Omaha daily bee., 1909-11-13
NEW YORKSTOCKS AND BONDS
Market Opens Easier Because Of
Lower Call Loan Rate.
MANY DEMANDS FOR CURRENCY
Rise In Rate 90 six Per Cent IL
Followed by Drop in Values of
'stOcks-Bond Market IN
steady.

NEW YORK, Nov. 12.-The sluggish cur
rent Of the price movement in the stock
market today shifted in C-onsonancc with
the varying view Of the money situation.
Supplies Of money on call at s per cent and
below during the earlier part OF tho day
gave confidence that the banks we're within
their reserve limit so that call money
borrowers would not be pushed for pay
ment. Later the appearance Of the pre-
liminary estimates OF the weeks currency
movement and announcement of further
engagements Of gold for export renewed
anxiety and the call Honey rate stiffened
again.
The outgo Of cash during the week has
been much larger than was supposed, the
balance against New York on the express
movement running apparently to nearly
$A,5OO,OW up to Thursday night. There were
additional large shipments to Chicago TO-
day, which will figure in the actual figures
OF the bank statement tomorrow. Sub
treasury operations and gold shipments to
Brazil together have taken S,S54.OO0, thus
running the cash loss on the known move
mentS OF money up to near &l0,OOO,OVO, one
Of the largest cash losses for any one week
In the present year. The date Of shipment
Of the S1,JO0,0OO gold engagement today for
South America on London order is not
yet known. The bank which made the
largest engagement called loans today tc
the extent OF many million dollars. There
was some fresh supply from other sources
including, II was said, the dry goods banks
In this city, owing to a lull In trade re
quirements. Authorities differed as to Of.
terings Of money from foreign sources
There is significance, perhaps, in the fac
that London financial authorities are com
planning that the joint stock banks there
are not holding up the hands of the Banl
OF England In its efforts to attract golt
from outside markets The special demand
for cash from Chicago Is said to be urgen
and is connected with the expectation o.
an early call from the comptroller of IN
currency for a statement Of condition o
national banks. The imminence of TIL.
call, 1t Is reported, found some of the Chi
cago banks below the Eserve limit. A goo'
proportion OF the New York clearing hous
banks were shown to be below the % pc
cent reserve limit in the detailed BAN
statement Of last Saturday and their nee IS
sity for recuperation Is a factor In tn
money market position.
The rise in money rates applied not onl
to call cans, but to time loans, and tn
hardening tendency extended from tn
shorter to some of the longer periods. ASK
Ing rates for n~inety-day loans were ad
vanced a fraction during the day.
A feature OF the narrow speculation wa
its diversion to low-priced stocks, bot
industrials and railroads have the Unite
, resources in the money market, max
operations In these low-priced issues NOR
feasible owing to the smaller sums re
quired by commission houses for holdin
them for customers. This constituted tn
only reason for the movements in most &
these. The sharp falling off In the week
exports Of Copper, compared with severe
waning Of the reported demand for this
metal, although the price was advance
p again in London today. The force of IN
demand for iron was reported to hay
spread to the foreign market, leading {
purchases for import. Stocks fell to I'll
lowest Of the day, when call loans ros
to s per cent and then hardened when I'll
rate eased off.
q Bonds were steady. Total sales, pc
e value, $3.50, 900. United States bonds wei
r unchanged on call,