Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-12-06
new YORK STOCKS ANDBONDS
Speculation Becomes Animated and Priot
Level 10 Lifted Comprebensively.
PRESIDENTS MESSAGE AIDS THE BULLS
Eighty Issues Prominent in the List
Advance One Point or More and
Obscure stocks Are Also
Active.

NEW YORK. Dec. 5.-The speculation in
stocks became very animated today and
prices were lifted comprehensively to a
higher level. The rebounds In Russian Sc
eurities abroad and the resulting relaxation
In the financial tension there was an inn
portant depressing cause. The presidents
message In the prevailing bullish en-
thusissm was converted into an influence
for higher prices. The speculation broke
through the restraint of the stringent con-
dltions In the money market and practically
ignored the rise In interest in rates and tile
working of forces of depletion ot bank re-
serves.
The appearance Of the market WAS one OF
great activity throughout, the riln OF the
tapes being practically without cesss ton or
appreclable pause from start to finish of
the session The fact that the aggregate
sales did not rise high as the total of
early last week. which was the maximum
Tor the year thus far, will probably cause
surprise to the brokers engaged in the
trading. This was due to the very large
number of usually inactive issues which
were dealt in. Some OF the stocks CT
largest market volume and which are the
hand, were comparatively quiet. The
breadth of the market may be inferred from
the fact that advances of a point or over
were made by something over eighty diff
ferent stocks. While the speculative atten-
ton was disseminated In this way, and the
most conspicuous gains were shown by the
obscurer class Of stocks, the comprehensive
strength of the market nevertheless was IN
deniable. in the great breadth of sDecula-
i've interest the market was more nOtaDle
than any Of the year thus far. Ultimately
the movement extended to some OF the low
est grade Of stocks and those of very ques-
tionable value, thus giving rise to the usual
criticism of speculative excess which is in
duced by such a movement.
The rally in Russian securities abroad
was of decisive importance and gave color
TO the construction that the extreme weak
ness of the day before was a discounting OF
the worst that could be feared In Russia,
rather than a reflection OF actual condi-
tons result a
sort Of local borrowers to the foreign ex-
| change market for the relief OF money
| necessities Offerings OF bankers bills on
that account In the foreign exchange mar
ket caused A sharp decline In rates. But
| the relief thus secured did not prevent very
Rates for call loans were held generally
| above per cent from the outset and there
was a furry again to a higher level rate;
touching 10 per cent. whSn the principal
| supplies had been exhausted.
| The substance OF the PRESIDENT message
was pretty accurately foreseen but Its sf-
feet was decidedly miscalculated: The
| terms of depreciation Of the hostility 10
| railroads or corporations seemed to amelio-
rate the erect on speculative sentiment OF
| rate control and regulation of corporations
| The suggestion that legal power should DC
| given to permit, under specified conditions
and careful supervision, agreements clearly
| in the interest Of the public" was fastened
| upon as pointing in effect to authorizat ior
%as most MOST pronounced n the members Of
the Vanderbilt group and this caused con
! lectures of a revival OF the plan for mer,
| ger in that group. The strong financial
| showing in the annual report of the UnioI
Pacific gave that stock special strength ant
| was a sustaining influence in the whole o.
the railroad list. The failure Of the enor1
to adjust the dispute over export corn rates
| was without influence on the western anC
| southwestern railroad stocks. Call money
was broken from 10 per cent to per cent pN
offerings from one. of the principal banks a
the lower rate, but when these funds were
taken the rate rose again to 10 per cent anC
| held at IL per cent under the closing, some
| unsettlement resulted in the final tone OF
the market, but the closing was generally
| strong.
Bonds were irregular. Total sales pa
value, s., $50 600 United States So and old A
1 declined 4 per cent on call
| Quotations on the New York Stock ex
| change ranged as follows;