Omaha daily bee., 1909-09-15
NEW YORK STOCKS AND BONDS
Market Nsrrows to Professional Rut
and Price Movement is Heavy.
HEAVY DRAIN BY CASH ON BANKS
Demands OF western Houses and Sub.
Treasury Makes Restriction of
Credits Necessary and Hats
Speculation.

NEW YORK, Sept 1.-THE stock mar
ket narrowed to a professional rut today.
Efforts were made to keep speculative
Interest alive by concentrating operations
In one or two of the usual speculative
favorites and a few novelties, but the re-
Spouse Of the general list was languid.
The tendency OF prices to retraoe their
course was another significanat predom-
nance Of professionl traders transactions.
The hardening of the money market Is a
natural check on free speculation. Whhe
lenking opinion does not look for any
strtngency this fall, the position OF the
New York banking reserve shows that a
restriction Of credits Is imperative to con-
form TO the heavy drain now making on
the cash holdings OF the banks. The Ma,
600 Withdrawn from the banks by sub
treasury operations since the last weekly
bank statement was made Up compares
with an actual surplus reserve at that
has continued to draw IN New YORK IN
the meantime in addition to the sub-treas-
ury requirements A rise In New YORK
exchange at Chicago today has resulted
from the firmer money rates here. The
shifting OF loans employed in the specu-
lGtive holdings OF stocks TO other lenders
the course Of events. The unusual re-
course is to foreign money markets. at
this time OF the year, but the money
market in New York is extended already
TO an enormous extent on that side. State
ments Of American banking Indebtedness
abroad have pointed to a figure as high
as $500, 100000. The low level OF the
merchandise exports for many months
past and which still persists has COM
blned with very large exports to leave the
International exchange market without
mittances. The newly developed Russian
demand for gold In the London market
also projects a new element into the
problem. unusually heavy grain exports
from Russia being advanced for explana-
ton. In the home financial markets, the
investment appetite for securities has been
the occasion of complaint by bankers and
s~yndicates and various projected new Is
sues have been delayed. In some of these
a large foreign participation was expected
which has been relied on 10 meet a part
Of the maturing Indebtedness Of New
York's foreign money markets. Bank
loans throughout the country are known
to be very heavily extended. how much so
the compilation OF reports of national
awaited to show. with the season at
hand when the normal requirements of
the interior make requisition upon New
York for tens Of millions of dollars, the
outlook does not invite to undue extern
sion OF liabilities for holding securities on.
The banks to day are inclined to advance
the rate for call loan rates In concert and
the making of a 3 per cent rate by one or
two Of the largest institutions made an
example that was generally followed with
as high a rate as has been touched at any
time since the early part of 1908, when
money plethora was setting in after the
subsistence OF the panic Of 1907.
The stock market was strong in spite Of
the money markets situation, which was re-
| Elected in the dullness Of the speculation
rather than in pressure to sell.
The speculation in Reading was
animated and was coupled with
rumors OF coming favorable dividend
action following the return of the presi-
dent of the company from abroad. The
Hartman Pacifics moved upwards again
in compliance with varying reports of the
future plans of the successors to that
financier's power, The strength OF the
coppers was attributed In London to spec
ulative covering operations. 1t was &C
companied by a rise in the electrical
equipment company shares. The allied
railroads in the southern territory rose in
concert In response to dividend rumors.
| The days market was made up OF such
intermittent movements. At the end of
the day gains were only partly held.
Bonds were firm. Total sales par value,
"a, 100, O00.
+ United States bonds were unchanged on
call. ..,g. .. .,.. ~ 49,.
Number OF sales and leading quotations
on stocks today were as follows: