The San Francisco call., 1909-10-02
IRREGULAR TONE
IN STOCK MARKET

NEW YORK, Oct. 1.-The call money
market today showed the effect Of the
special requirements upon it, and the
higher interest rate or the limitation Of
funds Offering which caused il held the
speculation in restraint. The further phe-
nomenal rise in United States steel to new
high records helped TO hold prices else
where against the influence Of the dull de-
mand. Atchison. also sold at new high
record under the inspiration of intima-
tions regarding the chances for an advance
in the dividend rate next week.
The estimates of the weeks currency
movement failed to show any great off,
setting influence TO the drain on routine
operations from the cash brought to the
city by the Hudson-Fulton celebration Wis
itors.
The express movement with the interior
seems to have yielded q small gain on bal
ance for New York, but II is q slight pro-
portion of the S7,osl, 900 which the banks
have lost on subtreasury operations, to
which is to be added $500, 900 in gold
shipped to Canada and 81, 900 900 deposited
at the subtreasury today for telegraphic
transfer to San Francisco presumably for
shipment to Japan. The shipment is for
London account and calls attention to the
control Of resources in New York given to
London by the international position.
The exchange position gives added impor-
tsnce to the poor prospect for the cotton
crop, unofficial estimates Of which, pub
Iished today, indicated a decline in con-
dition during September Of between and
per cent, which is expected to be re-
fected in the government report on Mon
day.
In addition TO the adverse trade balance
there are heavy maturities approaching Of
obligations for American securities held in
England. notably S25,o 600 of New York
city revenue warrants which come due No
veuber l. Meantime, the foatation Of i'm
portant new bond issues in New York has
been deferred and the exchange psrticipa-
tion in these hotations Of foreign banking
houses is not forthcoming to take up part
of New York's Indebtedness.
As to our interior banking situation, the
compilation just published of reports to
the comptroller Of conditions as Of septen-
Der / shows how we'll loaned up were the
national banks Of the country at that date.
The loan item increased nearly 500, ,ooo,-
900 since June 20 Of this year and over
Ss7s 200, 900 since September 20 last year;
the deposits had increased Sill, 900
and s4el, ,75s, 900 for the same periods, re-
spectively, while the cash holdings had
fallen OF in the shorter periods some
$31, 800, 900, and in the longer period sl4,-
500, 900. As consequence the percentage
of reserve on September was 2l.e7, COM
pared with 22.37 on June 2S and 22.s7 on
September rs last year.
Money on call opened at per cent to-
day and then ran off to s, with reassuring
effect on the speculative tone. There was
some small response, however, to the
strength Of United States steel, Reading,
Atchison and 4 few others, and when the
call loan rate stifened to IA per cent late
in the day it had q weakening effect on
the whole market. The final upward rush
of United States steel TO SO left the closing
tone irregular.
Bonds were irregular. Total sales, par
value, s., ,s55, 900.
United States bonds were unchanged on
call.