The San Francisco call., 1906-10-23
- YnrI. Stock NInrlet.

NEW YORK. Oct 22.-There was violent
rebound in prices OF stocks today which went
and Saturday The revulsion in sentiment
sent stock operators scrambling 70 buy
stocks who had made desperate ef-
forts 70 sell them at any price on
Saturday Much Of the selling Saturday was
in the nsture Of short contracts. There was
something more than sentiment in the eagerness
In fact. there was 8 considerable sub
sidence in the force Of demand when The needs
~ the uncovered short interest had been sup
piled As there is no lOan market at the stock
Exchange on Saturday. loans made out Friday
carrying over until Monday. the rush 10 sell on
Saturday must have been based more on appre-
actusl curtailment Of credits. Results OF the
Bank Of England per cent discount rate IN the
worlds market were much less than were
feared In this market call lending at per
cent fell back promptly 10 per cent and later
in the day 10 considerably below that point
This could not have been due 10 any actual re-
nleuishment Of supplies over those available
Friday. Very confident hopes were engen-
derec. however, that relief measures would be
left mostly IN the realm Of conjecture during
the day. although there credible authority
for the current belief The first Of such meas
ures 70 receive attention was the rumored
agreement Of the Bank Of France to transfer
as g loan $50, 900 10 10000 600 70 the Bank
Of England There is great confidence that the
Bank Of France could really afford TO do this.
ana The conservative safeguarding Of It's gold
holdings by that institution is attributed largely
10 precautions against possible eventualities in
Russia rather than 10 any defined requirements
70 be met. The presence in New York Of the
Secretary Of the Treasury was accepted as
assurance that treasury measures of relief were
10 be forthcoming for the New York money
market. II was the common assumption that
The redemption Of the per cent bonds Of the
Government, which mature next year, would be
anticipated with an offer which would allow the
Government saving Of interest 10 the time of
maturity based on the present price OF bonds
in the market. Further deposits Of Government
funds with the national banks $50 was re-
Earded g possible recourse. The assurance
felt that the other alternative would be
adopted measured by the tone Of the money
market and by the confidence with which stocks
market held strong, however and no loans were
MADE below 6 per cent, while for sixty and
ninety days the asking rate advanced to
81 per cent. The amounts offering at these
rates were reported small Anxiety over the
effect seemed 10 be much allevisted. The
maturing in the immediate future in London
have The privilege Of renewal for defined
period had something 10 do with this senti-
ment. The market regarded ample
demonstration OF continued control by the fnsn-
cial powers which have dominated the situation
for some time past. The failure Of a Stock Ex-
change member was without effect the mar
Anaconda. ! for Northern Pacific. ~ for Read
ing snd Northern Pacific. 81 for Union Pacific.
ST. Paul. Amalgamated Copper and Smelling and
10 points in many other active stocks serves
10 indicate the important extent of the re-
c0Very from last weeks severe losses. The
market closed strong, with the gains well main
tanned.
Bonds were firm Total sales (psr value).
s. l64. 000 United States bonds were un-
changed on call.