Omaha daily bee., 1906-12-13
NEW YORK STOCKS AND BONDS
Market Advances, Waivers, Hats and
Finally Turns Backward,
FURTHER RISE IN CALL MONEY RATE
Liberal offerings OF Funds ms
Result OF Treasury Action
Eagerly Absorbed by
Spectators.

NEW YORK, Dec i2--The advance in
price Of stocks waN cred. then came to
halt and finally turned backwards again
on yesterdays considerable rise which
served partly to account for the reduc-
ton. There was. besides, a further ad-
vance in the rates for call money, less
confidence as a result in the adequacy of
the assistance offered by the treasury to
carry, the money market over the converg-
ing demands Of the January settlements.
With the reaction in the market there was
some shrinkage in the rate Of activity
from that Of yesterday.
There has been no actual employment OF
the funds Included In the treasury's offers
yesterday, as none Of II has come into
possession Of the banks, owing to the de-
lays in securing and acceptance Of bonds
for security for deposits and the formal
ties required to sell United States per
eral offerings OF funds yesterday were thus
to some extent use OF the expected In
crease In resources before they were in
hand. This disposition on the part Of
active spectators to lick up funds as fast
as available comes in for its share OF
be eee Sf fb n 0SoS Of tbs
treasury authorities was to realize sums
which had been held out Of the money
market for higher rates and which was
that stiffened up the rate again tSday.
The practice Of holding funds out OF the
counts in the Indictment that the discus
sion amongst stock brokers Is making
against the banks to account for the. ex-
cesstve call loan rates recently prevalent
This discussion continues active in the
financial district, with accusations on the
one hand of manipulation and usurious
interest charges and with explanation and
defense from the brokers. The large loans
placed here for account Of banks outside
Of city osr Usually Sy s nvo Vert h a S h
outside bank draws on It's deposit here
or instructs its correspondent bank here
70 place the loan at the higher level. This
blame NJ a.
turbance In the money market by some
of the bankers and there has been an
EFFORT to secure concerted action amongst
clearing house members to regulate this
lending money for account OF out of town
banks. 1t is the assumption that the com.
pensation to the local banks for placing
such loans Is in the form of a commission
which would add, however, TO the burden
of the borrower. Reports were received
| in Wall street today that some OF the in
| terror banks were dislnclined to accept
the preferred government deposits. The
| the difficulty Of securing bonds for col
| lateral were offered as an explanation OF
| this attitude. but 1t served to create an
| impression that the eagerness for addi-
/ tional money resources was not as acute
away from New York as here. Prepare
ton for the S1O,OOOOOO Standard oil dividend
! to New York Central stock on Monday
were said to be under way today, requir-
Ing some large calling Of loans. with re-
sulting recovery in the money rate.
! The long expected announcement Of SUBJ
| scription rights to new Great Northern
| preferred stock and the quotation for the
| rights in the outside market waB followed
by a violent decline in that stock, which
chilled speculative enthusiasm over other
| expected developments. The increase In
the Pittsburg Cleveland Chicago & St
Louis dividend was without influence on
! any stock. The money markets were
harder In London, Paris and Berlin today
but foreign exchange rates here reacted
| in response to our own stronger money
market. There was considerable increase
| OF selling pressure on stocks late in the
day and the closing tone was easy at gen,
| eral declines.
Bonds were irregular. Total sales, PAL
| value, $2O92 900. United States rs advanced
I Il per cent on call rtr
The following are the quotations on thu
| New York Stock exchange: