Omaha daily bee., 1905-12-16
NEW YORK STOCKS And BONDS
Early Market is Low T on III .ensive Profit
Taking Sales
TRADING is THE DULLssT or THE WEEK
Late I'm the Day Values Rise
Slightly, but there IL a Decided
Lack in Animation
and Variety.

NEW YORK, Dec. is. - The wave Of
proht-taking sales which swept the late
stock market yesterday was carried over
into the early dealings today, and during
the first hour of the trading prices ranged
considerably below last night The course
Of the selling had spent itself by that time
and there were recoveries and later some
resumption of the aggressive bidding up
of prices. The market was the dullest of
lacking in animation and variety.
The forecast of the bank statement gave
promise Of an improved condition to be
reflected tomorrow. But this has been the
factor In the strength in the market all
through the week, and today sentiment
was inclined to a forward cast to factors
beyond. The call money market rate was
sitter and revealed the fact that any re-
sources added to the bank holdings during
the week had been fully ayailed of. The
mestic centers seems to have been heavy.
and II Is estimated to have been sufficient
to yield gain of cash in the neighbour
hood of 100000 after allowing for the
loss of H,l75.000 on the weeks SUBJ
treasury operations. Payment was also
begun today. Of the anticipated january
government interest, which amounts in the
aggregate to some "a. 100000, but which is
expected to yield not more than 100000
directly to the New York money market
Furthermore the dividend of $40 per share
on Standard OIL stock was payable today,
calling for the disbursement of 100000
The fact that call money was higher again
In spite of these sources of recuperation
was attributed to the approach of the year
end period. with its large requirements,
and especially to the marked develop
ments in foreign markets.
The open market discount rate in Lon
don rose abruptly to about the bank rate
in response to the measures of the Bank
of England. including borrowing from the
market and the raising of its actual lend
Ing rate. The price of gold was also adj
vanced. There were more Withdrawals
of gold from the bank for South America
with a large further demand indicated for
the same destination and with an expected
arrival of 100000 in gold Monday Sc
cured for Paris. The sterling rate at Ber-
lin also continued to decline. The result
of these developments was of far-reaching
Our own foreign exchange market adj
vanced in spite of a rise in the money
rates. In spite. also, of the improvement
In the November balance of trade in our
over imports for the month having risen
, to $1,671,630 as compared with $50 S9S, 4S5 in
November of last year. Corn exports for
the week rose 100000 bushels over those
OF last week.
The effect of the strong financial show
ing made in the Southern Pacific annual
report was somewhat modified upon the
minds of the speculative holders who had
looked to dividend prospects, by the stress
laid upon the importance of holding the
resources of the company in reserve pend
ing the effect of aggressive building Of
competitive lines. The effect of the Rock
Island meeting was also regarded with
some apprehension, as the belief was
quite general that the dividend on the
preferred stock would be passed. Tho
/ market became extremely irregular in the
! latter part of the day and closed with
, movements much confused. but with best
prices considerably reduced.
Bonds were irregular. Total sales, par
value $3,5l5 600 United States bonds were
all unchanged on call.
Following were the sales and range OF
prices on the Stock exchange today: