Omaha daily bee., 1908-09-12
NEW YORK STOCKS AND BONDS
S~titfening of Money Market Feature
Of the Day.
CURRENCY
MOVES
WEST
Market IL Generally Irregular and
Weak, and Average Level Of
Prices Is Much Lower
Than Thursday.

NEW YORK, Sept. 1.-THE action Of the
stock market today was a striking testi-
mOny 10 the important part played by cheap
eno ABUNDANT money supplies In the move
ment which has carried prices to their cur
rent nigh levels. The stiffening Of the
money market was very moderate In degree
and the available supply remains far from
the point Of exhaustion.
Estimates by the accepted authorities Of
tne week currency movement to and from
ne Interior Indicated the turning OF the
ude away from New York, the excess OF
shipments from the city having reached
the neighborhood Of $1,000, OOO. Losses on
subtreasury operations, which amount to
Sz'SShOD, are extended by payments to the
government OF drafts Of New York GORE
spondents to pay internal revenue taxes,
which make their appearance only when a
demand for cash at interior points Is felt.
There has been a marked decline also in
the daily average OF national bank notes
presented to the subtreasury for redemption,
which IS a feature OF a season when Interior
banks are shipping this form Of currency to
New York. This pressure for current re-
demption Of bank notes has been 90 con-
slant ana long continued as to demonstrate
q condition of Initiation of bank note Issues.
Bank notes in the United States treasury
tund still stand at upwards of So, 900 900, in
spite OF efforts of extra forces to keep up
with the sorting of these bills for return TO
the Issuing banks. This compares with a
maximum OF over S87,OO0,O 600 OF these notes
in the general fund in July, but it also
compared with only 10,OOO.OOO in the period
before the refluX from tho circulation be-
gan after the panic. The fact that only
about SlI,Oo0,W0 of the 100000 900 bond-secured
circulation put out following the panic has
been retired by the issuing banks explains
this automatic pressure to get out Of oircu-
laton. 1t is believed that this condition
operated towards expulsion Of gold also.
There was less talk OF exports OF gold to-
day, the slight rise in call money rates
having resulted in a fall in foreign ex-
change. A rise in call money yesterday
the banks engaged in accommodating ex-
change for the redemption Of New York
City revenue bonds In London on November
1. There were no reports OF actual calling
Of loans today but the supply OF bank
money offering on call was said to be less
and this created fears Of a definite turn
away from great ease in the situation,
Various reports were current of the enor-
nous volume of loans outstanding on call
by the banks most closely affiliated with
the group OF capitalists credited with the
conduct of the upward movement OF prices
during the summer.
The control Of the situation thus entered
in q few hands caused uneasiness over the
possible effect of a change in the market
position OF so powerful a combination. Thu
Locomotive stock yesterday made the other
railroad equipment stocks weak and the
inferences from this were not helpful &c
the iron and steel group as a whole. Read.
Ing got some occasional benefit from the
further consideration Of yesterdays decision
clause Of the Hepburn bill. While the mar.
ket was irregular at times, the days bust.
ness was done below yesterdays prices anC
the prevailing tone was weak.
Bonds were Irregular. Total sales, pal
value, So, sSs, OO0. United States bonds were
unchanged on call.
Closing quotations on stocks were as fol
lows: