Omaha daily bee., 1906-04-13
NEW YORK STOCKS AND BONDS
Call Money Market Opens at Ten Per Cent
but Sells CT Later,
MOVEMENT HALrING AND IRREGULAR
Notable strength t. Limited TO n
Few Individual Issues and
There IL Little selling
Pressure.

NEW YORK April 12.-roday's money
market did not fulnl the promise held out
by the violent relapse In rates caused ny
the news OF the heavy engagements OF gold
for import With call loans opening al
10 per cent and large amounts loHning near
that rate, yesterdays view OF the extent
of the relief afforded by the gold engage
ments was modified, although the money
rate ran of later. considerable RELIEF
from the degree of stringency before exist
ing was obvious and there was no sign OF
pressure Of liquidation in the stock marLet.
There was an equal lack of any aggressive
Initiative towards speculative accumulation
Of stocks or attempts to advance prices.
Notable strength was limited to a few tndi-
vidual stocks and the movement was halt
ing and Irregular. The impression was
given that relief from the stringency In
the money market secured from the en-
gagements OF gold in the London market
was designed for other purposes than TO
foster a renewal Of speculative activity on
the stock market. 1t is understood that the
New York City government, which Dor
rowed 100000 last week for period OF
week rather than market bonds on the
high Interest basis necessary at that time,
has placed its bonds for half the amount
on satisfactory terms, but has borrowed
the other half again for snort term. Bor-
rowings of this character will be sup
planted when they fall due by more perma .
nent obligati which will then make their
demand upon the resources Of the money
market Another 100000 in gold was Sc
cured in London today and II became known
that one Of the Canadian banks had secured
an amount said to be s., 100000 In London
-.
for import into Canada but with the pur-
pose of using the proceeds Tor loanlnB pur-
poses in this city. The response OF the
foreign money markets and of our own eX-
change market did not OFFER promise for a
large extension of the gold movement The
rebound in sterling exchange was paroN-
ysmal Compared with the low rate OF
yesterday for demand bills, which was at
one time 1920, the rate was rushed up
today 115 points to 1896. The suddenness
and violence of this movement is probably
without precedent in the New York market,
The weekly statement OF the Bank OF
I England showed the strain upon Its re-
sources involved by the gold Withdrawals.
| its holdings of bullion having fallen during
the week to Sl0,S20,7 40. The decline in the
! loan account was not sufficient to preNcnt
a considerable decrease in percentage oil
reserve to liabilities The Bank Of France
in the same period has increased its gOic
/ holdings 81. 10000. with large contraction
/ both in loans and the outstanding note
/ issues. The increase in the pension pay
/ ments has reduced the sub-treasurys abb
nominal figure. The announced policy OF
/ the secretary of the treasury 10 deposit
/ the current excess of government receipts
| over the expenditures with national banks
! at various points relieves the New York
/ banks from some portion OF the demand
/ upon them from the interior. But the
/ heavy customs collections still center al
| this point.
| Readings strength was connected with
/ hopes of a labor settlement and the at
/ iournment of the coal conference was fol
! lowed by a reaction in that stock. This
| was the mainstay OF the whole market and
/ prices declined in sympathy to fraction
/ below last night and closed easy.
Bonds were steady. Total sales, par value
! 81. ASS, 600 United States new 4s registered
/ advanced IA per cent on call.
The following was the range Of prices or
the New York Stock exchange: