Omaha daily bee., 1905-12-20
new YORK. STOCKS And BONDS
Monday, Hysterical Market is Succeeded
by Firmsr Feeling
WEAKER HOLDERS ARE SHAKEN eU1
Talon Pacific IL the Backbone Of
the Speculation and stock IL
Pushed 10 New Record
Price.

NEW YORK, Dec. 1e.-There was no fur
Their trace in the stock market today OF
Yesterdays hystericai ~ over the Chlcsg9
bank failures. Speculative holders who had
been swept on their feet seemed TO have
their Composure restored or to have given
place to other holders OF tirmer deter
mination. 1t was asserted In fact, that tho
shaking out Of weakly secured holdings by
yesterdays sudden slump had benefited the
market. There was evidence also OF some
requirements to cover shorts which pre-
suinably were the after results OF yester-
days attack on the market Such hesit9-
ton and uncertainty were manifest In
the market were traCeable to conditions
normal to the closing period of the year
and to the days Developments However.
there was a distinct revival OF aggressive
bulish spirit In the market and many strik-
ing advances were recorded, although the
dealings were highly COngeSted In "A rev
stocks.
Union Pacific was the backbone OF the
speculation and was pushed up by seem
ingiy endless buying to new record price.
Inc brokers employed in this buying made
an occasion for rumors that the principal
competitive transcontinental interest was
seeking effective representation In Union
Pacific. There were sharp advances In the
northwestern Pacihcs. For the most part
the days most notable movements were
elsewhere than in the railroad list. A rather
unexpected assumption of control of the
Tennessee Coal and Iron company by the
new purchasers seemed to arouse apprehen-
sion that the competition in the buying
which has made the high level for the STOCK
might be considered to be ended. A sharp
break resulted. The marking up of Anal
gamated Copper to par again had a streng-
thenlng effect on the general list. Adverse
factors, which were feared, failed to make
their appearance and the speculation was
thus encouraged to push its efforts.
Money was quotably easier both on call
and on time, Notwithstanding some very
large further shipments to Chicago through
private sources. The contribution to the
money market by the subtreasury, in which
the payment of the anticipated January In
terest figures helped to this result, and last
weeks heavy dividend disbursements were
also given credit for a part of II. The
steamer sailing tomorrow is the last by
which remittanCes can reach London In
time for the January settlements, and yes
terday's demand was urgent that gold
exports were under discussion. But the de-
mand today was surprisingly light In view
OF this circumstance, and sterling exchange
carly yielded from yesterdays advanced
level. Many large demands, however, con-
tinued to center upon London and an ad-
vance in the Bank of England discount rate
on Thursday is considered a possibility.
While the Chicago bank failures seemed to
be relegated completely to the background
the probability was discussed That the clear
ing house settlement of the difficulty pro-
posed might involve the tying up OF consd-
cradle resources, with possible effect on the
money situation during the turn OF the
year. The decline in activity in the market
was parity attributable to the approach of
| the holidays and the normal disposition at
| that time to clear up commitments, al
| though the proposition to close the Stock
exchange for an extra holiday on Saturday
seemed to find no favor. The sharp break
| in peoples GAS was attributed by rumor to
a liquidation growing out of the Chicago
| failures and increased a disposition to take
profits all through the market. Prices were
carried considerably below the best In CON
sequence and some of the important gains
| completely wiped out. The closing was easy.
| After the close the reduced dividend and re-
duced price OF sas put In effect by People
Gas became known.
Following were the sales and range of
prices on the Stock exchange today; 80