Omaha daily bee., 1909-09-18
NEW YORK STOCKS AND BONDS
speculation MOderates Its Pace Be-
cause Of Money Conditions.
BANK SUPPLIES DwINDLNG
Dulk of Business H. Done Below Level
OF ThursdRy's ClOse-FInRl
Prices Are Highest of
the Session.

NEW YORK. Sept 1.-THE speculation
In stocks moderated it's pace today, pre-
suhiably In compliance with suggestions
rom those who hold the purse strings
The fact Of the narrowing resources OF
the money market have been obvious all
through the week. but apparently no ac-
count has been taken of the situation until
today. With an actual surplus reserve last
Saturday OF less than f4,OJJ,OOO the sup-
treasury had absorbed enough by the ma
die OF the week to leave the percentage Oh
reserve below the legal requirements, unleSS
a scaling down OF deposit liabilities had
been effected in the meantime by a loan
contraction. OF this there was no evidence
In the stock market where an inmate
speculation was carried on day after day,
supposedly with increasing liability for Dor
rowed money. The summary OF the weeks
currency movement shows mat iae SUD
treasury reduced its aggregate Withdraw
ais for the week by yesterdays operations,
leaving the total at Se,4JO,VO. In place
Of last weeks heavy loss on the Interior
to have gained several million dollars from
that source, reducing by as much the loss
on subtreasury operations. Fears that the
surplus would be entirely wiped out, therer
fore, abated after the appearance OF the
estimates OF the currency movement, Ihe
movement Of foreign exchange during the
week has made II evident that money. was
being borrowed abroad to relieve the local
banking position.
Foreign money markets gave additional
evidence today of the effect Of this pro-
GEEEs DISCOUNTS III LulAhbh dbuAAA oAS'h
The committee of the Imperial Bank Of
Germany did not advance the official dis
count rate, as il was expected II would,
but another meeting OF the committee
was set for tomorrow for further consider
alton OF the subject. The active specula-
ton in Berlin as well as the demand OF
Russia upon that center for gold has made
II a competitor for the London gold sup
ply. This promises TO affect the chances
of American borrowers for securing addi-
tionai resurces.
Sock market collateral on loans is
the most satisfactory to be had in the view
of bankers, but the security depends on the
maintenance of prices. The stocks which
nave been most active and prominent re-
Gently were consistently pressed for sale
on any advance today, but the selling
orders were reduced or Withdrawn on re-
cessions. st. Paul was picked out for
operations to afford a sustaining force in
the market. The recovery from It's EARLY
decline in Reading served the same pur-
pose and there were only scattering points
Of strength, especially among the minor
specialties and industrials. IN bulk Of
the days business, however, was done In
the neighborhood of or below last nights
prices. The squirt in Reading was re-
sponsible for the strong closing at the
days highest prices.
Bonds were heavy. Total sales, par
value, &,378,OJ1. United States as regis
tered advanced "a per cent on call.
Number of sales and leading quotations
on stocks TODAY were as follows: