Omaha daily bee., 1908-12-12
NETWORK STOCKS AND BONDS
Gold Engagements for France Take
Edge Of Speculative Temper,
FEW ISSUES SHOW STRENGTH
Rally Late II the session Cuts
Down some of the Ex-
IRENE Losses Consid-
erabIy.

NEW YORK, Dec. 1.-THE running. VI
Of the gold engagements for Shipment 10
toop tbe edga off The s' spscmiIatifve TEMPER
today and a considerable unloading OF
stocks resulted in the latter part of the
day. The lesson Of the gold shipment was
strengthened by the preliminary estimates
of the weeks currency movement, from
which Il appeared that practically no gain
on balance from the interior had occurred
to offset the absorption of $5,93S.OO by the
subtreasury operations OF the week. None
yet IN the subtreasury operations, the et-
feet therefore being deferred to next weeks
bank statements rather than in the showing
TO be published tomorrow afternoon. The
payments Of subscriptions 70 the Panama
canal bonds ave not yet commenced to
figure In the subtreasury operations, leav-
It is not unusual for the temporary ac-
cumulation of funds to prepare for the year
the money market and to involve the call
ing OF loans.
The expanding tendency Of the loan item
OF the banks also continues. With the sur
plus reserve OF the banks last Saturday
standing at but little over $40, 100000, there
was presented, by this rapid summing up
OF requirements, a rate of inroad upon that
sum which suddenly appeared somewhat
prodigal. The feeling OF confidence that
the interval to the easy money markets of
January could be bridged without special
care IN retrenchment of outlay was some
what disturbed by this development and
some nasty retirements from stock COM
mitments followed. The small effect pro-
duced on the exchange market by the gold
engagements gave an impression of a still
untitled requirement which indicated a
Likelihood of the continuance of the gold
outgo; 1t is supposed that, besides the
very heavy inflow from abroad Of Ameri-
can securities at the high prices lately pre-
vailing, the conduct of the speculative cam
paign has involved some large carvings of
stocks in foreign markets with money bor-
rowed in those markets. With the approach
OF the year-end requirements foreign lend
ers are disposed, 1t is believed, to reduce
the accommodations Of this kind. Bills are
scarce In the exchange market with which
gold are found necessary to meet the occa-
sion. The amount of the shipment today
was limited only by the supply of bar gold
procurable at the assay Office and foreign
bankers assume from the sustained strength
Of foreign exchange that gold will be
shipped next week to a considerable
amount. A. falling off in wheat export:
THIS week OF 2.346, 765 bushels from last week
and in corn Of 7O5. 2O6 bushels helps to ex.
plain the scarcity of exchange bills. TIL
money. market became active and firmei
with these developments, the demand belne
most notable for the shorter period. There
was also less demand for mercantile papel
and some Increase in the discount on thi,
was recorded. The call money rate wal
little affected. The sporadic cases o
strength in the earlier stock market hat
to do mostly with speculative rumors, sucl
as That e; II. Hartman is to join tn,
WABASH directorate, that Chesapeake &
Ohio is to Issue bonds and raise it's dividend
that Reading is to raise the dividend, tina
the New York Traction reorganization 1
ready to go forward with the return o
the president from abroad, etc. Strength
required in some of these when the marke
rallied late In the day and cut down tn
extreme losses considerably.
Bonds were irregular. Total sales, pa
value, sb,4SS,0O0. United States bonds wer
unchanged on call.
Number of sales and leading quotation