Los Angeles herald., 1906-09-20
Bv Associated Press.

BY Associated Press.
NEW YORK, Sept. 19.-Stocks were
under pressure today which, while not
severe, was persistant and at consid-
cradle expense to values. There were
occasional signs of support in the mar
ket, but an apparent indisposition to
extend holdings and an unwillngness to
follow up the occasional rallies after the
desired effect had been secured of check
ing the downward course of prices,
The money situation came into more
prominence again. although there was
continued discussion of the wide bearing
of Il possible acquisition of the Balti-
more &s Ohio by the Union Pacific. The
market failed to receive any stimulation
from this discussion and some anxiety
was felt over the possible consequences
to values of so far reaching a readjust-
ment of existing railroad policies as I'M
piled in the new departure by the Union
Pacific control. The manner of financing
the purchase of the Baltimore 81 Ohio
stock which is admittedly, under nego-
tiation is matter of lively interest to
Wall street. Demands are overhanging
the money market. For this reason
FEASIBILITY was given to the suggestion
that an exchange ,of Pennsylvania, b.
x O. stock for Union Pacific's Atchson
Holdings would facilitate the financing of
the project and would be in line with the
new policy outlined by opening trans
continental outlet for Pennsylvania with
in its own control. b..
The question of capital needs was given
added force bv the announcement of an
issue of nearly S30OOO.000 of New York
Central $lOO0O0.0OO authorized stock and
by the plan for S10,0O0.009 of the Asubsl-
diary Cleveland, Cincinnati, Chicago 81
st. Louis stock. An early issue of this
stock has been clearly forseen In view
of the defined financial needs of the COM
nanV in enormous Improvement works.
But Wall street temper is AFFECTED py
renewed presentation of such topics Ill
the light of current conditions
Special attention was directed today to
the mercantile paper market. Rates rul-
ing at above 4 per cont and up to per
cent for the best grades of mercantile
paper were pointed to as marking
condi ition not helpful TO the progress or
BUSINESS affairs, and as higher than seems
to be warranted bv the actual volume
Of activity in the commercial world
itself. Opinions in this sense were heard
among bankers in Wan street and dis
satisfac action was expressed of undue eNc
tension of speculative employment OF
money with such conditions existing
1T was the SuDDostiOn of some OBJ
servers of the market that moral pres
sure from banking quarters was penS
ers to refrain from pushing their de.
mands. further rise. in the bank OF
Englands rate tomorrow is probable:
and the worldwide upward tendency OF
money rates and the approach of the
period of the October settlements We're
urged as a warning to caution. IN other
quarters it was urged that lhe @ extension i.t
side the stock market was evidence of
ne real shortage of supplies, and a call
upon the treasury authorities to- use
further measures Of relief.
The arrival TODAY of S10,O0OOOO in gold
shipments represents funds which have
been a. the disposal of the banks By
deposit of government funds pending
their arrival which arc now to be Gov
cred back into the treasury. Having the
purpose. of money market relief until the
gold arrived. the government funds are
again available for further, use. IT is
not probable that pressure will be lack
ing towards urging upon the treasury
Gepa rtment such renewed use of the gov
ernment supplies in the money market.
Something was made today of possible
additions to loanable funds on Friday by
the issuance of administrations on an
estate in which money loans are an
important element
Speculative liquidation was most
marked in Reading. in compliance with
other places i'm the advance. But selling
was quite general throughout the list
and the declines more than usual fhe
closing prices showed some recovery from
the lowest but covering by room shorts
had much to do with the rally and the
closing was irregular.
Bonds were irregular. Total sales par
value. Sl.4S000
United States bonds were unchanged
on call