The San Francisco call., 1906-09-11
FINANCIAL And COMMERCIAL
New YORK STOCK aIarket.

NEW YORK. Sept lO.-The strength In to-
say's stock market was spotry and intermittent,
and was disappointment 10 the speculative
element, which counted on an active advance
because Of the heavy buying evident on Satur-
oay after the appearance Of the bank statement.
with It's formidable showing OF dehcit Of
S6,6TS. 600 below the legal reserve Events oc-
CURED today In about the way they were ex-
pected 10 as a basis FOR the strong closing OF
the stock market on saturday But the stock
market response today was moderate, and the
ranks OF the advancing stocks rather a ragged
fzing going on IN stocks that were bought on
saturday and this added 70 the impression
that Saturdays buying was for purposes OF sup
loft ratner tlan TOT accumliatlon- Ere heau-
ing. United States Steel, Amalgamated Copper
and the tBanscontinental group were all under
more OF less pressure The eject upon foreign
money and stock markets OF the heavy demand
y New York for gold had its influence IN check
.nE speculative excess here There much
confusion also in estimating the exact amount
- gold actually secured. owing 10 the possible
duplication Of announcements by the private
banks making engagements and the Nationals
Ecring for them. and 20 which alone the priyil-
ege of holding Government deposits against the
order II became evident esrly in the day, how
ever. that the minimum estimate Of Saturday
IN today's movement. which was SO, 900.
vas exceeded Csl money loaned as nigh as
% per cent early IN the day. but ran on 10 the
'l..ol 9L . - eeht gelore tne prineLlsi ;
money opera tons were concluded. rising again
20 u per cent at the last. AS an Offset 10 last
weeks cash loss by the banks Of over SIC. 000.-
600 the days gold engagements were not fully
nraWal o. nearly million dollars by the Sub
Treasury and that Institution was a creditor
he clearing house this morning for nearly hslf
& million dollars. New York trust companies
have commenced the accumulation of cash 10
th the additional reserve requirement in force
October !. and with the movements Of cash TO
ee interior still in force the restoration OF New
fcrk bank reserves 10 the legal requirement
without additional loan contraction seems prob
ematical- The question thus involved had its
part in the uncertain tone of stocks SO did
he forces ~ opposition TO the importation OF
gold, which were emphasized In the rise of dis
count rates IN London. Paris and Berlin and the
advance Of gold in London. the rise Of Ameri-
-sn eagles al the Bank Of England amounting 10
20 Is sd Interest attached to. the
7ffcial report q the August gold output on the
Rand, which increased no less than IL .3S2 ounces
lVer The July production. and reached total
y 508.1l5 ounces for the month. This rapid
Increase in the heavy output Of South African
gold promises large new supplies 10 meet the
New York demand. even though the State for
sign banks are indisposed 10 part with sny Of
their present large holdings. The Southern
group Was prominent among the strong stocks
n the day, but they did not hold well after
the appearance ef the Government cotton crop
report The large Increase In earnings in the
Atchison annual report strengthened confidence
In coming dividend increase, and speculative
fuessers were liberal IL their Surmises Of the
extent o. the increase. drawing analogy from
call money added 70 the unsettlement and helped
70 make the closing irregular.
Bonds were Irregular. Total sales (par Vsluel.
s.. .7s6 900.
United States bonds were all unchanged on
call