Omaha daily bee., 1906-10-23
NEW YORK STOCKSAND BONDS
Violent Rebound in Values Esafiy wipes
Out Declines o. Saturday,
CALL LOAN sArt DROPS TO SIX PER CENT
seIIins Last Week Due 20 Rear
of Failure Of supply Of MOney-
Bond Market H.
Ftrnt.

NEW YORK. oct 22.-Tbere was vio~
lent rebound N prices OF stocks today,
which went far 70 wipe out the heavy de-
clines Of Friday and Saturday. The IN
ferval after the market closed on saturday
In state Of Generalization until u opened
today saw some Important Developments
and gave rise to rumors u others OF SUI
greater Importance The consequence was
g revuislon in sentiment, which sent stock
operators scrambling TO buy stocks, who
had made desperate efforts to sell them at
any price on Saturday. Owing 10 the tact
that much OF the selling on saturday was
In tho nature of short contracts, there
was something more than sentiment In the
eagerness TO secure stocks on the rapid
rise today. In fact there was consider
when the needs Of the uncovered short m
teTests had been supplied. AS there are
no loans made on Saturday, loans on Fri
day carrying over until Monday, the rush
to sell on Saturday must have been based
more on apprehension Of pressure 70 come
than on any actual curtailment Of credits.
Results OF the Bank Of Bngland's per
cent discount rate I'm the worlds market
were much less than were feared In this
cent, fell back promptly to 8 per cent, and
later In the day to considerably below that
point This could not have been due TO
any actual replenishment Of supplies over
those available on Friday Confident hopes
were engendered however that relief
measures would be forthcoming. The ma
ture of this relief was left mostly IN the
realm OF conjecture during the day, ST.
though there was credible authority Tor
the currency belief. The nrst Of such
rumored agreement Of the Bank Of France
to transfer az a loan S3OOOO,OOl 10 tfNvOOW9
TO the Bank Of England, There Is great
confidence that the Bank OF France can
really afford to do this and the conserva-
tive safeguarding OF its gold holdings by
that institution is attributed largey TO
precautions against possible eventualities
In Russia, rather than to any denned re-
quirements to be met. The presence IN
! New York Of the secretary OF the treasury
was accepted as assurance that treasury
measures of relief were TO be forthcoming
| for the New York money market. 1t was
/ the common assumption that the redemp-
/ ton Of the per cent bonds Of the govern
ment, which mature next year, would De
anticipated with an offer which would allow
| the government some saving In interest TO
/ the time Of maturity based on the pres nj
| price OF the bonds I'm the market. Further
/ deposits Of government funds with the Ma
] tional banks also was regarded as a pos
| sible recourse. The assurance felt that
one or the other alternative would be
| adopted was measured by the tone OF the
| money market and by the confidence with
| which stocks sold last week were rebought.
! The time money market held strong, now
! ever. and no loans we're made below 6 per
! cent while for sixty ard ninety days the
! asking rate was advanced to 81 per cent
The amounts offered at these rates were
J reported small Anxiety over the eject Of
recall OF credits from the market by Lon
don seemed to be much allevlated. The
understanding that many Of the finance
London have the privilege Of renewal for
a defined period had something to do with
this sentiment. The market was regardC
| as an ample Demonstration Of continual
control by the powers which have domln'
ated the situation for some time past
The failure OF Stock exchange member
was practically without effect on the mar
ket. The days extreme advances OF ~
for Anaconda. 7 for Great Northern pre-
ferred, "A fir Reading and Northern Pa
cihc, to 3h for Union Pacific St. Paul
Amalgamated Copper and Smelling and
to 3 points in many other active stocks
served to indicate the important extent OF
the recovery from last weeks severe
losses The market closed strong with the
gains well maintained.
Bonds were Arm. Total sales. par value
$2164000 United States bonds were I'M
changed on call
Quotations on the New York Stock ex-
change today were as follows:
4 sales High Low. Close