Omaha daily bee., 1906-12-04
NEW YORKSTOCKS AND BONDS
Market is Strong in Spite Of DullnssS Dus
to HIGH Rate Of Call Leans
COPPER AND SMELLING LEAD ADVANCE
Firmness is Caused ~ General Belief
that AnythinE Unfavorable In
Presidenrs Message Has
Been Discounted

NEW YORK, Dec. 8.--The only effect
perceptible from the stim prevailing rate
FOR call loans today was small volume
Of dealings in the market There was
no apparent inclination 70 sell stocks and
the small buying was therefore enecuve
IN advancing prices. The market had an
out In spite OF the dizziness.
The strength vas in evidence from the
outset Notwithstanding some degree OF
apprehension over the threatening conol-
lions IN the outside market The re-
nOunctng Of the option on 100000 shares
Of Nfpissing, which was announced by
the Guggenheims on Saturday after the
market closed, aroused fears Of panlcky
conditions in view OF the active spegula-
ton which has been in progress in mining
shares After the hrst downward plunge
Of Nipissing, Its rebound and the develop
ment Of actual strength in the outside
market removed the fears Of reflected
damage from that source. The notable
price movements were in the class OF low
price stocks, both in the railroad ana
came in relays and the constant rotation
Of the demand kept up the appearance
OF strength In the market even when the
large portion Of the market was pracu-
cally suspended and mOuonless. High
priced stocks were firmly held anu there
were strong examples amongst them as
well Some Of the days movements we're
associated with reports OF special de-
velopments affecting the stocks, but
others were without special explanation.
There were rumOrs OF coming subscrlI Llou
rights to new Canadian Pacific stock
Chesapeake a. Ohio was Influenced by re
ports that Pennsylvania's holdings Of
the stock were to be taken over FOR ad-
ditional holdings in the Vanderbilt inter
ests. A number OF minor lndustrials
were also prominent Erie was helped
by the rise in net earnings for october
which showed a larger proportion Of
the gross increase conceived for the net
than the current average in other cases.
1t was generally understood that the
presidents message would not go 10
congress until tomorrow. There was a
widely current assumption that the mar
ket had more than discounted any unfaV-
orable effect from portions OF the mes
sage that might reinforce previously ex-
pressed views which have been regarded
as unfavorable factors in the market, and
that its actual publication might result
in some infiuX Of demand into the market
The copper stocks, led by Smelling. be
came effective factors. in the general
strength OF the market
The ruling rate for money was higher
throughout than on Friday. although the
% per cent maximum Of Friday was not
touched. The sub-treasury shows an
absorI ton Of nearly 100000 already 70
figure in the new bank statement week.
The government institution also was ac-
credited At the clearing house this morn
ing for over half a million dollars. The
superstition il general that II viii be
several days before the money market
feels the relaxation effect Of the return
Of funds employed in the December set
Element. Heavy requirements also lie
ahead Of the market for December Is
to which was added todav'p announce
ment Of offerings OF $500 600 New York
! city bonds Sterling exchange was weak
at one time. but became frmer before the
l rlose. Time money was very strong
! There was some proft-takinE when money
! went 20 the highest. AT Is per cent in
I the afternoon. but the closing was firm
& ana in course OF recovery.
Bonds were hrm. Total sales par value
! 81 e1O. 600. United States bonds were IN
| changed on call
The following was the range OF prices OF
the New York stock exchange:
| Sales. High Low. Close