Los Angeles herald., 1905-10-06
BY Associated Press.

BY Associated Press.
NEW YORK, Oct. 5.-The call rate
touched the high level of the year at 8
per cent, 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 flrmness was generally
attributed to the expectation of an early
easing of the especial requirements for
the turn of the quarter. and for large
syndicate transactions had been made.
In todays market however, there has
been perceptible 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 in money has dealt
with days heretofore, the allowance for
possible firmness of money was extended
to weeks In this speculative discussion
came more into line with the prevalent
bank opening, none of which looks for
passage of weeks and in some cases bank.
ers look for months as the period OF
duration for higher money rates. In be-
half of this opinion bankers assert that
the firm money market in New York
through the last quarter of the year is
a perfectly normal condition. The situa-
ton this year It Is pointed poi 9qf is caSe
than to relieve it. Efforts were made In
speculative quarters, however, to mitl-
gate the influence OF yesterday s Hurry ?ao IN
The rise today to above the rate quoted
yesterday disspated the effect. of this
explanation. The high rate had the eff
feet, however, of attracting loans from
outside sources and there were large Of
ferings on account Of banking institutions
at other points; These funds 81 hoW He
it's in New York banks The effect was
the same as the process of transfer of
loans from the NST York baa1 to eohg
on for several weeks the new loans ne
cessitating to some extent the calling or
old loans by the New York banks. Some
of the recent lenders among the trust
companies were reported also to be
amongst those calling loans today
cago was reflection, of the attraction of
the higher money here. The decline In
foreign exchange was another result.
Large additional arrivals of gold are
expected IN London tomorrow and the
days decline in sterling rates here leaves
open the question of New York's ability
to SECURE portion n IN OF inns ans Pars
and the extraordinary low proportion OF
the reserves reported by the Bank of
England gave occasion for surprise that
the expected advance III the Dank rute
was not made.
The fact that continental exchanges had
continued to move against y, LONDON n, IN
ket discount rates there adds to the puz-
zle of the retention of the present, rate;
The continued pressure 70 TOR od FUNDS 1in oss al
involved in the collapse of the summer
speculation in France.
The days movements in the money
markets and in tho interna tional ex-
changes of the world offered no explan5a-
ton for the reported shipment of $4,000, :
900 of gold from the Bank Of France to
London, and the operation was the sub
iect of interest and surmise in banking
The movement of prices of stocks under
the restraint of the money market, was
not important, but the upward tendency
was quite distinct during the latter part
The tone of the market contnuer I'M
decided up to the close, which was ir-
Bonds were firm. Total sales par value,
$2,495.000.
u. S. Is coupon advanced 70 per cent
on call.