The San Francisco call., 1906-09-25
View York stack Market.

SEW YORK Sept 24-Dfsturbed sentiment
OVER the money outlook induced considerable
u was NOT until accumulated selling orders
nsa been workeo on to some extent that a
ont the early losses by the middle OF the after
noon The early selling was reinforced to a
count Of professional hear traders Their oper-
ations were encouraged by misreading Of the
showed on their face a withdrawal Of S4l2O 600
from the banks since the bank statement The
inference thar the banks were poorer in cash
20 the amount than shown IN the bank state
ment however unwsrranted- The false
impression is due 70 the extraordinary amount
- confusion in accounting caused by the opera
fion Of the Treasury's methods Of assistance
70 importing OF gold The apparent loss by
the banks on sub-treasury operations is due 10
rePaymenls Of advances made 70 them by the
Government against engagements OF gold for
import in accordance with the agreement Of
the hanks when rbev shonld receive their ron
signments Of gold shipped. But the repay
ments are made with the newly arrived gold
and are not withdrawn from the present cash
reserves Of the banks as the sub-treasury ac-
counts seem 10 indicate. Some of the profes
item was covered later in the day and helped
TO the rally. There not much change in
the money situation. or rather in the process
sion OF events which Is drawing ugnter tne
money markets. The weekly arrival Of South
African gold in London furnished material for
fional engagement Of about 81. .oo0. 600. There
no Withdrawals from the Bank of England
for New York account and no further supply
vas secured in Paris The bidding for the
gold in London advanced the open market
rates fraction. Discounts hardened also in
Paris and Berlin and expectation reported
OF another rise IN the official rate Of the In
perial Bank OF Germany this week. While
the official rate at the Bank OF England re-
mains at 4 per cent. that institution demands
~ per cent American bills and per cent
much smaller engagements OF gold this week
than last. Routine sub treasury operations also
are making drain the banks. although
not in the proportion suggested by the wrong
Inclusion Of the repaFments on gold imports.
The Government institution was creditor at
the clearing house this morning 10 the extent
OF SS6S s23. The principal factor In this show
ing large transfers OF deposits due at in
terror points. hanks Of the interior drawing
cations to the Government. A deposit of
$4,000 Al the sub-treasury was for the pur-
pose Of teiegraphic transfer TO ST Louis. The
scarcity OF funds in the time-loan market con-
tsnued- In view Of these conditions the con
viction grew that Treasury relief for the
money market essential TO enable 1t 70
meet the October I demands upon IT. The
belief that such measures were imminent
general late in the day and contributed largely
10 the improved tone OF the stock market The
late recovery became decidedly strong. but the
only stocks TO yield any considerable net gains
were the Hartman Pscihcs Atchison, Reading
and Amslgamsted Copper.
Bonds were easy TOTAL sales lpar value).
- $50 600.
United States bonds were unchanged call.
New York Stock List.
E r Hutton Co. z9o California street,
members Of the New York Stock Exchange, fur
nish the following list Of bond and stock sales
yesterday: