The San Francisco call., 1906-09-20
New York sfoclx sTarket

NEW YORK Sept. l9.-Stocks were under
persistent and at considerable expense Of val.
ues- There were Occas siOnsl signs Of support
n the market, but an apparent indisposition
10 extend holdings and an unwiiingness TO
follow up the occasional rallies after the de-
sired effect had been secured Of checking the
alion came into more prominence again al
Though there continued discussion Of the
Batimore ana Ohio by the Unon Paeic q Tbe re
Market failed 10 receive any stimulation from
Ilis discussion ana some anxiety felt over
Ire possible consequences 10 values Of so far
reaching a readjustment Of existing railroad
po-leleS as is implied in the new departure
uy the Union Pacinc control The manner of
financing the purchase OF the Baltimore and
ohio stock which is admittedly under nego-
street, in view OF the multitudinous demands
already oFeraanging the money market. For
ms reason plsuslbility was given TO tie sug-
eesuon thai an exchange OF Pennsylvania s
Baltimore and Ohio stock for Union Pscifc's
Atchison holdings would facilitate the financing
of the project and would be in line with the
1ineatsl outlet Tor PennsTIrsnfa within 5fs
was given added force by the announcement Z
of "a issue OF nearly $50 600 600 Of Sew Yori
CentraTs slO0, ,0OO. 900 authorized stock and bT
ne pisa for $4,000 600 Of the subsidiary
Cleveland. Cincinnati CAicago and St Louis
stock. An early issue OF this stock has been
clearly forcseen in view OF the defined fnan-
clal needs OF the comps.ss IN enormous i'm
affected by renewet presentstion Of such topics
"a the Light OF current conditions. Special
paper narket Rates ruling at above per
cent and up 20 per cent for the best grades
~ mercantile paper were pointed to as mark
Ing condition not helpful TO the progress OF
business affairs and as higher than seems to
BE- warranted by the actual volume Of activity
y tEe commercial world itself. Opinions IN
THIS sense were heard among bankers in
Wall street a1d dissatfsfac orion was expressed
of undue extension OF speculative employment
cf money win such conditions existing II was
the eupposrioa Of some observers Of the mar
ket that moral pressure from banking Quarters
was being brought 10 bear on speculative Dor
rowers 10 refrain from pushing Iheir demands
A further rise IN tfe Bank OF Englands rate
tomorrow Is probable. and the world wide M
waLd tendency Of money rates and the an
proach OF the period Of fle October settle
Ifents were urged warning to caution
1n other quarters Il was urged that the ex-
tension u the money stringency 70 quarters
outside the stock market evidence OF the
res shortage Or supplies, and z call upon the
Treasury authorities q Use further measures
Of relief The arrival foosy Of SIC. .OO0. 600 In
god shipments represents funds which have
beer the disposal OF the banks By deposit
q Government funds pending their arrival
which 10 be covered back into the
Treasury Having served the purpose OF money
market RELIEF Until tLe gold arrived. the Gov
eminent funds are again available for further
Use. il is bot probable that pressure viii be
Lacking toward urging upon the Treasury De-
partmenf snch renewed use Of the Government
Supplies 81 tie money market. Something was
made t0dzy of possible additiols 10 loanabie
funds on t-iday BY the issuance OF admins
trations on estate II which money loans
dalton was rnosf marked in Heading. in con
Eonance with other recent preponderaDt places
IN rhe edVance- But selling quite general
fhT0ngh0uf the list and the declines more than
usually Eniform. Tie closing prices showed
tome recovery from the lowest, but covering