short
In the stocks which rose most sharply. IL
manifested itself first In the Hill stocks
in the "a jump in Great Northern preferred
and 81 In Northern Pacific No news was
forthcoming to explain the violent rise w
these stocks and IL was generally attributed
to the squeeze OF an incautious short inter-
est which Is particularly Vulnerable IN these
stocks owing to the small floating supply
In the market The same influence was
credited with the aggressive advance IN
Reading. The only news regarding that
stock was the report OF net earnings for
September, which showed a falling on from
September Of last year both for the cool
company and the railroad company, the de-
crease for all companies reaching Nztl59'
or 20 per cent.
been a large amount OF short selling IN the
market, based on the assumption that
period Of unsettlement and depression wa
certain to intervene before the election,
which would afford an opportunity TO cover
shorts at profit. There was an extensive
retirement OF such commitments today, the
weakness OF their position being aggravated
by the sympathetic effect on the general
list In the PENNSYLVANIA dividend That
stock was still alive today, but II was held
back from a further advance over yester-
days high level by free proht-taking. Inc
Pennsylvania railroad net earnings toL sep
the Increase In gross earnings had been
practically eaten up by the growth In
operating expenses. There were some
further conferences between railroad ON
GERS and railroad employees over the ques-
ton OF increases in wages and reduction
OF working hours, but sentiment In the
stock market was not affected and there
was a growth Of assurance that a settle
ment would be effected without an INTERRUPT
ton of profitable activity.
The course of the call loan market DID
not interrupt the Improvement in prices OF
stocks In spite of the prospect Of a poor
bank statement tomorrow The subtreasury
had taken from the banks uD 10 THURSDAY
night 50, 795yOO0 and trustworthy estimates
of the movement Of currency TO the interior
Indicated n further loss on that account
SUFFICIENT to bring the total decrease TO
nearly 100000. The shifting OF accounts
incident to the November settlements would
tend to expand the loan account. There
has been a general superstition also that
the decrease in loans reported last week
was not q true reflection OF the actual
course of that item and that a recuhcation
In this weeks statement would be likely
to work an expansion In the item. Foreign
discounts rose today and the Bank or
France and the Imperial Bank OF Germany
dillon, both by decrease of reserve and in
crease of liabilities. The result was
strong foreign exchange market here, the
higher money rate abroad prompting tne
withholding OF finance bills ftom this mar
ket while the demand for remittance from
here was quite active. ,-
Professional prOfit-taklng on the DAY
advance became general under cover OF the
latter stages Of the advance In Reading ana
the market closed easier and materially
lower than the highest prices OF the day.
Bonds were steady Total sales. par value
g. T9i 900. United States Be- advanced a per
cent on call.
r,u me- tod a. fn1InuTg.