Los Angeles herald., 1905-10-07
BY Associated Press.


NEW YORK, Oct. 6.-Speculative inter-
est pretty we'll died out of the market
today and the determination seemed tc
be reached to await more definite out
come of the money situation
The rate for call loans did not rise
to the high level of yesterday, but the
average rate at which call money was
placed was above that of yesterday.
Some trust companies were reported to
be calling loans and this gave the i'm
preston that these institutions had about
reached the limit of their ability to re-
lleve borrowers from the banks by trans
on steadily for several weeks past. This
being the case and with the depletion
of bank reserves still interrupted, an
actual contraction of credits would be
indicated for the immediate future rather
than the shifting about of accommoda-
tions to enable the bank to preserve the
semblance of a surplus which has gone
on up to this time. The probability OF
a weak bank return tomorrow also came
in for consideration. There Is the chance
that the reimbursement of the, incongru-
operation into this weeks statement. This
may affect the showing of loan items
which the calling of loans during the
week would naturally tend to reduce.
banks thus far this week only STAG .0OC
as compared with nearly $7,0O0,OO0 last
week. But regular movement of cur
cate a sufficient balance of the move
ment against this center to bring again
$7,0oo,ooO. 80
Next week it is expected that prepare
tions will begin for the payment at the
end of the week of the last installment
on Japanese loan subscriptions which
calls for a maximum of about $50, UUC
modified to the extent that payments in
full may have been anticipated.
Foreign money. markets were somewhat
disturbed also by the money position
r. securities
don and London selling here There
was a slight reaction, in the discount
rate at Berlin, but the rate advanced
in London within shade of the bank
rate and there was an upward reaction
from the recent downward course of stSr-
ling exchange in Paris.
1t could not be learned that any part
of the days large arrivals of gold in
London had been secured from New York,
but a report was circulated here that
yesterdays withdrawal of $4,500,000 from
the Bank of France was destined for
New York and not for London, as reported
yesterday.
Intimatons from Washington that plans
were taking form for an issue of Panama
canal bonds took their place with other
subjects bearing on future requirements
upon the money market. News of the
day otherwise was not of much interest
and was of scarcely any effect.
Reports of railway earnings for August
including those of the Hartman Pacific
and st. Paul, We're notable for the large
which was absorbed by increased opc-
rating expenses which in the case of St
Paul was sufficient to leave only NOM
inal increase in the net earnings.
The rate for sterling exchange went
lower here in response to the stiff money
market.
Exports of wheat for the week showed
a decline of 1892, 290 bushels from those
of last week, explaining the scarcity OF
grain bills in the exchange market.
The early downward movement of stocks
was generally recovered before the end
of the day on a dull buying. movement
The closing tone was irregular.
Bonds We're irregular. Total sales, par
value, $2,0S0,000
u. S. bonds were all unchanged on
call.