Los Angeles herald., 1905-10-18
BY Associated Pres.

By Associated Press.
NEW YORK, Oct. 17-Increased sup
ply or loanable funds which appeared III
the call loan market this morning started
the professional operator to buying stocks
The rate for call loans recovered later
in the day and stocks bought earlier were
sold out The result was a considerable
increase in the activity in the market
over that of yesterday and on several
preceding days.
The days market enforced the opinion
that a large waiting speculation is
restrained from entering the market only
by the eXigencies Of the money situation
at . per cent was offered by bankers
closely connected with flotation of the
Japanese loan. This led to the inference
paid on Monday were being replaced in
the money market. When this supply
had been absorbed rates rose again to
near the prevailing rate of yesterday.
Sterling exchange rose vigorously and
the supposition that provisions for the
remittance of the Japanese funds were a
factor in the exchange market, caused a
feeling of distrust of the easing effect
caused by the placing of funds in call
loans which presumably would be only
of maturites of the fall goods on very
large sterling loans which mad to be COW
cred in the exchange market.
Cotton and grain bills continued scarce
in the market, SO this extra demand is
effective in running up the rate towards
the gold export point Gold was marked
the open market discount rate there rose
fairly above the bank rate.
Sterling exchange recovered fraction
at Paris, but continued downwards at
Berlin, the discount rate at the latter
point, however, yielding a shade. Heavy
retrenchment was shown by the I'm
perial Bank of Germany'S weekly state
ment.
Rates for time money in News York
were strong and the bid for sixty day
loans was advanced to 5A per cent. with
The asking rate at 512 per cent.
There were no further transfers of cur
rency to the south through the sub
were additional large receipts through
that institution. There was some specu..
iative discussion Of the probability o,6 Of
satisfied, but this report did not receive
much countenance in banking circles
During the upward movement OF prices
the high-priced members OF the group
made new high records. Beyond the gen
eral prosperity in that industry there
was no news to explain the movement,
which was attributed largely to specula-
tive operations.
The meeting held in this city of organi-
cations in the steel trade to consider ad-
vances in the prices of different lines OF
finished products gave firm tone to the
Stocks We're helped in addition by gossip
regarding the probable dividend action
at tomorrows meeting. The announce
ment of the entry of United States Steel
and General Electric interests into the
American Locomotive directorate was
taken to explain the previous advance
in that stock.
The coming meeting of the Amalgamat-
ed Copper directors for action on the
dividend gave occasion for a speculative
movement in the stock. A downward
plunge in Chicago Subway on the curb
was an incident of the day
The days net movement was incon-
elusive and the closing tone was easy
and at small losses as a rule.
Bonds were irregular. Total sales, par
value, 3,606, 900.
United States Is and the new 4s regis
tered declined Is, and the new as coupon
advanced IS per cent on call.