Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-11-07
new YORK. STOCkSAND BONDS
Speculative Spirit Rsgain' It's CsmpOSurs
Of the Upset Of Saturday.
RATE FOR cAlL AND TINE LOANS HIGHER
Resistance 60 selling Pressure Con-
sIdered n Demonstration of In
herent strength of the
Market.

NEW YORK. Nov. 6.-Speculative spirit
regained It's composure today, after being
upset oy the very weak oanR s.s ;fi 40, 81
dence during the early market today, and
was emphasized by the strength OF the
money market, both for call loans and for
time contracts. The resistance offered to
the selling pressure under the circum-
stances was considered a convincing DEM
onstration of the inherent strength Of the
stock market. This can be attributed TO
no other cause than the extraordinary
prosperity throughout the country. Re.
ports bearing on the volume Of railroad
traffic, coming from railroad officials, give
evidence OF tho Astounding activity in all
lines OF trade. Complaints OF car shortage
freight blockades which result at some of
the great business centers are a positive
detriment to Industrial operations. The
railroad authorities profess themselves
quite unable to secure equipment fast
enough to meet the demands upon them,
and the opinion finds expression this week
that even were adequate car supply to be
secured the present volume of freight off
ferings would be found greater than ter
minai and other facilities could be made to
accommodate. Notwithstanding the great
congestion of all kinds Of traffic, no pros
poet Of Ieliet Is Reported ana even yen Sc,
movement gains fits full force. Reports OF
railroad net earnings for September. re-
ceived today, included the Hartman Pa
cities and the large increase reported
helped the recovery in these stocks. The
poor comparison made by southwestern
with the corresponding period of last year
Is attributed to the abnormal trafnc at that
time caused by the St. Louis exposition.
With the surplus reserves of the banks
down to below S2.5OO0O0. according to the
bank statement the week opened with evil
dence Of the forces Of depletion still at
were said to have been made by express to
the interior on Saturday, while the loss of
the banks to the sub treasury since the
close of the bank statement period has
reached 81, $4,000. An opening rate for call
money at per cent and a promised rise to
per cent was hardly surprise therefore,
croachment upon the limits of the surplus
reserves of the banks. The higher rate for
call money and the strength OF this money
had the effect of relaxing the tension of
the foreign exchange market, and there
was fail OF fully one-fourth a cent In
pound sterling rate. Although London ad-
change at Paris reacted again, 1t was
vanced the price of gold and sterling, ex-
promptly evident that no gold was likely
| to go from here under the circumstances
This served to an extent to relieve specu-
| lative apprehension and helped to the re-
covery in stocks. An active borrowing de-
mand for Reading was reported in the loar
| department at the Stock Exchange. which
| is usually an index of the size of the out
standing short interest. The existence OF
any short interest in Reading. after the
| severe punishment administered to the
| bears last week, was the cause OF surprise
| The vigorous upshot of that stock how
ever, was confirmatory Of continued de
| mand from the shorts Tomorrows elec
| tion in New York was the occasion fol
| some speculative operations In the stock o
| public utilities. mixed group of indus
trials We're also made strong, even while
the general market was still reactionary
| The 8 per cent money rate after o'clocl
caused the market TO waXer' after whlcl
Bonds were heavy. Total sales, par value
81, 100000 United States bonds were all un
The Quotations on the New York Stool
| exchange ranged as follows;