Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-09-29
NEW YORK STOCKSAND BONDS
Market 10 Under Pressure Which at Times
Becomes Acute.
VIOLENT RECOVERY NEAR THE CLOSE
Savage OnsIaueht on Over-Extended
short Interest Causes sharp
Advaace-MOney Conditions
the Feature.

NEW YORK. Sept 2s.-stocks were UNI
der pressure again today, which became
acute at times but were interrupted by
detected slackening I'm the selling and
bought to cover shorts. savage on
slaught on the over-extended short in
terest caused the violent recovery at last.
The high opening was direct result
OF the order of the Treasury department
placing s2eOoO.OoO Of government deposits
throughout the country. The high prices
were Immediately taken advantage of TO
sell stocks in realization Of profits, and
the rest of the day. The early rise In the
call money market caused apprehension
that there would be furry later in the
day despite the government deposits with
the banks. Operations were apparently
going on for the heavy demand to be met
on Monday for the payment of dividends
and interest and for increase of cash re-
serve OF the loan companies. Loans were
called on quite a large basis and bidding
became rather urgent for renewals. Sew
eral million dollars were placed in the
loan market, however, by the National
City bank, and these offerings kept the
rate down. The effect OF this action on
degree by the special weakness of st.
Paul, Union Pacific and Amalgamated
Copper in the market, concentrated selling
the liquidation Of an important speculative
pool. Sentiment is quick to be Influenced
by movements in any stock reputed to be
recognized groups of great capitalists
The method of relief for the money mar
ket chosen by the treasury authorities
did not give entire assurance OF It's eff
fectlveness for meeting the needs Of the
stock market The wide distribution
of the deposits likely to be assumed
York money market II was not forgot
ten, also, that the depositary banks are
under admonltion from the secretary of
the treasury to see that government de-
posits do not find their way into the New
York call loan market, where 1t was as
sumed they would be employed In stock
treasury order was pronounced. however.
in the time money market and opinions
were expressed by brokers In that market
that return to per cent level for
time loans was an early probability. For
eign money markets were also favorably
anected by the Washington action, and
advancing in Paris and Berlin. The effect
was to lift foreign exchange rates early
in the day, but they yielded again later.
dicated that the loss on sub.treasury
extent Of. over 100000 by the movement
movement. The immediate condition OF
the banks is less considered than the large
money operations on next week.
The bears were persistent sellers during
the day and prices were evidently punished
In the sudden and violent turn in the mar
ket in the last half hour. This was caused
piiHSipdily ny Nue seeming PROBABILITY tnat
points OF difference over the ore lands
negotiation between the Great Northern
and the United States Steel corporation
had been adjusted. making an announce
ment OF the terms Imminent. The recov-
cry In the general list did not extend gem
orally beyond last nights level of prices
The closing was feverish aud Irregular.
Bonds were irregular Total sales, par
value. $1,652,00o. United States 2s declined
Y per cent on call
The following was the range Of prices on
the New York Stock exchange: