The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-30
St1xANczAL AYg ecNMHsC1As.
eAzu1DAY. SEGA. -.

-s 81
Vk4SEday'ss eSok imASkys wAS G-SomSwhas
SdaadieE ARikr Ehin Il has been roCsnfiyI
thas hsing perhaps IN soms degree owing
10 ths usual influences operating CnvSsour.
day 70 check activity In spe0ulaccui and
ExhSae influences were undoubtedly 1Ocsntu-
sated to-day by tho Jewish holiday. Tho
market was still irreguIaHi and gsnerAEly
Nnp 70 the publication Of the bank statement
was weak; but the bank return was better
than any one had looked for and stimulated
an amount Of buying Of stocks that caused
prices a. q rule to Close at not advances
Bank loans were reported as having In
creased o., 2OO, 900 during tho week. but the
quantity OF cash held by the banks In
'creased by nearly s4,OOO.OoC. which served
to bring the bank surplus up to BIZ $40 60.
This sum makes q very favorable oom-
parison with the reserves OF the banks
bold, at this date in previous years. Last
year. for instance. the surplus stood 40 less
than t7,6OO.OOO. There was, OF courses no
borrowing Of Stock Exchange money To-
day, but the indications are that the financial
settlements that will take place on Monday
viii cause far less disturbance than has fora
long time beer expected. Ono matter that
weakened the market to day In the earlytrad-
ing was selling Of stocks for London; where
sentiment was depressed over further large
Withdrawals Of gold from b Bank OF Eng
band. Not only was 81 soc, 600 In gold taken
from the bank for shipment to this country;
but q, 600 900 was withdrawn to be sent TO
Egypt. This led to fears that an advance
in the banks discount rate to s per cent.
might be ordered next week. The spec
ulators now at work for the decline in our
market were also to-day scattering pessi-
mistic comments concerning he 'ore deal
between the Great Northern Railway and
the United States Steel Corporation, alleging
that the contract in question was more
beneficial to the lessor Of the lands than to
tho lessee. 1t may only be said on this point
that the Judgment Of all people who have
had occasion to inform themselves oon-
corning the rapidly diminishing ore sup
plies Of the country 10 unquahledly to the
effect that In securing possession OF these
great ore bodies the United States Steel
CORPORATION has obtained advantages OF
an immensely profitable description. As the
day wore on Il was apparent that the under
lying residence Of the stool market was
considerably greater than 1t la been
earlier in the week and prices rose very
quickly when the favorable bank statement
appeared. Profit taking to-day in the Great
Northern preferred, Northern Pacific and
United States Steel shares caused these
stocks TO close at small declines, while liqui-
dalton that appeared 10 be still going on in
Union Pacific reduced the final price OF
this stock a point since yesterdays closing.
Reading common stock led the advance in
the market with a rise Of over three points.
and this movement caused, as usual, SYM
pathetic strength in. the stocks of all the
hard and soft coal railway companies. An
event OF interest in the commodity markets
was q sharp and seemingly overdue rise
In the price Of cotton based upon reports
OF the damage dom to the crops by the
recent storm in the Southern States.
The more or less unexpected nomination
Of Mr.. Hearst for Governor by the Demo-
Gratis, the necessity arising for an armed
Intervention by our Government in Cuba,
the unoficially announced conclusion OF
the Great Northern Railways ore land
transaction, and the deposit OF $40, OOO, 600
In the national banks by the Secretary OF
the Treasury, were in the main the varying
Influences that kept the stock market dur
ing the week sharply alternating between
periods of pronounced strength and weak
ness. There is no doubt that there has
been considerable liquidation OF stocks
by certain large professional spectators
and that the stocks thus sold have been
readily absorbed. The general money
outlook has unquestionably frightened.
The purely speculative element in Wall
Street. who would nave liked to have seen
the Secretary OF the Treasury place his
deposits Of public money in the banks in
this city alone, where it could have been
directly available for stock market pur-
poses, were probably a little disappointed
that the Secretary scattered the money
throughout the country. II may take
some time for the country banks to whom
the opportunity was extended OF receiving
this money TO procure the necessary security
for the deposits demanded by the Treasury,
and II is doubtless true that the banks in
the South, particularly, are not overwell
supplied with bonds that will be acceptable
as security for Government deposits.
Nevertheless, the action Of the Treasury
must result in materially lessening the
drain of funds from this city to the agricuI-
tural districts, which has been going on so
actively for weeks past and has been the
direct cause OF tight money at this centre.
Naturally, as preparations are just making
by the banks for the payments on October
4, the Governments release of money has
not yet had any effect on money rates,
but it is observable that borrowers have
in the last two days been less willing to pay
large premiums for the use OF time money