The San Francisco call., 1906-04-07
New York stock Market.

KEW YORK, April 6.-M0ney on call loaned
~ 81 per cent on the Stock Exchange, thus
in the maximum money rate for each day OF
ms week The excess over yesterdays 30 per
g Iate, however. as Is seen, was only nom
inaT The seEeresr strfngency Of the day was
oRer before the period at which the furry had
occurred in previous days in the week. This
was due in q large part to the fact that necs
Eitous borrowers were prompt to supply their
needs rather than wait until late in the day,
- 1edf thaI rates hy that time would be higher
than yesterday, ana the supply OF available
funds reduced 10 narrow proportions. The iate
hurry heretofore has been largely due 10 this
class OF borrowers and the quality Of their col
lateral has also played an important part
Cases related where loans have been ar
ranged, but the collaterals when presented held
10 be unsatisfactory. thus compelling borrow
ers 10 make what terms they could late-in the
DAY. The fOrehandedness OF borrowers today
covered the requirements while there still
plenty 4 time TO make arrangements. The con-
sequence was sharp relapse in rates late in
L-e Gay "hen porro~ers needs were supplied
and & remnant Of funds left on hand unplaced.
The market made a strong recovery when the
local loan rates ran on ana the most urgent
necessities were seen 10 be filled. The com
piations Of the weeks currency movement
published during the afternoon offered ample
exclamation 0f the course Of the money ma
ket during the week The Sub-Treasury has
absorbed S5I95, 600 The estimates OF the
movement 10 the interior by express on balance
differ widely. making the estimates Of the loss
~ cash vary all the way from 81 600 600 TO
considerably over $4,000. 600. AS the surplus
reserve Of the banks last week stood at only
2 little over 5000 COO it is clear that the
maintenance Of its integrity depends the
extent TO which the deposit liabilities have
been reduced by the scaling down Of loans.
Some Of the heaviest lending in the market
TODAY was by banks which called large loans
earlier in the week. Some OF the loans thus
called were supposed the time to be of
japanese funds on deposit here, which were
being called for remittance TO Japan. It was
Coniectured that the high rate TO which money
had risen induced the replacement Of these
1uTlds in call loans today There was continued
resort also to the foreign exchange market,
under which prices for bills in that market
made further wide declines, and increased the
likelihood Of gold moving 10 New York
EmAI engagement was reported yesterday, and
it gas reported that local bankers expected
70 tecure gold 70 arrive in London Monday.
Published estimates Of the condition on April
of the winter wheat crop, showing a highly
favorable situation, a helpful influence
The demand for stocks following the running
or in the money rate attributed largely
70 professional short account. but earlier
l59ssee were generally recovered and q number
r 9s-point gains established. The money rate
feii as low as per cent, but closed at Is per
ceni. The closing tone Of the stock market
Wss steady. but very dull.
Bonds were heavy. Total sales. par value,
e3 10000
United states bonds were all unchanged on
call.
New York stock List.
2. +. Hutton & Co.. 30 California street,
San Francisco, members Of the New York
Stock Exchange, furnish the following official
quotations OF that Exchange: