Omaha daily bee., 1906-12-07
NEW YORK STOCKS AND BONDS
Money Situation Occupies Center Of stage
in Wall Street.
CALL LOAN RATE RISES TO So PER CENT
Market is strong and There IL Little
Selling Except where Holders
Are Unable to Renew
Loans.

NEW YORK, Dec. 6.-Such selling Of
stocks as was done in the market today
s-emed to be under actual necessity IIo.n
the inability to secure renewals OF loans
that were called BY the BANKS. lhers
was no sign of speculative selling ana
the undertone Of confidence in the market
The Strength Of the market was acute
and the ruling rate throughout the DAY
was again higher than yesterday me me
forces Of depletion Of reserves Of the banks
continued in operation and the treasury
relief measure, being prospective IN lls
operation, onered no resources for present
needs. disappointment was frankly eN-
pressed with the scope OF the assistance
offered for the money market IL IS nolt-
bic that the payment on December ID OF
quarterly interest installments OF the
United states Is Of 1907 will finish the pay
ments due on those bonds up TO their pc.
riod of maturity. The reduction Of the
per cent Interest from the prevailing price
OF those bonds would leave the quntatiol
below par Such a condition OF the mar
ket for the bonds would facilitate any
project for their redemption In advance
of maturity. Predictions are persistent in
Wall street that such redemption plan is
III prospect.
Sterling exchange continued to decline to-
day and II was possible to figure a proht
on gold bought In London for shipment to
New York. II was implied that with the
exception of the London market that this
requistiCn was due in a degree to con-
sideration Of the harm to be done by
forcing up the Bank of England rate, as
Il Is believed would surely be done in the
event Of gold owing to New York. In
this connection the financial world Is in
Cl.ned to cOnstrue the language OF the an
nual report Of the secretary Of the treas
ury as assuming that the treasury resources
should be used by him to protect foreign
money markets from undue pressure, which
/ might be reflected back upon our own mar
/ ket by the release of government funds 10
/ our own banks. 1t was inferred, therefore,
| that treasury relief would be extende3 to
/ avert a movement OF gold from London to
! New York. Charges that money rates were
| under manipulation were heard at times,
| and the remarks attributed to Jacob II.
Schih in presenting his resolution to the
/ Chamber of Commerce for measures to
| regulate the call loan rate we're inter-
preted as giving countenance 10 the spirit
, OF this accusation. 1t was argued that the
| equanimity with which the stock market
| accepted the high call loan rates was TO
| be expected by the fact that holders OF
! the larger number OF stocks In the marke;
! were not paying the rates, owing to pro-
vision in time loans made some time since
| SiXty-day loans were made at Sh per
cent and the six months quotation rose 70
6 per cent. Consideration was given to ths
money position to the exclusion OF all other
subjects. The opening rate at 20 per cent
was the lowest of the day and the last al
! IS per cent was the highest Of the day.
Bonds were irregular. Total sales, PAL
value, 81 1921 900. United States 2s, coupon
advanced 4 per cent on call.
| The following was the range of prices OF
/ the New York stock exchange: