Los Angeles herald., 1906-10-02
By Associated Press.

NEW YORK, Oct. 1.-Wall street braced
itself for the shock of a possible call
money furry today. The bracing was so
effectually done that a considerable show
of strength resulted when 1t turned out
that there was not much of a money hur-
ry after all.
The call loan rate went to 0 per cent
carly in the day and prices wavered IS
IL was feared this might be the precur-
sor of worse to come. But the amount
Of funds attracted by the rate proved
sufficient to carry il lower and the STOCK
market promptly stiffened again me
strength was rather spotty and was suS-
Dected of manipulatiye origin Tor sus-
tanning effect on the general list. burt the
unobstructed advance of few of the
most prominent stocks proved ample 10
reassure sentiment. The market became
very quiet '-hen the tirmness OF tone
had been esta bliShed.
While the principal requirements for
the October settlements come upon the
first Oh the month. some of them are dlS-
tributed through the month. 1t Is usual
for the stringency caused by the turn OF
a quarter to endure several days, OWING
to DELAY in the return of FUNDS dlStllDuIeu
TO the channels of the money market
For these reasons there remained a spirit
of caution in extending stock market
There is considerable increase in the
condolences, however, that effective pro-
gress has been made in securing re
sources toward meeting the heavy de-
the money market The strengthened po-
sition of the New York banks as shown
by the last two bank statements COIL
tributes to this feeling.
The surplus re-establtsh compared Wen
with that of previous years at this time.
There was some dissatisfaction at nfSt
with the wide distribution OF the govern
ment deposit of $26 900 900 with the banks,
but assurance is growing that TINS relleL
will certainly save the New York banks
from some portion of the strain that
would have fallen on them otherwise TO
supply interior demands for currency
even If the funds thus disseminated are
slow in finding their way back TO the
central reserve supply in this city.
The remaining resources of the govern
mont in the way of idle surplus also
are counted on for use in relieving any
actual emergency in the money market; RI, i,
good effect was produced by the
large proportion of todays arrivals o1
south African gold secured for New ,o6 6ork OH
account. which was re reported % at SS,9oo'9ou. eo,
other purposes. A resulting rise in the
price of gold and in the open market dis
count. rate marked the continued oppos-
ing Of the London money market 10 the
REIMBURSEMENT of gold.
Less apprehension is felt, however, as
10 the ability of New York borrowers 70
secure a renewal of the finance pills nero
in London. and which mature in very
large amounts during October RecenI
canvasses among London bankers reveal
willingness to extend the period oil
these credits and this is believed to play
an important part in the unimpaired con-
fidence with which the speculative posi-
tion in the stock market is being main
tained.
The days principal movements show
The large part played by the ore lands
deal, ST. Paul and Southern Pacific mer-
ger and a coming six per cent dividend
for Atchison. all still in the form OF
rumors and renovated for new use after
doing service many previous times.
The market closed slightly irregular,
int with stocks near the top.
There was also better market TOT
bonds. in contrast with its recent mar
rowness and sluggishness. September
sales of stock We're 25,SOO,O0O shares, an
increase of $500. 900 shares over last sep
tember, while bonds sold in september
at par value of S42, $4,000.
Total sales today par value, S.5I6,0oO.
Government bonds were unchanged