Omaha daily bee., 1906-01-12
NEW YORK STOCKSAND BONDS
Average Level Of the Market Rise, Above
that Of Wednesday.
MODERATE PROFIT TAKING CONTINUES
Standard Railway Issues Advance
on Rumors of Consultations
and Increased Divi-
dends.

NEW YORK, Jan. u.-There was evil
dence again today of a resumption OF ac-
uvity OF organized parties of Spectators
OF the kind which conducted the aggressive
advance up to the first Of the wear and
Which has been supposed to control the
market in the interest OF the recent profit
taking. That profit taking was still i'm
evidence today, but its effect on prices
was not so general as that OF yesterday.
above that of yesterday and gains in spe-
clal stocks were pronounced. The volume
OF dtalings expanded materially
There was little in the days news to ex-
plain the movement The Joining in the
upward movement of some of the more
substantial influential stocks effective
duced also by the developments in the
| money market. Immediate conditions di-
verged from the gold export point. Sterling
exchange moved upward at Paris again,
thus relieving the pressure of New York
| from that source. Foreign political senti-
ment was more cheerful and relief was felt
| advancing its official discount rate. The
weekly report of that institution. however.
showed but a meager recuperation from
| the depleted reserve condition of last week.
| such Improvement as there was being prin-
| cipally due to the 100000 loan contrac-
| ton. This brings the proportion OF the re-
| serve to liabilities up to $3.50 per cent, COM
pared with 29.S1 per cent last week but
| against the ratio of H.50 per cent this week
| last year. The Bank of England also lost
! about 81 500, 600 today, which was withdrawn
| for shipment to South America. II Is be-
| lieved therefore that the bank Is prepar-
! ing to get control of the money market
| so as to make an advance in its rate ef-
fective before resorting to that measure.
| Foreign bankers here continue to execute
an outgo Of gold later owing to the heavy
| obligations to foreign lenders falling due
| change here was easier today and there
| was some renewed selling or bankers bills
| for the use OF foreign funds. Subtreasury
operations have contributed to the money
| market already this week 100000 and
there was another heavy debit balance al
the clearing house by the subtreasury this
afternoon due 10 payments by the govern
ment on account of the TRANSFORMATION OF
mail. There was paid also 100000 by thai
institution on Geographic transfer from
San Francisco. The easing of the foreign
exchange rate was the more notable in this
face OF this replenishment of the loca
money market. as the easing OF the none!
outgo Of gold.
The stocks which made up the feature o.
the days market were di,,n mixed n nsrs o
amongst railroads and Of low-priced stocks
paying small dividends or not at all, boil
amongst railroads and fndustrials. som'
OF the Industrial stocks running into de
cidedly low grade.
There was a wide intervening gap in thu
list amongst the average market leader
and these were sluggish and rather neg
lected throughout. The renewed advance II
Union Pacific to a record level was IN
most effective sustaining influence in tn
| market Increased dividend expectation
were the factor. The Hill group was mad
the subject of revived rumors of a melol
| cutting and of absorption OF connectinl
| lines to the gulf.
These rumors apportioned the missouri
Kansas & Texas system to Burlington an
the Kansas CITY Southern to St Pau
The movement in the lower grade stock
was accompanied IN some cases by citation
| OF improved earnings to warrant eNpech
tions of dividends The market took o.
great animation late in the day and man
new favorites amongst low-grade stock
were rushed into prominence ana Amalsa
; mated Copper threw off its earlier restraint
hut the character OF the market was no
essentially changed. The closing was gen
. orally strong. but there were some Hree
0 ular spots on realizing.
o Ponds were steady: total sales. par vaiu'
o 81 10000. United States 2s coupon advance
a per cent on call. :.
+, | change ranged as follows: