The daily morning journal and courier., 1906-09-06
STOCK MARKET FEATURES
WILL SECRETARY SHAW HELP
 THE MONET MARKET.

Call Money Went Up to Forty Per Cent.
 Yesterday and Then the Bulls Sent
 Prices Upward Again--TIme Money
 Also Higher Early Weakness
 Prices Closed Strong and Higher
 Gossip of the Day.
 Call money rose to 40 per cent. on the New York stock exchange yester- day afternoon and then prices advanc- ed as if money was cheap.
 This high price for money was made despite the belief in Wall street that Secretary Shaw will come to the mark cts relief. This belief checked liqui- dation, which was imminent.
 It is understood that the secretary of the treasury has segregated from ESQ., OOO,OOO to $4O,OOO of government money which he can deposit with the banks He may adopt also the tactics utilized by him earlier in the year of allowing immediate withdrawals of cash against gold imports so that the importers will not lost interest while the gold is In transit. This method of facilitating gold shipments resulted in large irn ports of the metal last spring.
 Money on call yesterday opened on the New York stock exchange at + per cent, and rose to 25 per cent. before noon. It then eased to about 20 in the early afternoon and later touched 40. Prior to noon the amount loaned, most of 1t above 20 per cent, was about ST. 000,000 Time money was also very strong, a months money commanding per cent. with a commission of per cent, which equals per cent. for year. Sterling exchange simultaneous ly with the advance in money rates fell sharply with demand sterling selling as low as $4S2.85. There was a rally in sterling later to above $4S3, and 1t was reported that arrangements were mak- ing for some large gold lmportations. London cable advices said that $2,000,- 900 in gold had been withdrawn from the Bank of England for shipment to New York.
 The high price of money was attrib- uted in some quarters to manipulation effected in order to hasten relief action by Secretary Shaw.
 The market was weak in the fore. noon.
 St. Paul, Great Northern, Baltimore and Ohio, Reading, Union Pacific, and Southern Pacific showed losses of to 4 points. The market was more or less stagnant at the low levels. It was ibuoyed up somewhat in the early after noon by the announcement of a gold engagement of $2,00000O. Sterling ex- change fell to $4S2.S5, the lowest point for this season in several years and a level at which gold must flow this way.
 Highest prices were made in the last half hour after call money had touch ed 40 per cent. It then went to 20 and rose again to 30.
 One theory regarding the Kuhn, Loeb & Co.-Baltimore and Ohio transaction yesterday was that while the sale of the stock by the Pennsylvania was outright, payment would only be made by Kuhn, Loeb & Go. as the stock was marketed. If the Pennsylvania needed funds to carry on Improvements be- tore the Baltimore and Ohio shares were all marketed, 1t was said, the un- sold stock could easily be used as col- lateral for temporary loan.
 The fact that big interests supported the market and bought stocks helped revive bullish feeling.
 The putting up of Reading was on the report that it was to take over Pennsys holdings of B. and sold lately.
 . It was generally believed that Kuhn, Loeb & Go. had found another custom CT of the B. and o. stock bought by them from Pennsy.
 American Smelling, after Its early decline from 152 1-2 to 15O was advanc- ed easily to 154 1-2 on reports that the dividend would be increased.
 The report made yesterday showed a 14 per cent. gain in net earnings.
 There were reports all ay in Wall street that an early announcement "o"ie pC AdduS DJ hooNAO'NAy 'AiSN" OA relief to be extended to the money market.
 There was transferred yesterday through the sub-treasury $900000 to San Francisco and $2OO,OOO to New Orleans, making the total shipments for the week $1,6OO,O0O
 The trading was wholly professional. It was the large traders and houses which carry their accounts that did the bulk of the business. Commissions from the public are very small these days.
 When Wall street heard Tuesday that the sale of the Baltimore and Ohio stock by the Pennsylvania took place
 Continued on Eighth Page.)