The daily morning journal and courier., 1906-09-28
STOCK MARKET FEATURES
SHARP DECLINE DURING THE
 AFTERNOON.

Secretary Shaw Announces That $26.-
 100000 Will be Deposited in Deposit
 tory Banks of Which s3,OOO,OOO Will
 Go to New YOrk--AnOther S1, 1,5OO,O 900
 Engaged in Europe by First National
 Bank of New YOrk---COnsiderablc
 Buying at Low FIgures--CaH Money
 Goes Down to 4 per cent--Prince X
 WhiteIy Believe Thnt MOnied Men
 still Have Market We'll in Hand.
 The feature of the trading yesterday was the severe decline of the afternoon which followed upon short-lived ten dency to rise in the early hours of the day. Analgamated fell 2 7-S points, Southern Pacific 3-S, St. Paul 1-2, Great Northern preferred 3, Reading 1-8, Anaconda 5 7-8 and Atchison 2 12 from the forenoon's high level. There was considerable buying at these low prices, many taking advantage of the opportunity to acquire these stocks so far below prices recently attained. The market ended strong under an active though late recovery.
 At the low level reached in the after noon it was noted that Amalgamated Copper sold eight points below its high price of the year, American Smelling 21 lower, Anaconda 19 7-S lower, St. Paul 27 1-S lower, Anaconda 19 7-S lower, St. Paul 27 Is lower, Louisville 10 3-4, New York Central 15 IA, Reading IS 7-S, Northern Pacific A 1-2. Great North ern showed a loss of 21 points and Un- ion Pacific z 7-S, but this was without allowing for the rights" or dividend which have since come off, Stocks which show relatively slight loss from the years high level are Southern Pa cific, which was down 7-S from the best; Steel common, down 4; Pennsyl- vania, down 1-2, and Atchison, down 6 IA. The buying in the last half hour seemed to be largely based on such comparisons
 Secretary Shaw announced late yes terday afternoon that $26, 6,000,000 will be deposited with existing depository banks in the following cities: New York Philadelphia St. Louis, New Orleans, S2, 2,000, 900 each; Baltimore, Louisville, Kansas City, Cleveland, $l,0OO,OOO each; Pittsburg, Buffalo, Minneapolis Mill waukee, Detroit, Cincinnati, St. Paul, Omaha, Des NDoines, Denver, Sioux City, Memphis, Peoria, Atlanta, Nash vile and Sioux Falls, $5OO,OOO each.
 Security in bonds which are lawful investments for New York and Massa- chusetts savings banks will be accepted for these deposits at 90 per cent. of their market value, These deposits are tenn porary in character, to be returned as soon as the pressure is over, beginning probably February 1 next.
 Call money did not go above per cent, and during the last quarter hour was quite liberally offered at per cent.
 The Bank of England did not raise its official discount rate yesterday, which ts opposed to the interests of American borrowers. The banks weekly state ulent is unfavorable, showing a reserve ra.io fully 10 per cent. lower than is issued for the last week in September.
 Another $1,5OOOO) gold was. engaged for import in Europe by the First Ma tional bank in New York yesterday. About $4,00O,O0O South African gold is scheduled to arrive at London on Mon day, and most of this will in allproba- bility by taken for New York. Ster- ling was trifle weaker in New York declining further at Paris. Most of the early loans were made on a 1-2 per cent. basis, and later 5 9-4 and per cent. were quoted, Time money was a shade easier, borrowers paying 6 1-2 per cent. for loans which were quoted a day or two ago at per cent
 rPince 6, Whitely say: In the last hour it was evident that the buying into certain properties was for good &C., count, the rallies from the afternoon s lowest were material, and the close, though generally under last night, was mot weak.
 The market showed two sides to-day the professional element was bearish, while the insiders seemed content to take stock on scale down, but did not make any particular effort to support their favorites.
 The way the market rallied in the last hour leads us to believe the moneyed men still have the market well in hand and any substantial relief to the mone- tary situation would be followed by a generally higher level of values our opinion unchanged, on bulges we would take profits and vice versa would buy for turn on all weak spots.