Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-12-18
NEW YORK STOCKS ANDBONDS
Market is Subjected TO Considerable Liqui.
dation and Prices Fall,
CALL MONEY RATE RISES TO 20 PER CENT
So. Paul Continues It's Buoyant Up-
shoot, While Hill Issues Are
CorrespOndinEIy weak-Big
Demand for Cash.

NEW YORK, Dec. 1.-THE stock market
was subjected to considerable liquidation
today and a fall in prices was the oonse-
quenCe. There was evidence Of RELIEF from
the process and a tendency towards re-
covery Ia the intervals of the active sell.
ing but the closing was weak, with call
Various explanations were current Of the
weakness, which partly represented the
fact OF the selling, which was obvious
The buoyant upshoot OF 81 Paul, when
was explained In the proposed stock in
feet on the market, but was dsquietins
owing to signs Of urgent borrowing demand
for the stock in the loan crowd, which sug-
gested the existence OF short interest In
distress. The stock was reported at one
time to be loan1ng fiat instead Of the stin
mO shade rae Of POI and r eepsed TIE
record price of 1884. made In September,
1902 Fears Of a corner in st. Paul had 70
day.
The action Of the money market proved
disappointing at first In spite Of the Sat
urday bank statement still showing a
deficit, the hope was entertained that the
treasury relief measures and the receipt
Of checks for large dividend payments
made Saturday would cause prompt relaxa-
ton action today. When money went TO
IA per cent early in the day the effect
was chilling to speculative sentiment.
Later there was some relaxation apparent
in the call money market under the final
furry to the higher tone Of the day. The
very little Offering. Discounts rose also
in London and Berlin, the strength at the
latter point arousing fear Of a coming rise
in the official discount rate of the Imperial
Bank OF Germany. The Bank OF England
secured all the South African gold Rrriv-
d ing in the market. The Hill stocks were
| weak again In contrast to St. Paul and
| the subscription rights both for Great
| Northern preferred and Northern Pacific
ket. This kept alive the question Of the
ability OF the money market to abSoEt
or in contemplation; subscriptions. began
! today to the new $50, 900 issue Of New
/ York Central stock, for which the priv.
! lege remains open until near the end Of
| the month. The January settlements will
! call for larger disbursements than evei
before and bankers are inclined to proceed
cautiously until these payments are met
On January l also the law calls for the
final installment Of ! per cent to trust
cash holdings in their own vaults up to
per cent of deposits. The l per cent add
ton would call for some $10,OOO,0OO, and thu
precedent OF the former installments shows
that the larger part of the sum was with
drawn from the banks.
The discussion OF the car shortage on tn
| railroads, especially those in the west CAV
evidence Of increasing acrimOny and at
tention was attracted to the opinions at
tributed to members Of the Interstate Com
meree commission that faults Of operation
by the railroads were responsible as mucl
as actual shortage of equipment. Report
of the intended introduction of a bill Il
congress to provide for the forcibe break
ing of car freight blockades by government
Intervention had some depressing effect &
the market. Sterling exchange moved up
wards with a demand said to be due
preparations for year-end remittance
abroad. Reading was especially weak be
cause Of questioning Of recent prediction
of an increase in the dividend rate at tn
next meeting
Bonds were heavy. Total sales, par valu,
1,606,00O United States % advanced Il pc
cent on call.
The following are the quotations on tn
| New York Stock exchange: