Omaha daily bee., 1905-10-06
new YORK STOCKSLND BONDS
Rate for Call Loans Reaches Highest Psint
ofths Year
TRADING DULL AND coNsTsAlNE
General Belief that Firmness II
Money Market VIII Last Several
Weeks Causes Caution Among
Spectators.

NEW YORK, Oct 5.-The call loan rate
touched the high level OF the year at 5
per cent today and the stock market as a
whole resumed the appearance OF last week.
That is TO say trading became dull and
constrained, but the undertOne held firm.
Last week the nrmness of the market was
generally attributed to the expectation OF
an early easing OF money after the re-
quirements for the turn OF the quarter and
large syndicate transactions had been met.
In today market however there was a
perceptiole growth of opinion that money
rates are likely to be firmly held for some
time to come.
In speculative circles, where the talk OF
the return of ease I'm money has dealt with
days heretofore, the allowance for firmness
OF money was extended to weeks. In this
the speculative discussion came more into
line with the prevalent bank opening. none
OF which LOOKS for relaxation in money
except with the passage Of weeks and in
some cases bankers look for months as
the period of duration for his money rates,
In behalf OF this opinion bankers assert
until the last quarter of the year Of a per-
fectly normal condition. The situation,
this year. is calculated to emphasize this
condition rather than to relieve Il. Efforts
were made in speculative quarters how
ever, TO mitigate the influence Of yester-
days furry by attributing 1t to snecial
causes. The rise today to above the rate
quoted yesterday rather dissipated the
effect of this explanation. The high rate
had the enect, however of attracting loans
from outside sources and there were large
offerings on account of banking institutions
at other points. These funds, however,
were drawn for the most part from de-
posts in New York banks. The effect was
the same as the process of transfer Of
loans from the New York banks to the
trust companies which has been going on
for several weeks, the new loans necessi-
tattng to some extent the calling of old
loans by the New York banks. Some Of
the recent lenders amongst the trust COM
panies were reported also to be amongst
these calling loans today.
A rise In New York exchange at Chicago
was a reflection OF the attraction OF the
higher money here. The decline in foreign
exchange was another result. Large ad-
dltional arrivals Of gold are expected in
London tomorrow and the days decline in
sterling rates here leaves open the question
OF New 1ork's ability to secure a portion
of this. Discounts moved upward today In
London and in Paris, and the extraordinary
low proportion of the reserves reported by
the Bank Of England gave occasion for
surprise that the expected advance in the
bank rate was not made. The fact that
continental exchange had continued to
move against London in spite of the weeks
rise In the open market discount rates
there, adds to the puzzle of the retention
of the present rate. The continued pres
sure for funds at Paris is believed to be
due to heavy losses involved in the COL
lapse of the sugar speculation in France
The days movements in the money mar
kets and in the international exchanges
of the world offered no explanation for the
reported shipment OF S4,4000O0 of gold from
the Bank Of France to London and the
operation was the subject of interested
surmise in banking circles.
The movement Of private stocks under
the restraint of the money market was not
important, but the upward tendency was
quite distinct during the latter part of
the day. The tone of the market continued
undecided up to the close, which was irreg-
uar. Bonds were firm. Total sales, par
value, g. 900. United States 2s coupon
advanced u per cent on call.
The following were the quotations on the
New York Stock exchange.