Omaha daily bee., 1899-12-31
MOVEMENTS OF STOCKS AND BONDS.
Outlook for Next Year md Principal
E~luctuRtions of This.

NEW YORK, Dec. 30.-The transactions
of the Stock exchange today were more or
less interrupted by the holiday frolics of the
brokers on the floor, but there was sufficient
trading in e~Vening-up accounts for the close
of the year to make quite an active market
and some irregularity in prices. The Balti-
more & Ohio stocks, after their upward
leap of yesterday, were conspicuously at
feCted, the common falling back nearly 22
and the preferred over a point. The most
active of the specialties: including Sugar,
stocks, were also inclined to react. al
though the undertone was strong. and there
was a disposition to hold stocks for the eN-
pected demand after the first OF the year.
The expectation of this demand is based on
the sudden relapse in the money rates at all
the leading financial %centers, the London
discount rate falling below the bank rate
today and the Berlin rate showing n further
decline. This gives ground for a hope that
brought to "A stop. II is possible, how
ever, that the. relaxation In foreign money
rates may be based on expectations of fur
Their supplies of gold from this country.
That being the case, bankers believe that
there may be occurrences of money stiffness
The days trading demonstrated that the
level of prices still offers Inducements for
investment buying. The sales of small lots
of less than 100 shares continued even more
conspicuous than on recent days. All
grades of stocks were embraced In, this de-
mand down to the nOn-dividend paying
| stocks, with only remote prospects OF re-
turn. The prevailing sentiment on the OK
| tnanRt Was httlutulN DullSll' me cum
slant striving of the financial world to an
ticipate events Is responsible for the para
doX of a lively recovery in price of securi-
ties and easy money conditions in the last
week of the year. This tendency of the
financial world Is responsible for the weeks
events in a tWo-fold sense. Last weeks
panic conditions were the results of prepara-
lions for the money pinch which has long
been looked for at the close OF the year,
owing TO the extraordinary magnitude of
the January l disbursements this year.
Last weeks forced liquidation oVerdid
Itself, as such violent movements are GER
tain TO do, and Wall street found itself I'M
eXpectedly flush of funds with prices of Sc
Curities at the lowest level of the year and
a practically universal conviction that the
beginning of the new year Will mark a
period OF easy money, with the regular re-
hux of funds from active use in business
| latiye world, therefore, executed an abrupt
about-face and rushed TO buy stocks 10
anticipate the good times suppose. TO be
COming with the new year. The demand
was particularly urgent from the short in
terest which had oVereNtended itself ldst
week and worked some violent recoYeries IN
stocks which had suffered most severely
from last weeks panic. For instance, Met
ropolitan Street Railway, which closed on
saturday. December l6. at l67. sold in the
panic al l47 and rallied this week to lISi2,
which, allowing for the dividend deducted,
Is equivalent to over lO.
In fact the general level OF prices has
recovered to about that of Saturday before
the panic. From the speculative standpoint
doubts have arisen whether the violence OF
this recovery was not excessive and this
has been realized by holders who bought IN
the panic, either 10 sustain prices or in a