Evening star., 1905-10-05
Money Market Conditions
Dominated Attention.
A CHIEF FACTOR TODAY
STOCK DEALINGS IRREGULAR
BUT NOT ACTUALLY WEAK.
Striking Contraction in the Volume OF
Business Transacted-The Open
ing Was Generally Heavy.

Special Dispatch to The Star.
NEW YORK, October 5.-Money market
conditions continued to monopolize wan
streets attention today. and remained tine
chief factor in the dealings In the stock
market. Their influence might properly be
described as negative rather than positive
inasmuch as the stock market, while irreg-
ular was not actually weak. and IN 1act
the comparative absence OF more genuine
liquidation was rather remarkable in view
of all of the facts In the case.
The most direct consequence of the stress
In the money market was indeed SHOWN IN
the very striking contraction in the volume
of business transacted. The market OPEN
ed generally heavy. its tone being re-
newal of that which prevailed at the close
of business yesterday. and being further
influenced by the weakness shown in all de-
partments of the London stock market
Monetary considerations were the main
feature In the dealings in securities at That
point also
No change was made in the Bank OF Eng
lands rate of discount, but the weekly
statement of the institution made very
weak showing, the proportion OF reserve 10
liability falling to $3.50 per cent. as against
4o03 per cent last week and 53.25 per cent
in the corresponding period of last year
The bank lost in bullion on the week more
than 100000 pounds sterling. In Its
weekly statement the Bank of France sim
ilarly reported a decrease In gold on naho
amounting to nearly $4.5OO,OOo.
Foreign Account Operations.
Operations here for foreign account were
on the selling side TO the extent or aoout
25 .OO0 shares Renewals of loans on call
were fixed in the early part OF the day at
both 6 and 6lz per cent. some of the larger
ntn hat
clination TO accept more than the former
rate.
A fair mean rate to quote for the new bor-
rowing on call would be Ga to per cent
Borrowers generally evinced a disposition
to provide for their requirements IN the
early part OF the day, and there was little
grumbling with the renewal rates tfxod by
the banks. yesterdays lesson having appar-
emily proved sufficient in that respect
Money market authorities were disposed
to lay the blame for present conditions
largely to the cupidity and shortsighted-
ness OF number of Wall street commits
sion houses in relying exclusively upon the
market for call loans and not having pro-
vided for their requirements earlier in the
year by obtaining a sufficient amount or
accommodation on time.
Up to this morning the banks had sus-
tanned a loss of less than $1.0O0,OO0 in their
operation with the SubtreaSury, as against
a loss of more than So, 100000 In the corre-
spending period of last week, so II 1t were
possible TO place any reliance upon the fig
ures Of the bank statement fairly good
showing might be looked for on Saturday.
Earning Statements.
Apart from such matters as earning state
ments there was no news at all relating
to individual stocks, and IL there had been
it would doubtless have been overshadowed
by the concentration of interest upon the
money market
The Industrial and miscellaneous stocks
again furnished a large proportion of the
total transactions, and it was observed that
that quarter of the market was relatively
firmer than the railway list. American
smelters were exceptionally strong and the
United States Steel stock, particularly the
common. was relatively firm. Amalga-
mated Copper was also well supported.
In the railway list comparatively firm
features were Erie. Reading, Pennsylvania
Southern Pacific and Colorado Southern.
The movement In the last-named was
doubtless based upon the publication of
the company's annual report, which was
very satisfactory showing. The local trac-
ton stocks were comparatively dull and
participated in the Irregular course OF the
market at large.