Omaha daily bee., 1906-12-29
new YORK STOCKS AND BONDS
Shifting Of Loans Runs Call Money Hate
Upt Eighteen Per Cent
RENEWED PRESSURE ON HILL ISSUES
Extended Pressure on Northern Group
Gives Rise to Disauieting RumOrs-
Market Rallies Late and
Closes steady.

NEW YORK. Dec. sS.--The restraining
influence Of the coming January settle
ments asserted itself on the stock market
again today. A shifting Of loans began
early in the day, which ran the call loan
rate up to is per cent and dislodged some
holdings OF stocks The covering OF short
rising market left that of today deprived
Of that much demand.
There was evidence as we'll OF renewed
pressure Of liquidation in the Hill stocks
and the subscription rights for st. Paul
ran of In a way to argue Ill for the pros
pective demand for the new stock. story
was in circulation that a large speculative
holding of the Hill stocks which was In
vulnerable position had been taken over
at private sale and 1t was hoped that this
would relieve the stocks from the pressure
of liquidation which has Weighed on them
for several weeks and the renewed de
preston was the more disappointing, The
long decline in these stocks gave rise to
dsquieting rumors about the Stock eX-
change today Of damage which might re-
suit. These rumors were discredited In
well informed quarters and passed out of
consideration when prices began to recover
late In the day This was aitsr the prln.
the Stock exchange. AS loans made today
carry over until Monday, which is the last
day of the year, there was growth In
the feeling of confidence that the year
end would be bridged without violent
furry in the money market. The contrast
in the action of the stock market In view
Of this tranquil condition in the call market
with the rapid rise in stocks at this time
last year when money went to Us per cent
on call was the subject Of much comment.
The most plausible explanation Of the con-
trast is the more widespread stringency In
the worlds money markets this year, which
has INSTRUCTED the efforts Of the holders
Of securities on margin to secure resources
for carrying them In foreign markets and
| thus to ignore the fluctuations in the local
money rate The usual estimate OF the
currency movement showed a balance In
| favor of New York, a large proportion OF
| which was believed to be by receipts from
| Canada. The subtreasury operations alb
! sorbed several hundred thousand dollars
/ from tho market. but the net gain of the
| banks is estimated at between 100000 and
49, coo, 600 cash IL is likely, however, that
| the principal effect of the preparations
! for the annual settlements will be reflected
In the loan items of the banks. There was
and there was a further easing of the dis
| count rate both In London and In Berlin
! A surrender of more than 100000 in golC
! to the London market by Paris was
feature of the days news. The Londor
money market as a rule relaxes very
| quickly after the annual settlements have
| been made and the year end window dress
ing requll ements met. The present low
| level of exchange points to a movement o
gold from London to New York as a con
| sequence of any material easing of tn,
| money situation in London.
| The news Of the death of President Cas-
| satt of the Pennsylvania railroad wa
almost of no effect on the stock marke
and did not come as surprise, the fac
of his declining health having been wei
known for many months past The lat
recoveries In the market were we'll he'll
and the closing tone was fairly steady.
Bonds were irregular. Total sales, pa
value, $2054O0O. United States bonds wer
unchanged on call
The following are the quotations on IN
New York Stock exchange: