Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-09-29
new YORK STOCKSGND BONDS
Dealings Are Light Owing to InCesssd
Demand for Money,
CALL LOANS RISE TO FIVE PER CENT
Bank of England Advances Rate of
Discount 20 Four Per Cent and
Eject IL Perceptihle at
New York.

NEW YORK, Sept. B-There was a per-
ceptible demand for money today and the
stock market showed the enect. although
the course OF money was very definitely
and confidently foreseen. Both call loans
and time loan rates were quoted higher,
call loans going 3 per cent and the sup
slight effect on prices of stocks was pro-
duced, but the principal result In the stock
market was the stagnation of the specula-
ton. Various factors conduced to the
course of the money market. Doubtless
there is an extensive shifting OF loans go
OPERATIONS which fail due on Saturday,
but aside from this the actual cash re-
serves of the banks are subject to in
creasing drain. The event of the day was
the advance in the Bank of England dis
count rates Of full per cent to per
cent carrying II back TO the level OF two
gressively declined until the advance OF
three weeks ago. The proportion OF the
banks reserve to liability Is down TO 4OS
with the percentage OF 57h this time last
year; The action Of the , bank Is thus
for the large amount of gold In its posses
sion which is earmarked for the Indian
government and which does not figure In
this reserve 1t is confidently expected that
the Imperial Bank Of Germany Will imi-
tate the English bank at its next meet
Paris also indicated the effect on the Paris
money market. The effect will be TO
throw obstacles in the way OF the move
ment of gold to New York. The price OF
gold was marked down in London APP
parently in the confidence that the rise
in the bank rate would prove an efticient
protection. The foreign exchange market
here in New York, however, receded in
spite of the hardening OF foreign money
markets. On the side of the domestic cur
rencg movement, Chicago reported free
shipment Of funds from that center to the
agricultural districts and the New York
rate of exchange at Chicago receded to
20 cents discount as result of transferring
the pressure to the New York market. The
extended to over $5000,O0O for the week
compared with the gain of over AOOO,OOO
for the corresponding period of last week.
In addition, $4,000 was deposited at the
subtreasury for Geographic transfer to
New Orleans and credit balance by the
subtreasury at the clearing house today
sum by that institution to figure in the
next bank statement. Several parcels or
gold have arrived from Europe during the
week, which will be a partial offset.
by the secretary of the treasury made a
good impression, but the relief TO the
money market by this method will depend
on the taking out of new circulation which
at the best One or two stocks showed
some degree OF strength and helped TO
sustain the market, notably Southern Pa.
cihc, which was the subject of revived
rumors of early dividend action. The late
movement in Chesapeake & Ohio was SINH
lar, but was of slight effect on the closing
to be considered in next weeks money
market will be the payment of New York
taxes, the requirements for which are es-
timated at between $2O,OOO.OOO and $SO,ooO,Ooo
Bonds were dull land heavy. Total sales,
par value 100000. United States rs de-
clsnSi z. on call.
The following were the quotations on the