Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-12-25
NEW YORK STOCKS AND BONDS
Further sbrinkags in Values iS Followed
BY Some Recovery.
LATER THERE IS ANOTHER RELAPSE
Saturdays Break in Prices Causes
Call for More Margins and
Many Accounts Are
Sold Out.

NEW YORK, Dec. 2A-There was a fur
their shrinkage in the price Of stocks today
followed by some recovery and laIe re-
lapse again. The demand became alulost
staFnant al the recovered levels 1t was
the common belief that such buying as Wss
done at the lower levels was largely t9r Ins
short account and represented the taking OF
profits by the bears These profits on the
short side have reached attractive proper
tons in the course OF the recent ueSilne,
but the closing out of these short accounts
deprives the market OF a source OF potehIa4
support and leaves II correspondIngly
weaker from a technical standpoint. Some
part must be allowed to the eve Of the holi-
day fer the profound neglect into which the
market fell in the late trading. Many brok-
ers left the street at an early hour IN the
afternoon to get away for the Christmas
celebrations out Of town.
The rush of liquidation during the hrst
hour carried prices dOwnwards with an ugly
significance. The rallies were on meaBre
dealings and were in effect readJustIheht
to take advantage Of the cessation on thhe
urgent selling pressure. feature OF the
drop in prices was the comparative ease OF
the call money market during the perlOd OF
weakness in stocks. The rate ran on 20 pc
low per cent by noon and was not above
81 per cent earlier. Yet the liquidation was
believed to be due to the money SITUATION
more than anything else. 1t was believed
also to come from a wealthy class of spec
ulators who we're impervious TO the ettect
Of the recent money furries. The FAILURE OF
the present superficial ease to relieve them
from the necessity OF reducing holdings 10
the more remarkable. II is suspected that
provision is made Tor expected future neCes-
stiles rather than for urgent present needs.
The beginning Of the London settlement
was an important influence on the market
owing to the very high charges Tor carrying
over Americans into the next settlement.
These reached as high as ~ per cent. 1t Is
reported that at the last London settlement
there was a very large extension Of the &C
count In Americans to take advantage of
the then easier rates for money in the Lon
don market. TOdays high charges dis
lodged some Of these accounts and the sell
ing by arbitrage houses against the sales
in London was large factor in the weak
ness here. Sundays break In prices also
had the effect Of inducing large calls for ad-
ditional margins and where these were not
weekend reviews induced some liquidation
of long accounts on a general view Of the
outlook The action Of the Hill stocks and
ST. Paul has induced an impression that In
side investment holders of those stocks are
dissatisfied with the terms of the new stock
scale very unusual with the conservative
holdings In those companies. The neces-
sitous liquidation, although comparatively
small, was of aggravated effect on prices
owing to the paralysis Of the demand. The
selling was believed TO come from pools and
ures have formed the only substantial basis
for holding prices. With this element forced
to the selling side of the market its artifi
cial character Is disclosed. Steering ex.
change declined in spite Of the easier money
market here and London showed itself So
licitous over money market developments
here.
Bonds were heavy. Total sales par value
| S2'O88O 900. United States bonds were un
/ changed on call.
| The following are the quotations on tn,
| New York Stock exchange: