Omaha daily bee., 1905-10-10
NEW YORK STOCKSAND BONDS
Firmnsu in Money Market Causes Further
Moderate Liquidation.
SLIGHT RELAXATION IN CALL LOAN RATE
General Belief that Prices VIII
Advance when Money FURRY IL
over Prevents General
Selling.

NEW YORK. Oct s-The market went
through a course Of moderate liquidation
today. induced by the growing belief that
money will hold firm for a considerable
period OF time. The liquidation was not
urgent at any time and was not continuous.
rhe tone of the market was resilient in
the intervals OF the selling and there were
good recoveries, but there was a marked
decline In activity when prices were NOV
ing upward and the principal trading Of
the day was done on a descending scale Of
Srices
The conditions disclosed by the Saturday
bank statement were the immediate mo-
tives for the selling. the low level Of the
surplus and the continuance Of factors OF
depletion of cash reserves serving as an
admOnition to contract outstanding obliga-
tions. Loans were called on moderate
scale and there was some voluntary pay
ing of Of borrowings made at last week
high money rates Some voluntary liquida-
ton of stocks accompanied this process
apparently induced by the conviction that
the speculative activity in the immediate
favorable opportunities for conducting
liquidation. 1t is this sentiment which
that makes doubtful the ability Of pro-
tective measures in the market to hold
prices. Up to this time, however, the pro-
lection of the market has been facilitated
by the widespread conviction that an ad-
vance in prices ultimately is to come. The
policy of opposing reaction through the
period Of monetary stringency has come
into question, however. Criticism of the
attempts to maintain an artificial ease in
the money market are having an influence.
Financial authorities in London are re-
ported as representing fears OF a raid on
the London money market on behalf OF the
maintenance Of the speculative situation in
New York. Opinion in London leads toward
the probability of an advance in the bank
rate this week on account of the FEELING
prevalent there. There was no appreciate
change in the exchange rates in this mar
ket. The call money market showed some
relaxation from the tension of the latter
part of last week, partly due, no doubt, to
the liquidation of stocks. Out-of-town In
stitutions also continued to offer FUNDS
here quite freely. Preparations are ex-
pected, however, before the end OF the week
for next Mondays payment on Japanese
loans subscriptions, which will call for up
ward of $50 100000 The time money mar
ket was called firm, with an advancing ten
dency.
Great activity was further reported in
all kinds of business throughout the coun-
try, the reports from railroad trafto Of
ficlals serving as the special feature Tor
Monday. This evidence of the prohtable
use for money in all kinds of business at
a rate rising above that returned at the
current average level Of prices of securi-
ties is an inducement for the liquidation OF
fields Prices recovered a good part OF
their losses when the money rate ran on
late in the day and the market then be-
came torpid.
Bonds were easy Total sales, par value,
| 81, GAS, 900. United States Is declined u per
cent on call,
The following was the range OF prices on
the New York Stock exchange:
Sales High. Low. Close