Los Angeles herald., 1905-11-15
BY Associated Press.

by ABSOCldIeQ fTeSS.
NEW YORK. Nov H.-Stocks made a
vigorous recovery today from the decided
weakness of yesterday. The relaxation
IN the money market was the nominal
rates for call money during the day in
dicated degree of stringency that had
a, decided restraint on any large renewal
fd,cSpps 1I Sspecuiatiye at re operations: The rate
actual high rate of 20 per cent yesterday,
not counting the furry to rs per cent
before the close, which was regarded as
having no significance, But the high rate
of the day was held only momentarily and
a very small amount of money was placed
at that rate of interest.
had been satisfied the rate fell
below 10 per cent This occurred much
earlier In the day than was the case
yesterday and was the result of freer Of
ferings of funds. The actual situation of
the, money market therefore was consid-
erably ameiiorated as. compared with
terday,. of course, was a factor in
strengthening the banking position. Large
sums placed by foreign capitalists also
Reports were current that placing of
Canadian funds and a movement of gold
10 New York from Canada were fac
cTculatlon or rumors also continued of
ultimate Intervention by the secretary
OF the treasury to ease the situation in
case of any threat of dangerous conse-
quences. although the reiterated Intention
OF the secretary of the trqeasury to con-
me any intended relief measures to the
needs of regular business borrowers was
again reported from Washington.
Besides all this there was a growth of
q feeling that the situation did not call
bW Ur an an bS extensive building up of reserves
cred that the deficit in the legal reserve
requirement established on Saturday
nenosi et the perfSGieentage Of total reserves to
The percentage of total reserves ever since
The first of September, with the excep-
Ion OF the week ending October q and
low 26 -N "'eii Oe
:. The actual change in the condition of
s sne banks, therefore was not great aside
from the sentimental effect of the exist
ence OF an actual deficit in legal re
serves Speculative feeling was disposed
TO TO tn the view that the banks were not
tnan to repair the actual deficit
Inc pressure upon the money market
at thls time Is recognized as due entirely
to the active business conditions, supple
mented by the speculative demand based
IN .conrdence In the general business sit
nation; These conditions explain the ex-
OF the bank have been extended and the
same conditions are looked to to main
tan onta &c confidence IN the great volume of
Nothing like distress has been sighted
as the cause Tor any of the loan contrac-
tion which has been put into force, but
SIMPLY the limitation OF resources to meet
the extraordinary demand for credits
However. the demand upon the bank re-
serves continued, the operations with the
sub-reasury since the last bank state,
ment having Withdrawals already of
$l.l21000 from the banks
With the easing of the money rate
during the course of today there was
ALSO a rally in foreign exchange rates
and the prospect of an import movement
ent. VIC ~
The last prices for stocks was the best
and closing was active and strong at
for the principal stocks.
Bonds were irregular. Total sales par
United States IS and old As advanced Il
and the 3s 70 per cent on call while ,haa e
new As declined Is per cent on cali.