Evening star., 1905-09-29
Rise in Rate for Call Loans
Today.
MONEY MOST OF TALK
FIRM TONE DEVELOPED IN STOCK
TRANSACTIONS.
Dealings, However, Upon Small
Scale-New York and Washing
ton Closing Prices.

Special Dispatch to The Star.
NEW YORK. September 29-The initial
rate for money on call this morn
ing was 5L per cent, at which hgure
some small transactions were effected
From that level there took place rapid
rise in the figures to 61s per cent, and per-
haps the oulk of the days borrowing aver
aged close to per cent. Many banking
Institutions markel up the rates on stand
ing loans to q per cent, while others were
content to leave the figures as low as 3
per cent. 1t is hardly necessary to say
that money market conditions and pros
poets were the overshadowing subject of
discussion today in Wall street. Their in
fluence on the stock market could, however
be described as only negative for after an
uncertain opening the market in general
developed a very firm tone. and some stocks
even made extensive advances.
The dealings WERE however, upon a small
scale, and commission houses contributed
very little to the total volume of business
transacted. The markets strength in the
face of the money rates quoted and the very
gloomy outlook for tomorrow's bank state
ment attested very distinctly to the thor
ough!y lquidated character of the stock
market at the present time. Had there been
extended public participation in the
speculation. it could hardly be doubted that
tho days dealings would have shown Sc
we're declines in practically all quarters. The
preliminary estimates of the principal
movements in currency with the course of
the week indicated a loss by the banks of
nearly SS20o,0O0 despite the receipt during
that time of more than $500 900 in imported
gold The banks lost directly to the sub
treasury in their transactions with that in
stituton S66790oo the balance represent
ing currency shipments by express to in
terror points.
1t will obviously require another very sub
stantial curtailment in the banks loan
account If they are to retain any part of
their surplus reserves in tomorrows weekly
statement of averages. There was nothing
IN today situation of sufficient imp portance
as to compete in interest with money mar
ket affairs. 1t was observed with satis-
faction. however, that sterling exchange re-
acted very smartly. and there is little doubt
that New York bankers will be able to
OBTAIN next weeks London open market
receipts of gold. The London stock market
today was dull and irregular, and opera
tons here for foreign account were upon
an inconsiderable scale. Today's grain
market was heavy. and cotton prices fluc-
tuated feverishly, but the dealings in the
commodity market had apparently little in
huence on those in securities. The most
STRIKING movements in the latter were in
the Reading issues New York Central
Colorado Fuel and Iron. Consolidated Gas
and Railway Steel Spring
An advance in the dividend rate on Rail
way Steel Spring common to a per cent
annual basis explained the movement in
that instance. In the Reading issues the
most extensive advance was in the second
preferred stock. a circumstance which was
naturally accounted for on the theory that
the company would soon exercise its option
to retire that issue along the lines provided
for IN the plan of reorganization namely
by alloting to 1t equal proportions of com
mon and preferred stock. All the Wabash
issues, and notably the debenture bond
showed renewed strength. doubtless in con-
nectton with the further requests for proxies
10 be used against the present controlling
interests. Wall street at large has how
ever dismissed from mind the likelihood
that the opposition forces will have any
chance of success at the forthcoming meet
ing.