The San Francisco call., 1906-09-29
New York StocI. Market.

NEW YORK. Sept. 2s.-Stocks were under
pressure again today which became acute at
fines. but was interrupted 10y occasional raj
les when the bear traders detected Elacken-
ing In the selling and bought TO cover shorts
savage onslaught ON the oyer-extended short
interest caused the violent recovery at last.
The high opening was r direct result OF the
order ei the treasury Department placing 80
Uo0,oOo OF Government deposits In hatlonai
banks at different points throughout the eoun-
Try. The high prices were immediately taken
advantage OF 10 sell stocks In realization or
profits. and this movement continued at inter
walls for the rest Of the day. TIE esrly rise
in the call money rate aroused apprehension
that there vonld be a furry later in the day
in spite Of the Government deposits with the
hanks. Preparations were evidently going on
for the heavy demands 10 be met ON Monday
for payment Of dividends and interest and for
increase OF the cash reserves Of the trust com
psnies. Loans were called on quite a large
scale and bidding became rather urgent FOR re-
neWals Several million dollars were placed In
the Joan market. however: by The national
banks and these offerings kept the rate down.
The effect Of this action on speculative senti-
ment WAS impaired TO q degree by the special
weakness Of 81 Isul- Inicn Pacthe ana Anal
gsmated Copper in the stock market. concen-
frsted selling of these stocks giving an I'M
nresSion ~ the IiaiiidatiOn of an important
sDecularive sentiment which IS quick be in
fuenced by movements in any stock reputed
be a medium for market operations by the
recognized groups of great capitalists. The
method Of relief for tde money market chosen
by the Treasury authorities did not give entire
assurance Of its effectiveness for meeting the
needs Of the stock market. The wide distribu-
rion af deposits is likely. II was assumed. 10
initiate aEalSf easy low lulo fLe New
YORK money market. II not forgotten. also.
that the depository banks are Under admonluon
from the Secretary Of the Treasury 10 see that
Government deposits do not -hnd their way INTO
the New York cau market. where u was as
sumed they would lie employed In stock mar
ket speculation. The effect Of the Treasury
order was pronounced. however. IN tile time
u.eucv market and opinions were expressed by
brokers in that market that return 10 q 9
per cent level for time loans was an early
rrobahilify Foreign money markets were also
favnraby affected by the Washington action,
aud discounts rPceGed IN the London market.
although advancing in Paris and Berlin. The
in the day. buf they yielded again later. Esti-
mates ~ tho currency movement Indicated that
the loss on routine Sub-treasiiry operations had
been supplemented 10 the extent Of over 81. 900,
00O by file movement 10 the interior on balance
on tho express movement. The immediate con
sition Of the banks is less considered than the
large money operations of next week The
bears were persistent sellers during the day
and they were severely punished IN the sudden
and violent furn in the market IN the last half
hour. This WIS caused principally by the
seeming probability that the differences over
the ore lands deal between the Great Northern
and the United States Steel Corporation had
been adjusted. making announcement OF the
terms imminent The deal stocks rallied
very huovantly but in the general list the
recovery did not extend generally beyond last
nights level Of prices The closing was fever
Bonds we're Irregular Total sales. par value.
81 .652. COO.
United States 2s declined 2 per cent on call
New York stock List.
E r Hutton & Co. s90 California street.
members OF the New York Stock Exchange fur
nish the following list OF bond and stock sales
yesterday.