Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-12-21
new YORK STOCKS AND BONDS
Market Gives Evidence Of a. Subsistence o.
Pressure Of Liquidation.
CALL LOAN RATE DROPS TO 7 PER CENT
Hnsty Unloading of So. Paul
and Hill Issues seems 60
Have Come to an
Esd.


NEW YORK, Dec. 2O.-The stock market
today gave evidence Of a subsistence Of
pressure OF liquidation, which was 80
strongly manifest yesterday. There was
desultory recovery In prices on a volume
/ Of business less than half Of yesterday.
In the later stages Of the trading the mar
ket became practically stagnant. This WIS
one Of various signs that the strength of
/ the market was not due to an important
/ recently into the m ;et on that long side.
Stocks which were weak yesterday were
/ the principal gamers in today's movement
while those that offered firm resistance to
yesterdays weak break moved but mar
| rowly I'm the uINyaTd turn OF prices today.
| The inference suggested lie the large re-
sponsibility, Of buying to cover shorts by
| professional bears for the demand which
/ lifted prices. The hasty unloading OF the
Hill stocks and OF St Paul seemed to have
| come to an end and the market was much
relieved from depressing sympathetic in
Discussion Of the unusual manner Of the
ST.. Paul stock Issue continued very active
weakening produced on the stock by the
announcement was by design or was an I'M
foreseen supplement to the action. The
easing on of the call money market put
an end to the forced selling Of stocks by
| withdrawal of credits. The early rate for
! call loans was as high as Is per cent but
the rate receded to 10 per cent before noon
ana to per cent afterwards. This result
was plainly due in an important degree to
the liquidation eftected in the stock market,
especially yesterday The result was seen
| In the number OF brokers who were paying
OF loans, having sold their stocks. An
erect was produced the tone Of the
money market by the announcements OF
the railroad companies that they would
prepay dividends and interest due on Janu-
airy /, prior to that date, following the
example Of the New York Central announced
yesterday. The st. Paul and the Chicago
q Northwestern companies took similar
action today. This money is not immedi-
ately available TO the money market, but
the the, assurance 81, that i would be before
further was heard of yesterdays rumors
Of further assistance for the money market
from the Treasury department. There was
countenance Of the Washington authorities
for an encroachment upon their reserves In
an emergency, with the implied assurance
that the additional government deposits
might be regarded as n potential safe 7tard
for the situation, The effect Of the treasury
measures already adopted still made q
meager showing in New York The Eair
of the banks from the subtreasury for the
bank statement week has reached "a SIS OO(
and the government Institution was I
debtor at the clearing house today for 81 ;.
ga SS5 The weekly return Of the Bank Of
drawal of gold from London for New Yorl
account would force an advance in tho
official discount rate. With loan expan
bullion holdings Of over $4,000 900, the pro
portion of reserve TO liability is reduced
for the week from 47O2 per cent to 3s64 pc
cent The weekly statement of the BsnI
Of France also was weaker, but that insti
tuition parted with additional gold holding
z for the relief of the English bank. Nearl,
2OCOOO. however left the English banl
. for South America.
II was regarded in some degree as charac
: tertstic of the recent contrarity Of specula
. tive sentiment that Reading should ad
r vance on the failure to raise the dividend
. rate although confident assertions had bee
! circulated that this was to be done Louis
Vile Nashville was more vulnerable to
| similar disappointment and its decline lat
In the day affected the whole list Gain
I, | were greatly impaired and the marke
: closed easy.
Bonds were heavy; total sales, par value
l,S2,OOO. United States new As declined ]
per cent on call.
The following are the quotations on tn