Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-12-22
NEW YORK. STOCKS AND BONDS
k,nsy Conditions Guide the Market IutO
Narrow and Sluggish han,elL
CALL RATE RISES TO FIFTEEN PER CENT
values Are Lower After n Firm and
Active Opening, Union PHcihc
and Hill Issues Leading
the Decline.

NEW YORK, Dec 2l-Money conditions
guided todayS stock market into narrow
and sluggish channels. Operations were
relatively small and less significant than
for some days past. being largely of a pro-
fessional character. The rate for call money
advanced to almost the highest level OF
the week during the early session, the re-
suit Of sudden calling OF loans by local
financial institutions. Inc banks, while APP
parently ahead In their weekly operations
with the subtreasury, are known to have
transferred about 100000 by direct ship
ment to Chicago, where cash has been in
urgent need to meet the situation created
by the failure of the Walsh banks and
Trust company. The sum mentioned. to-
sether with the shipment through the sub
treasury to the same center threatens an
other impairment of the legal reserves Of
the associated banks. Monetary conditions
abroad were hardly moro encouraging than
at home. The Bank OF Englands weekly
100000 In gold reserves. thereby reducing
its proportion Of reserves and liabilities to
a level much below the corresponding week
of the previous year. number OF short
accounts In Americans were closed In Lon
don and operations here for that market
were small in volume, sales of balance
amounting to scarcely more than 1000
shares. limitations Of much higher
money rate during the final week OF the
year were given out In responsible quar-
ters.
Inc local market was firm and active at
the outset and some OF the previous days
losses were soon recovered. The greater
part of the early trading came from west
ern commission houses. which were openly
bullish on New York Central and Reading.
GnIon FaCinc, the recent leader Of the bull
movement, heavy. as were also the
the Hill issues, Tennessee Coal Iron.
National Lead and Colorado Fuel. Less
was heard about developments in Union
Pacific, but il was learned that the con-
trolling interests in the property had eN-
pressed themselves as not altogether in aC-
cord with the recent upward movement.
The rise in the fractions was productive
of much gossip dealing with the future OF
thoso properties and great deal of the
buying was traced to sources having pro-
nounced political affiliations. The Inter
borough company figured in the days talk
OF a zeal IN the fractions. The general list
weakened with the early advance of call
money to 10 per cent, from which rate IL
soon fell to 10 per cent. After alternate
spurts of weakness and strength the mar
ket drifted along In characteristic ante
holiday fashion. In the final hour, how
the market gathered increased strength
under the lead of Metropolitan Street Rail
way, which advanced more than points,
and the closing was active and generally
firm, the notable exception being American
Hide and Leather, which fell over points
The decline was accompanied by ruInoFs
of hitch in a reported merger negotla-
lions with one Of the larger kindred COM
panies.
Bonds were easier; total sales par value,
SO, 43o 90. United States bonds were all UNI
changed on call
Quotations on the New York Stock eN-
change ranged as follows:
Sales High Low Close