Omaha daily bee., 1905-11-16
NEW YORK STOCKS AND BONDS
Market Makes Further Recovery on I'm
prOvsmsnt Of Money Outlook.
WGHRA1ts ATTRACT FUNDS From ABROAD
Impression that a Further Diminu-
tion of Bank Reserves VIII
be wInked Mt by Of
Rciala.

NEW YORK, Nov. 15.-Stocks made fur
Their recovery today under the influence OF
return of confidence in the money OUT
look. There was continued stringency In
the money market, but II was less severe
than on yesterday as yesterdays was less
severe than on Monday. While rates were
not so high as Yesterday at the maximum
they were well above the normal. There
was no further evidence Of forced lduida-
ton in consequence OF lack Of funds.
Active discussion still centered on the
money situation and its principal phase
today was as to the means which had been
used TO ease the situation. IL was not
commonly believed that anything like suf-
fcient liquidation OF stocks OF reduction
of loans has been effected to accomplish
the easier conditions in the money market.
II is known that very heavy resort has
been made to other money centers TO take
over the credits which were being forced
TO settlement by the money stringency here
and the attraction of the high interest
rates made this feasible by bringing in
New York market The operation in the
pursuit of the same end has been a large
transfer of speculative holdings from New
York to foreign markets. This was &C
complished by sales of stocks here and
repurchases of the same issues in foreign
on Of oans m Se% YORK IVA which,
the stocks were held and the borrowing
for similar purpose in the foreign money
market. The London demand for stocks
here is believed to be the result OF this
process and shows the offsetting effect Of
the operation in one market against the
tracted funds from out of town points,
both in Canada and in the west
There is outspoken discussion around tho
Stock exchange of supposition that the
banks have determined themselves Hu.
thorized to make further encroachments
on their reserves In spite of the deffct
below legal requirements shown Saturday
In the bank statement. Some of the spec
ulative comment on the situation affords
TO the published utterances OF the sec
rotary of the treasury an inferential sane
ton TO this action In case of its being
necessary to avoid financial trouble 1t
| Is pointed out that the issuance of a call
| upon national banks to report their con-
| dition as of November relieves them
cp the hG % T %b KPRE up
| is admittedly customary in anticipation OF
| the controllers call A similar call was
at Albany for a statement OF the condi.
| ton of the state banks and trust COM
| panies also as of November 9. The same
| condition, therefore, applies TO the trust
| companies in this matter as to the banks
| with the relaxation in the money rate to.
day the sterling exchange became strong
| again today and turned decisively away
! from the gold import point
! scrutiny of price changes made dur.
! ing the day disclOses how large a part
! was played in it by specialties az dis.
ard market leaders. large COVERING fH
portant factor and in stocks un
| der pool control the movement agains
shorts was especially aggressive Tn,
| strength in other individual stocks was at
! tributed to special causes, although the,
were not always known. Hooking ValleS
| position of the coming retirement of m,
| preferred stock. Buying Of the Kansai
| and Texas stocks was alleged TO be n
the Burlington interest. Advices in south
ern stocks may have been in connection
with the liberal estimates Of the cottoI
| crop. Railway Steel Spring again led ;
moVelnent IN the railroad equipmen
stocks I'm which the electric stocks shared
The Increased Standard oil dividend wa
help 10 the market. The profit-taktn,
in the late dealings made only a sIigh
impression on the closing, which was gen
S,725,000 United States bonds were ri
unchanged on call ~ W
The quotations on the New York stool
| eXChAnRn 1893