Omaha daily bee., 1906-09-11
NEW YORK STOCKS AND BONDS
STRENGTH in the Wall Street Market IA
spotty and Intermittent.
MONEY CONDITIONS CHECK SPECULATION
Days Gold engagements Not Equal
60 Heavy Loss of Cash
by Banks Last
Week

NEW YORK, Sept. 1o.--rhe strength in
today 2 market was spotty and intermittent
and wab disappointment 20 the speculative
element. who counted on an advance be-
cause heavy buying was evident on Satur-
day after the appearance Of the bank state
dSfcit Of ses7soOo below the legal reserve.
Events occurred today In about the way
they were expected to as basis OF the
Saturday But the stock market response.
today was moderate and the ranks OF the
advancing stocks rather, ragged one
going on in stocks that were bought on
Saturday and this added to the Impression
fa, aS,s. euy ba SS for pa5pGsss
Erie. Reading United States Steel, Anal
gamated Copper and the Transcontinental
group were all under more or less pressure
The effect upon foreign money and stock
markets of the heavy demand Of New Yorh
for gold had its influence in checking specus
lative excess here. There was. much con-
fusion also In estimating the exact amount
OF gold actually secured owing 10 the posi-
Bile duplication of announcements by the
private banks making engagements and the
national banks acting for them, and to
which alone the privilege OF holding gov
eminent deposits against the gold engage
ments applies under the treasury order.
1t became evident early in the day, how
ever. that the minimum rate OF saturday
on today's movement. which was 10000 900.
was exceeded. Call money loaned as high
as 10 per cent early in the day, but ran of
e ths OF cent before
cluded. rising again TO IL per cent at the
last. As an Offset TO last weeks cash loss
gold engagements were not fully adequate.
The new bank week starts with n with
drawal OF nearly million by the subtreas-
the clearing house establishment for nearly
half a million dollars. New York trust
companies have commenced the accumula-
ton Of cash to fill the addition reserve re-
quirement in force October l. and with the
movement Of cash to the interior still in
serves to the legal requirement without
additional loan contraction seems profile
matical. The question thus involved had its
part In the uncertain tone OF stocks. So
did the forces of opposition to the import
OF gold which was emphasized In the rise
OF discount rates In London. Paris and
Berlin and the advance OF gold in London,
the rise OF American eagles at the Bank Of
England amounting TO Is 2hd an. ounce:
Interest attached to the official report of
creased no less than 1889 ounces over the
July production and reached total OF
increase in the heavy output OF South Afri-
can gold promises large new supplies to
meet the New York demand even though
the state foreign banks are indisposed TO
part with any OF their present large hold
ings.
The southern group both in the railroad
and Industrial list, were prominent amongst
the strong stocks OF the day. but they did
not hold well after the appearance OF the
government eotton crop report The large
report strengthened confidence In a coming
dividend increase and speculative guessers
tent OF the increase. drawing an analogy
| from the Union Pacific dividend. The late
rise In call money added to the unsettle-
ment and helped to make the closing
Bonds were irregular Total sales, par
value H,Te,ooo United States bonds were
| The following was the range Of prices
on the New. York Stock exchange: