The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-09-29
1STOCkS UNDER
ACUTE PRESSURE
Occasional Rallies When the
Bear Traders Were Buying
to Cover Shorts.
SEVERAL WERE PINCHED
CLOSING WAS FEVERIsH AND
IRREGULAR.
SEVERAL WERE PINCHED

New York, Sept. 2S.-Stocks were under
pressure again today which became acute
at times, but was interrupted by OCCa-
sional rallies when the bear traders de-
tected a slackening I'm the selling and
bought 20 cover shorts. A savage or
slaught on the oVer-eXtended short inter-
est caused a violent recovery at last
The high opening was a direct result Of
the order Of the treasury department plac-
ing S26O00O0O of government deposits in
national banks at different points
throughout the country. The high prices
were Immediately taken advantage of to
sell stocks in realization of profits and
This movement continued at intervals for
the rest of the day.
The early rise I'm the call money rate
aroused apprehension that there would be
a furry later in the day in spite Of The
government deposits with the banks. Pie
paratiOns were evidently going on for the
heaVy demands TO be met on Monday for
payment Of dividends and interest and
Tor Increase of the cash reserves of the
trust company Loans were called on
quite a large scale and bidding became
rather urgent for renewals. Several mil
non dollars We're placed on the loan mar
ket however. by the national banks and
these offerings kept the rate down. The
effect Of this action on speculative senti-
special weakness of St. Paul Union Pa
ellie and Amalgamated Copper i'm the
market, concentrated selling of these
stocks giving an impression of the liqu-
dation of an important speculative senti-
ment quick to be influenced by move
ments i'm any stock reputed to he a me-
dunn for market operations by the recog-
nized groups of great capitalists.
The method Of relief for the money mar
ket chosen ~ the treasury authorities
did not give entire assurance OF it's eff
tectiveness for meeting the needs Of the
stock market. The wide distribution of
deposits is likely. il was assumed. to
initiate against an easy flow into the
New York money market IL was not
forgotten a buf "a far NH
are under admonitiOn from the secretary
or the treasury Co see that government
deposits do not find their way into the
New York call market, where IL was as
Sumed they would be employed in stock
market speculation The effect Of the
treasury order was pronounced however,
In the time money market and opinions
were expressed by brokers in that market
that return TO a 8 per cent level for
time loans was an early possibility. For
eign money markets were also favora bly,
discounts Teceded in the London market
although advancing i'm Paris and Berlin.
The effect was TO lift foreign exchange
rates early in the day. but they yielded
gain later. Estimates of the currency
mOVeme 1t indicated that the loss on rou-
tine sub-treaSury operations had been
supplemented 10 the extent of over $1,000
000 by the movement 20 the interior on
balances on the express movement. The
immediate condition OF the banks is less
considered than the large money opera
sstent sellers during the day and they
were severely punished in the sudden and
violent turn in the market i'm the last
half hour. This was caused principally
by the seeming probability that points OF
difference over the ore lands between the
Great Northern and the United States
Steel corporation had been adjusted. MAX
ing announcement of the terms imminent
The ore deal stocks rallied very buoyant-
". but in the general list the recovery
did not extend generally beyond last
nights level Of prices. The closing was
feverish and irregular.
Bonds were irregular. Total sales. par
value. 1862. 600.
United States Is declined q per cent on
call.