Omaha daily bee., 1906-01-06
new YORR STOCKS AND BONDS
MARKET Stronger on Cslmsr View Of
SchifFs Panic Prediction.
CALL MONEY DROPS TO SIX PER CEN
Union Pacific and AmalEnmatet
Copper Lead the Rise-Fight for
Kansas City Southern send.
That stock ID.

NEW YORK, Jan. 5.-The strength Of the
stock market today showed less restraint
than at any time this week The relaxation
In the money market was more pro-
nounced than since the turn Of the year.
There was a much calmer view of the sig
nihcance of yesterdays remarks by Jacob
ii. Schin foretelling the greatest panic in
history unless some change was Effected In
the prevailing currency system. This re-
vised view was due not so much to the
qualifying phrases found In the full report
OF the speech against the intention to imply
danger of immediate disaster as to a
ripper consideration of the conditions of
the address. 1t was realized that the sagac-
ity of the experienced banker would pro-
hibit the issuance of a note Of alarm at a
time of actual strain and danger whlcn
would In itself aggravate the danger. 1t
was reasoned, therefore, that the choosing
OF this time for giving mis- warning Implied
Mr.. Schins conviction that the time OF
actual danger from the condition OF ten
sion in the money market was now past.
The stress laid upon the agitation Tor
railroad legislation as an undesirable alter
native to the desired measures for currency
reform also indicated a strong special mo-
AS speculative sentiment received quite a
shock yesterday in the first perusal or the
bulletins of this speech, there was CORE
spending revulsion In sentiment today.
There seemed to be a consderative de-
mand also to cover shorts on the part or
bear operators, who sold the market hastily
on yesterdays break. Something was made
of the fact of Mr.. Schiff contention That
the inconveniences in the recent money
| market were not to be attributed to excess
sive speculation. The active and vigorous
support of Union Pacific was given special
| significance as a reflection of the market
attitude of the banking interests from when
| yesterdays warning came. The copper
/ stocks rebounded violently from the herce
| raid made upon them yesterday, ana so re-
/ lieved the market from one of its principal
! factors of depression. The forecasts OF the
cash changes of the week showed very
| large movement of currency TO New fork
| from the interior. The margin OF the re-
| MI on losses
count of the absorption OF the sub-treas'
ury and the Withdrawals of gold Tor e *,
| port, the latter items amounting TO S3,2s,Vv
was estimated at 100000 ana upWaros'.
| the assumption that this refux OF funos &c
| New York from interior points VIII con
/ tinue on large scale for some weeks =
| come. Money was offered for loans on cal
much more freely as a consequence OF thes'
| conditions and from the early hlgn rat'
of 9 per cent was forced down after sn'
active demand of the day had been satlsnel
| TO below per cent. The easing OF th'
money rate was followed by an advance II
foreign exchange. Sterling exchange
! continental points moved against Lpnaol
and the transfer of this pressure probaol!
had its part also In carrying up the steriltl
exchange rate here. The frmness OIL Brlt
assuring sentiment over the European polt
ical outlook. Pending matters Tor the con
sideration of dividend action were IN
grounds for some OF the special movement
in prices notably in Union Pacific Amal
garnated Copper and American LocomotlNe
The sharp rise in the Kansas Guy south
Of absorption for control in the interest o
St. Paul. Light selling 10 take Pronts uui
ing the last hour was absorbed easy an
the final squirt in Union PaGlno JaGEeo :"
market to a strong and active CLOSING
Ronds were irregular Total sales, pa
value, SO, 655, 900. United States bonds Wer
all unchanged on call. at.
Quotations on the New York Stock ex
| change: