Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-11-10
new YORK STOCkSAND BONDS
stringsnCy in Money Market Causes Gen.
sral Weakness
CALL MONEY RISES TO FIFTEEN PER CENT
Net Decline for the Day Ranges
from one TO Three
PoInts-BOnds Are
Heavy.

NEW YORK, Nov e.-The stringency in
the money market today developed consid-
cradle severity and weakened the stock
manded for call loans offered little attrac-
ton for the carrying of securities on mar
airy Houidation. Especially at The low rate
of return offered by many stocks at the
high price level now ruling, the high can
money rate proves burdensome for marginal
holders. With the heavy drain on the cash
reserves Of the banks and their consequent
REDUCTION toward tne tega5 reserve thn lr n.y.
cessity of cutting down the deposit account
by the withdrawal of some OF their OUT
The calling of loans on the Stock ex-
change was on large scale and the seek
ing of fresh accommodations on the part OF
those thus displaced caused very active
money market and some forced liquidation
of stock holdings The rate of 10 per cent
momentarliy, and that but once in March,
1903, since December of 1902. During the
early hours Of the day the presence on wall
street of the secretary OF the treasury gave
rise to a confident assumption In specula-
tive circles that government measures for
! the relief of the money market were IN
sumably take tho form of deposits OF por-
tions of the government surplus revenue
with the national banks, This confidence
prompted some OF the speculative holders
of securities to defer the renewal OF loans
called during the morning with the idea
| that a later announcement of the govern
| ment measures to be taken would cause an
| easier tone I'm the money market. No such
announcement was forthcoming and dis
| Chalmers were made of any such purpose
! to take such steps. With the disappoint-
ment Of the early hope there was
| something like a rush among belated Dor
/ rowers This was said to account for the
| severity of the stringency developed.
Money continued to go out of New YORK
! in large volume, $500 600 being deposited at
| the Subtreasury for transfer to Chicago
and New Orleans. About half as much was
received from San Francisco by the sale
/ FOTniun exchange weakened deClu-
eddy under the stress of the local money
| situation and New York exchange at Chi
| cago also recovered sharply. All three OF
| the great European banks, at London, Parls
| and Berlin showed very strong reeupera-
| ton although the money market at those
! centers showed no relaxation. The time
| money market here was called hrm, but
| in that department the high ruling rate TOT
| call loans diverting all available FUNDS 70
! that department. 1t was said that conslu-
! cradle repayments are now being mace OF
| mercantile borrowings made earlier IN the
! year to make purchases OF commodities IN
| anticipation of the very active fall trade.
| During the frequent rallies OF the early
| mart OF today Reading and some other re-
| cent speculative Sfavorites were DID up
! sharply, and at one time when the pres
| ence of Secretary Shaw in wall street was
| first reported the average level OF the
| whole market was above yesterday CLOS
ing Last prices, however, were but sIgntly
above the lowest and showed net oeShnes
| OF l to over points throughout the INST
Bonds were heavy. Total sales par value
SO 3i5 OO0. United States new As declined "A
ouotations on the New York Stock ex-
change ranged as follows: -,