The St. Louis Republic., 1905-09-29
PINCH m MONEY MARKET
HAS ITS EFFECT on STOCKS.
LOAN SHIFTING Is IN PROG
RESS.
Preparations Made to Meet the
Demands of Syndicate Opera
tons Due ON Saturday.

New York. Sept 9.-There vas a per-
ceptib!e pinch In money conditions to-day
although the course OF money has been
very definitely and confidently foreseen-
Both call loans and time loan rAteo
csn, sS sae
Ing scarcer. Some slight effec. on price!
OF stock vas produced. but the principal
nation Of the speculation. Various factors
cOnGuced TO the course Of the money
market.
doubtless there - an extensive shifting
syndicate operations which fall due ON
Saturday. but. aside from this. the actual
cash reserves OF the banks are subject 70
The event Of the day vas the advanee
In the Bank OF ENGLAND discount rate Of
. full per cent 10 per cent. carrying It
which time il Rad progressively declined
until the advance os tnree weeks ago.
The proportion Of the banks reserve %
Is lower than the reserve has stood for
many years. II compares with the per.
centase OF 81. this time last year.
clear. even after allowance h made for
the large amount Of gold In Its posse.-
sion. which Is 'earmarkei' for the Indian
TO- and shisn ca,s does NOT xnss e
that the Imperial Bank Of Germany will
:mits;e the English bank at It's next meet
ing.
ire advance In the sterling rate at Parfs
.I:so Indicated the effect on tho Paris
The etiec, viii be to throw obstacle, in
FORK. The price OF gold VAS marked
down IN London. apparently in the con-
iideEce that the rise in the baak rate
wOuGG p.vve a.. efficient protection. Th.
rise IN local money rates seemingly
r;.'npied renewed orcrirss OF bankers
I,
IN the supply q; cotton bills was Ier-
cepiibls la ;Te exchange market TE.s
Aas the result of the sharp break Of the
as; TWO S. days sin n the price Yf cotton:
e:en account Ia that market after the de-
mand from that source practically has
" os=n aispendsd. owing TO the hiS.. level
oi prices induced By the speculation in
cotton.
On the SIDE Of the domestic currency
movement chicago reported = free snip
N!cit OF funds from tnat center TO the
agricultural districts. and the New. York
rate OF exchange At Chicago recesied 20 -
cents discount - resul, Of transferring
The loss OF the banks tn 'he Suhtreasu:y
was EXTENDED tn over S.He0V for the
week compared with the gain OF over 81
week
In addition s,.o5o was deposited at the
Subtseasu-y Tor telesrArh,c transfer Ia
s-htressur- AT the clearinghouse to-day
indicated the taking up oil another large
sum bv that institution TO figure IN the
next hank statement Several parCe's OF
gold have arrived from Europe during The
week which Will he a partial effect.
The resumption Of .efundiic announced
by the Secretary Of the Treasury made a
good in,tcession. bur IN. relief to ihe
money market by tals method will depend
on the taking cut of new circuiat ton
which NAV result. and will operate b.;
slowly at the best On. OF tao stocks
showed some degree o: strength anu
southern Pacific. which was the subject
of revived rumcss Of early dividend &C.
ton.
The late movemcn. IN Chesapeake ana
Ohio ~as similar. but was OF sight effect
on the closing tone. which was easy. An
hfd.f!oncl item To he considered in acx,
weeks money market VII! be- tine pay
:n"nt o! New York taxes. the require
inents FOR which are estig,a ted at between
S"s.'s and Ss.."ss. during the week.
Bonds Here full and heavy. Total sales.
ra- value. S.os5!vO. CE::ei States ~ &c
ciiled . on call.