Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-12-28
NEW YORK STOCKS AND BONDS
Call Money Advances TO s5 Per Cent, aud
for Short Time.
PRESSURE UPON MARKET PROVES SLIGHT
values Advance JntiI Near the close
of the Session. when Break
Occurs and Close
IL Weak.

NEW YORK. Dec. 27-It proved impos-
sible entirely to ignore the money strtn-
today, but according to the violence of the
activity in the money market and the
high rates paid there for accommodation,
it must be conceded that the speculative
position was maintained with remarkable
equanimity. No such rates have been paid
for money on call as those exacted today
at the stock exchange since the panic
period OF the spring of 1891 and the pre-
vsiling rates OF from 80 to % per cent were
conditions in tie he stock market in times
past. Yet the pressure upon stocks proved
so light that II might be said to repre-
sent little more than a cessation of the
recent determined buying movement and
a moderate retirement on the part OF
traders from positions on the long side;
The recent obstinate determination to
ignore absolutely the stringency of the
money market showed some signs OF vital
ity this morning as was manifested IN me
stocks in spite of the admonshng effect
of the money rate on the general list,
American Smelling, for instance, was
rushed up to new record price, and there
were various advances In Few OF the
minor spccialties. The same spirit was
manifest in the market during the day
when there was any sign of relaxation in
the excessive StringenCN in the money mar
up here and there with the apparent de-
termination to restore the impairment in
values. But these efforts lacked success
and the market was inclined to fall into
extreme dullness in the intervals when SELL
ing pressure was relaxed. The deter
mined optimism of the speculative opinion
was shown by the character of some of the
arguments heard. The very stringency or
! the money market, said these reasoners,
was evidence of eagerness OF very wealthy
! capitalists to withhold funds from the
money market for use in the purchase or
| stocks. The presence in Wall street of the
| secretary of the treasury also came In
| for the usual cheerful Interpretation on
! the part of the confident operators for the
| advance, although such limitations OF the
| ket as were allowed to become public
| offered no encouragement for hopes OF re-
| lief for any purely speculative distresses
| Reports of the progress Of settlement OF
| tho bankrupt Chicago banks were less sat
| isfactory and the continued discount on
| New York exchange at Chicago showed the
! maintenance of pressure there for funds
| on New York. Some of the interior cen
| ters as well reported discount on New
| York exchange. The amount taken from
| the banks by the subtreasury since the
| last bank statement was expanded ia
s2SS3,oJo; The severity Of the money strln-
gency had more effect in driving down
! the rates for foreign exchange, but dis
count rates hardened in London and a
further decline in sterling exchange at
sure at that center Conditions were easier
! at Berlin and the imperial bank made a
moderately strong showing In its weekly
| return.
The announcement of the terms of issue
! of the new securities in the metropolitan
| Traction merger resulted in some feverisf
| movements in that group In the ehort
at an adjustment OF the relative values in
| dicated The trust company and bank
| troubles at Memphis, although they created
a bad impression, were regarded as oil
minor Importance and due to special causes
But some funds were transferred from
| here to Memphis. Attention was attracted
by the estimate of the Journal of Com
merce that the dividend and interest dis
| bursement to be made in January viii
reach the record figures of sl4lO0o,00O. al
| increase over last Januarys disbursement
| of $4,000. The magnitude of the sun
| thus to be provided for in the fact of th'
| low condition of bank reserves and the
| active borrowing for speculation offers
sufficient explanation for the course of thu
money market without seeking obscure ex
plantions in supposed manipulation to in
fate the money rate, The inroad upor
prices of stocks was inconsiderable up tC
| the early afternoon and an effective rally
| at that time reduced the losses made early
in the day. But the market broke badly
during the last hour with the wilder flight!
in the money rate and the closing was veal
and very active.
Bonds were easy. Total sales. par value
| s, $4,000. United States bonds were all un
| changed on call.
Quotations on the New York Stock ex
change ranged as follows: