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Show SECURITY MARKET 5E85I0N DOniNATEDBT MONEY RATE Call Loans of Both Classes Advance to .Maximum Quotations for Weeks; Stock Trend Is Downward. i ' 1 NEW YORK, July SI. Operations on the stock exchange today were governed almost wholly by the course of the money market, rates for call loans of both classes rising to maximum quotations of many weeks. The week-end holiday was another uncertain factor, many traders availing themselves of the impending recess to lighten to fir commitments com-mitments for the lonf account. Call money opened at 6 to 8 per rent, the higher rate applying to the lef s desirable securities, se-curities, but Just before the close IS per cent wan paid for loans on mixed collateral and 20 per cent on industrials. Although the fed ra 1 reserve boa rd took no official action regarding brokers' loans, it was generally understood that intiniutlons from high financial quarters urged the need for a partial check on existing speculative conditions. In all probability, however, the higher rates of the day were precipitated by the withdrawal of funds to meet maturing obligations. These included the Il00.0t-O.0o0 Canadian loan and' the American foreign securities loan, both falling due tomorrow. Transactions were moderately large, but with the exception of several Issues dominated by pools, such as tobacco, leather, paper and food shares, and a brief spurt in oils, the trend was unmistakably downward after the irregular first hour. Helling wrtB at its height in the last thirty minutes, the revcrutt) beginning with tteel8 and motors, where declines ranged from 2 to 6 poluts. rails and shippings lowing 2 to 3 points. Sales amounted to 1.200.000 shares. 1 The weakness of utility Issues was agulu a feature of the bond market. Liberty and foreign for-eign groups holding relatively steady. Total alt (par value) were $11,876,000. Old United States bonds were unchanged on cnll. I |