Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-10-05
NEW YORK STOCKSLND BONDS
MARKET is Largely in Professional Hands
and Values Are Lower,
CALL MONEY RISES TO NEW RATE
Rate Advances to seven and One-HRlf
Per Cent on Feeling Bank state
ment Does Not Reveal True
Condition OF Market.

NEW YORK, Oct. 4-The market for
stocks remained in professional hands to-
day. Vigorous efforts were made during
the early part OF the day to extend the re-
covery which set in late yesterday, but the
efforts proved unavailing and the course
OF prices turned downward A recovery in
the call money rate accompanied the de-
cline and may have had part In inducing
the selling, but the pressure was not severe,
ana its movement suggested more the pro-
IesslOnallsm OF the operations as the cause
for its Limitation. No special operations in
the money market were known to account
LOT the renewed furry, which reached ~
per cent, the highest rate for the year. The
feeling has persisted throughout the week,
however, that the real conditions in the
money market were concealed by last Sat
urday's bank statement and that the
easier conditions which were developing
were partly hcticious. A suspicion on this
subject was much aggravated by the
knowledge of the remarks made at the
annual meeting of the clearing house yes
terday by the president Of one of the large
banks In the association. While no ON
clal record was made Of those remarks, Il
was known that the sense Of them was an
emphatic denunciation of the weekly bank
statement as an unreliable showing of the
condition Of the banks and a warning of
the danger OF the course of the trust COM
panies In the extension OF loans without
SUFFICIENT cash reserves.
The remarks made by the president OF
the Imperial bank Of Germany at the meet
ing yesterday gave additional force to the
effect Of undue extension of credits The
purpose OF the advance In that banks rate,
as intimated by the president rather
clearly. was for the purpose of checking
imitation of credits for speculative excuses
In the stock market. 1t is surmised that
the extraordinary measures taken to effect
the favorable showing in last weeks bank
statement have necessltated some read
1ustment with the passing of the syndicate
requirements of last week and that the
rise in call money rates today was the re-
suit OF this readjustment. There Is a dis
position to attribute the unexplained in
creases In cash reserve last week to the
credit of the Rockefeller checks in connec-
ton with the $4,000 900 gift to the educa-
tional fund. Soma effect was produced by
the report from abroad that the proposed
Russian loan may reach t360,0O0, 600 For
eign discounts continued 10 advance and
foreign exchange rates here were firmly
held.
The money market is faring better at the
hands of the subtreasury this week than
last owing to the payments of the October
government interest. The period Of drain
on bank reserves. however, has not vet
shown its limit. Today's early market Of
fered an extraordinary variety of uneX-
nlained advances in Industrial specialties
good many were lost In the later reac-
ton. The railroad stocks at no time
showed any notable strength and the SELL
ing OF the afternoon made considerable in
roads on their prices. The market closed
easy.
Bonds were easy; total sales, par value
S36S0OOO. United States Is coupon declined
II on call
The following were the quotations on the
New York Stock pNrhanpa.