Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-12-06
NEW YORKSTOCKS AND BONDS
Liquidation Follows calling Of Loans BY
Tanks to Replenish Reserves
TREASURY REPORT CAUSES RECOVERY
Action f. Based on Assumption that
Department f. Ready TO Come
90 Relief OF the Money
situation.

NEW YORK, Dec. 6--The stock market
struggled with the money stringenCy to-
day. Dut reflected clearly the oimcuitles Of
the situation tor SPECTATORS who are carry
ing stocks with borrowed money. Loans
were called from time to time on a large
scale by. the banks to reduce their de-
post liabilities IN the measure OF the
neavy drains that were making on their
cash reserves. Occasional LIQUIDATION was
OF the annual report of the secretary of the
treasury was the signal for q compre hensive
recovery OF declines, leading to halt In
the market at about last nights level.
The recovery was based on the assumption
that the secretary stood ready to take steps
70 relieve money stringency in accordance
annual report Of the duty incumbent upon
much as can posA ibiy be spared
conditions require II, though II becomes
necessary TO pay the current expenses Of
the government with checks on depository
banks" But while this language was HC-
cepted as an earnest OF early action for
the relief Of the money market, the relief
loans was an actual situation The fact
that money conditions abroad also began
to tighten again was regarded as an addi-
tional factor in favor of probable action
by the Treasury department, as the secre-
tary was almost as emphatic on the neces-
sity OF aiding TO prevent hurtful stringency
abroad as at home, Much interest at
tached to the passage in the report which
said:
Inc United states can III anOrd to dis
turb financial conditions In Europe, and II
necessary to prevent II the present head
or the treasury would not hesitate to make
deposits In national banks on condition that
the banks In turn deposit an equal amount
abroad"
This was interpreted as an announcement
that the benevolent attitude of the Treas
ury department towards the import of gold
might be conversely exercised on Occa-
sion towards the export of gold. That the
course of money in New York and the re-
sultant effect on the exchanges has been
tending towards the further withdrawal of
gold from London is the fear Of the Lon
don market, and this Is regarded as pre-
Guiding any relaxation in the money situa-
ton In London before the end of the year.
Not only is currency going from New York
to San Francisco to move the fruit crop
and to New Orleans to move the cotton
crop, but the drop in New York exchange
at Chicago to discount again marks a
recurrence Of demand from the west In
spite of the high ruling rates for money.
New York Central was temporarily strong
on the increase in the dividend rate, which
confOrmed to expectation, limitations OF
additional capital issues by Atchison and
Norfolk e. Western foreshadowed the fu-
ture requirements from this cause on the
money market which are expected to grow.
The urgency with which new capital con-
tinues to be sought in spite Of the dim
culties of the money market gives an i'm
preston Of undiminished confidence in the
permanency of>the needs which are sought
to be supplied by this outlay. The effect
is to confirm hopeful sentiment over the
parent in fact in the stubborn manner
! in which stocks yielded to the money mar
ket Inconvenience. The dull and obstinate
resistance was shown up to tn closing. The
| 80 per cent call loan rate Is the highest
since the first week in September wher
reported a deficit at the end Of the week
Bonds were irregular, Total sales, pal
value, s2,O5O.OO0. United States IS, regis
| tered. advanced Y per cent on call
| The following was the range OF prices OF
| the New York stock exchange: