Omaha daily bee., 1905-11-15
NEW YORK STOCKS AND BONDS
Market Makes Vigorous Recovery frsm
Decided Weakness Of kondLy.
MONEY CONDITIONS SLIGHTLY IMPROVED
Highest Rate t. rs Per cent. with
an Average of About 10 Per
Cent - Bonds Are
Irregular,

NEW YORK. Nov H-Stocks made
vigorous recovery today from the decided
weakness of yesterday. The relaxation IN
the money market was the nominal cause
Of the movement, although the rates Tor
call money during the day Indicated
degree Of stringency that should seem a
decided restraint on any large renewal Of
speculative operations. The rate touched
was is per cent as against the actual high
rate Of 20 per cent yesterday, not counting
the furry OF 25 per cent just before the
close, which was regarded as having no
significance But the high rate OF today
was held only temporarily and very
small amount of money was placed at that
rate of interest. Later in the day, after
the principal demand had been settled. the
occurred much earlier in the day than was
the case yesterday and was the result Of
freer offerings OF funds.
The actual situation OF the money mar
ket, therefore, was considerably smelio-
rated as compared with yesterday. The
banking position. Large loans placed by
foreign capitalists also played a part. Re
dian funds and movement OF gold to New
York from Canadian points were factors
at work in the money situation. The cir
culation OF rumors OF ultimate inrerven-
ton by the secretary of the treasury to
ease the situation in case OF any threat
of dangerous consequences. also contended,
although the reiterated intention OF the
secretary TO conf1ne any Intended relief
measures to the needs Of regular business
borrowers was again reported from Wash
! ington. Besides all this, there was n
growth OF feeling that the situation did
not call for an extensive building up OF
reserves by the banks at this timo. 1t was
considered that the deficit in the legal re-
, serve requirement established on Saturday
| left the percentage Of total reserves to
deposit Liabilities AZ 24l6 per cent while
| September l. with the exception OF the
| week ending october 81 and that ended
! October s. has been below rs per cent. The
actual change in the condition Of the hanks
| therefore, was not great aside from the
sentimental effect of the existence of ar
actual deficit in legal reserves.
| Speculative feeling was disposed to tht
| view that the banks were not called upor
at this time TO go further than to repay
money market at this time is recognized
| as due entirely to the active business con
ditions. supplemented by the speculative
demand based on confidence in the genera
| business situation. These conditions ex
plain the extraordinary expansion TO which
credits OF the banks have been extended
and these same conditions are looked t
| to maintain confidence in the great VOLUME
OF outstanding credits. Nothing like dis
trust has been cited as the cause for an!
| OF the loan contraction which has beer
put into force, but simply the Limitation
of resources to meet the extraordinary de
mands for credits. However, the demant
upon the bank reserves continued, the ope
rations with the subtreasury since the las
bank statement having withdrawn alread.
| 81 .421. 900 from the banks. With the easint
OF the money rate during the course o
today there was also rally in foreig1
exchange rates and the prospect Of a
import movement of gold was thus dissi
pated for the present. Last prices 70
stocks were the best and the closing wa
active and strong at uniform net gain
running from one to two points for tn
principal stocks.
Bonds were irregular. Total sales pa
value, $4,000. United states 2s and oil
As advanced and the Is X per cent o
call, while the new As declined Is per cen
| on call.
The quotations on the New York Stoc
exchange ranged as follows: