Omaha daily bee., 1906-12-26
NEW YORK STOCKS AND BONDS
Further sbrnkags in Values is Followed
BY Some Recovery.
LATER THERE IS ANOTHER RELAPSE
Saturdays Break in Prices Causes
Call for More Margins ana
Many Accounts Are
Sold Out.

NEW YORK, Dec. 24-There was a fur
their shrinkage I'm the price of stocks tooay'
laps" again. The demand became almost
stagnant at the recovered Levels. II We
the common belief that such buying a. W. ~
done at the lower levels was largely l9r we
short account and represented the taxing on
profits by the bears. These prohts ON ~
short side have reached attractive proper
tons in the course Of the recent ueclh,s,
but the closing out of these short acSO.utiiiosi
deprives the market Of a source OF pOISiIlsift,
weaker from a technical standpoint; some
part must be allowed to the eve OF w, W.
day fer the profound neglect into WIlcn W
market fell in the late trading. many VI N
ers left the street at an early hour IN ". w
afternoon to get away for the Christmas
celebrations out Of town.
The rush OF Incubation during the first
hour carried prices downwards with an usLy
significance. The rallies were on Ineaer t
to take advantage Of the cessation OF the
urgent selling pressure. feature OF 'lS
drop In prices was the comparative SsisSS Of
the call money market during the peIlOu VI
weakness I'm stocks The rate ran on 70 ".
| low per cent by noon and was hoI auOn .
81 per cent earlier. Yet the LIQUIDATION Was Was
| believed To be due to the money situation
| more than anything else II was peneveu
/ also to come from wealthy class OF sPeCt
ulators who were imperviOus 10 Ihe, eleCs
/ OF the recent money fiurrieS. The taluIe Vi
| the present superficial ease to reheye Inei an
/ from the necessity of reducing hoiulIne,Sh =, -
/ the more remarkable. 1t Is suspected lna'
| provision is made for expected future neces-
stiles rather than for urgent present neeus:
| The beginning Of the London settleInSut
! was an important influence on the maj kel
| owing to the very high charges for carrying
over Americans into the next settlemeht.
/ These reached as high as II per cent: IL "
reported that at the last London settlemeht
| there was a very large extension OF the &C
count in Americans to take advantage OF
! the then easier rates for money In me Lon
| don market. Todays high charges dis
lodged some Of these accounts and the sen
ing by arbitrage houses against the sales
| in London was a large factor in the weak
ness here. Sundays break In prices alsu
had the effect Of inducing large calls for ad-
ditional margins and where these were not
responded to holdings were sold out, The
! weekend reviews induced some liquidation
of long accounts on 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
issues and are reducing their holdings on q
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
strong operators, whose supporting meas
ures have formed the only substantial BASH
to the selling side of the market its artih
cial character is disclosed. Steering eX
change declined I'm spite of the easier none!
market here and London showed Itself so
licitous over money market Development
here.
Bonds were heavy. Total sales par value
$2OSS,OOO. United states bonds were un
changed on call.
The following are the quotations on tn
, | New York Stock exchanged