The San Francisco call., 1906-09-22
reu York stock Market.

NEW YORK Sept. 2I.-The shrinkage IN the
volume Of dealings in tOdsy's stock market was
r,Ti1clralIv due 20 the lessening OF the furious
activity in 4 few stocks which has kept up the
aggregate for several days past. Reading and
Southern Pacific were still dispropor uonately
active. but in nothing Ike the same degree as
Tor some days past OUTSIDE OF me spec9ianSe ~ e e
sluggish. and nearly stagnant at times Ine
duilness Of the market In face Of an appreclaoly
ensier condition Of the can loan market and the
promise OF q substantial increase II the banking
surplus 70 be shown IN romorrows bank state
sccount for II. Voices were heard in the fnan-
cal district 10 point out tnat an inference might
be drawn that speculative demand was not so
eager 10 lick up resources IN the call loan
market as detractors had alleged. Secretary
Shsw's circular 70 the national banks warning
against lending Government funds Tor specu-
istion has impressed upon the minds Of stock
market borrowers that there must be signs Of
urgent need in other departments OF the money
market than the call loan branch 70 induce
fresh relief measures By the Treasury Depart
ment The contrast II the call loan rate receo-
inC 70 below per cent, with the stock market
quiet and gilt-edged mercantile paper command
ing 6la TO per cent. and also loans for sixty
and ninety days commanding premium equal 70
. interest above per cent, was regarded In
stock market circles as glowing evidence OF the
IN the responsibility for high money rates
This contrast was felt TO offer convincing
The Treasury Department The oeheI was very
confident, in fact, that further deposits OF Gov
ernment funds in national banks was imminent
Estimates OF the weeks movements OF cash
point 70 8 gain BY the banks Of upward OF
Sli .000. 600. This represents the weeks acQuls,-
rions Of foreign gold with the subtraction Of
drains 70 other quarters. Al important ele-
menr IN the Offset was the loss of balance to
the interior on the express movement which rose
again 10 above 81 o00. .0O0. indicating that the
interior drain on New York has been fully re-
sumed. There was e small additional parcel OF
gold secured today. and this not IN London. but
1n Paris. and not from the Bank OF France,
but from other quarters. The private discount
rate Ia London rose additional fraction above
the bank rate. and the price Of gold also rose
higher. the effect being 10 divert New York S
demand upon Paris. Unless the Bank OF France
relinuuishes its determination not 10 release gold
70 New York Il is not expected that a move
rnent from Paris win attain any important
proportions This increased the conviction that
TIE Tres sury measures were the next available
source OF relief The special strength OF South
Of preferred stock 10 provide means for taking
over St Paul AmaISan1ated Copper responded
10 an advance IN the price OF the metal. and
q number OF minor inoustrials were affected
hy special factors bearing on their industries.
The closing tone was heavy and there was no
relief from the predominant dullness.
Bonds were heavy. Total sales par value
United States rs coupon declined \ per cent
on call
New York Stock List.
z T Hutton & Co.. $50 California street,
members Of the New York Stock Exchange. fur
nish the following list Of bond and stock sales
yesterday: