Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-08-31
NEW YORK STOCkSAND BONDS
Sharp Advance in Call and Time Loans
Causes speculstOrs TO Hesitate.
RAILWAY SHARES MaHER At OPENING
Later Market Becomes Heavy and Ir-
regular and All Prices Drop
from One 60 Five
Points.

NEW YORK, Aug. so.-Money conditions
governed today's stock market Call loans
enins tendency and the threStened obiiter-
alton OF last weeks low bank reserves
mere conditions that could not be ignored.
MoreOvcr IL vas early apparent that the
banks were not giving their patrons a
chance to evade the issue, number of
loan renewals being reported at per
further nesvy decline in demand sterling
to 4S325 caused increased perplexity. This
Anal almost %ss on parity With the rate Of last
70 facilitate gold Imports and while much
talk Of impending Negotiations continues to
were none up to the close OF the market.
There Is a well defined opinion, however,
that clear understanding exists between
correspondents abroad and that gold in
large amounts will be Forthcoming from
European sources just as soon as our
bankers deem such a movement eKpedient.
The local banks reported q further loss to
the subtreasuty, the total thus far agSre-
their free resources as disclosed By the last
bank statement Interesting features of
the news were the private shipments Of
heavy drafts on our banks yesterday and
today in connection with the recent Phlla-
delphia affair. The showing Of the Bank
| Of England, which maintains Its low dis
count rate. offered some encouragement,
reserves increasing over 100000 and com-
sttution's V exhlbIt IN the cor rr
I
week OF the last two years.
The market got Its early strength from
! London, which reported generally higher
4 prfces for Americans and heavy buying Or
| dere for this account In fact our buy
! ing Of stocks In London where money con-
4 ditions have been such as to make such
I speculative ventures easier has been fea-
I ture of the week. Business here started
i on with rush and material higher
i prices all through the active list. The
greatest gains were made by the Hill
| issues Union Pacific, Baltimore d Ohio
and st. Paul, these advancing from III 70
s points. The market continued animated,
| first hour, when an opening rate at s per
cent for call loans dampened the ardor OF
! the bulls and brought heavy. selling for
profits Thereafter the market was dull
and narrow, though showing some re-
newal Of activity In the late session, when
the Hartman issues on only moderately
! large trading advanced to new high record
| figures.
The market became very heavy In the
| last hour, when call money advanced to
| per cent prices dropping from ] TO
i points all around and closing weak at the
days lowest quotations. In some quarters
| there was disposition TO attribute this In
the reception OF Bryane speech In the
evening. Railway returns included that OF
the Reading system, showing decrease IN
net earnings for July and decrease In
| earnings of the companys coal ana iron
properties for that period. On the othsr
| hand Ontario g. Western reported sub
stantial net increase for the same month:
value, 81, 100000. United States rs advanced
| " and the new a. a point on call.
| The following was the range or prices on
the New York Stock exchange: