Omaha daily bee., 1909-10-21
NEW YORK STOCKSAND BONDS
Relief Fails to Come for Dull and
Hesitating Tone of Speculation.
LONDON DISCOUNT RATE RISES
Another Jump Expected In Bank of
England Charges--Resumpti OF
Interior Demands for Cur
reney Looked For.

NEW YORK, oct 20-The duh and hest
tating tone Of the speculative interests IN
stocks was unreiieved today. PTiees P.. oi9
not move along in any one direction am
the action was confused by contrary move
inents going on at the same time.
The more prominent issues, in which the
greatest part Of the market dealings have
been concentrated for long time past
were heavy In tone. At the same time spe,
including some low priced, nondividend
payers, were pushed upwards. The imIne-
diate condition OF the local money market
wag not such as to force liquidation In that
the banks were not actually calling loans.
Supplies of loanable funds, In fact, were
somewhat more liberal The suspicious dis- %
position OF the trading element toward the
market was manifested in the way they
interpreted even this seemingly favorable
II was argued that these funds were sup
piled by former large holders of stocks,
who had been selling out at profitable
level of prices recently prevailing ana were
lending the money on account OF the more
attractive interest rates ct present BE
yond the Immediately easier tone OF the
local money market, however, the money
outlook was regarded as unassuring. The
sustained strength Of the foreign eXchanBe
market for this week continued today, The
private discount rate in London today rose
to above the official discount rate estab-
lished last week and 1t was taken Tor
granted that tomorrow would see q further
count rate, probably by u per cent ana
possibly by another full per cent Con-
favor of London today and the private dis
count rate at Paris advanced In response
to these developments.
In this country the exchange at Chicago
moved against New York again and re-
sumption OF interior demands for currency
was looked for. The publication OF the
figures Of the country's foreign trade Tor
September showed further large increase
in value OF Imports which served TO re-
duce the trade balance again In favor OF
this country and thus to help to explain
the strength in the foreign exchange mar
ket and the lack of an unexpected supply
of exchange TO provide for remittances In
pay ment OF maturing loans abroad A re-
| port of a contemplated issue OF new chi
Icago e. Northwestern stocks was greeted
with a sharp decline In that stock and was
a reminder OF other necessities for new
capital overhanging the market. Bonds OF
the International Pump company also were
offered both here and In foreign markets;
The placing of new American issues abroad
suggested another phase OF the question OF
securing new capital in a way that might
operate as a substitution or funding OF
| temporary borrowings from foreigners ana
| thus relieve the immediate obligation TO
repay them. Money market factors are
! sufficiently mixed TO explain the hating
tone Of the speculation which kept prices
within restricted range throughout the
Bonds were heavy. Total sales, par value,
/ So, O04OO0 United States 2s declined " per
| cent and the As, regular, u per cent IN the
bid price on call.
| Number OF sales and leading quotations
Ion stocks were as follows: