Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-28
Proposed Treasury Deposit
Cheered the Brokers.
IN THEIR DEALINGS TODAY
Americans in London Advanced by
Reason of News.
LOCAL MARKET PRICE AFFECTED
Flood of Selling Orders Poured Into
the Market-Exceedingly Large
Volume of Business.
IN THEIR DEALINGS TODAY
LOCAL MARKET PRICE AFFECTED
Special Disparch TO The Star

Special Dispatch TO The Star.
NEW YORK. September 2s.-Secretary
Snaw's announcement made after the close
of business yesterday that he would deposit
s-U0eOO00 of treasury moneys with banks
at New York. Chicago and other points, led
to an advance in American stocks In the
London market this morning, which in some
instances was in excess of one point. Inc
view seemed to prevail in London that the
Secretary's action would obyiate the neces-
sity for further large exports of gold to
America. and consequently the general Lon
don stock market was exceedingly firm
AT the opening of business In the local
market advances were shown correspond
ing to those reported from London. num-
Der of the active issues opened from one 10
two points above yesterdays final figures,
while Great Northern preferred showed
an initial advance of four points
The opening quotations for stocks
reflected unuuestionably rush on
the part of the traders to cover short con-
tracts and in addition the foreign arbitrage
houses were buyers to the extent OF about
$4,000 shares. In most cases the days high
est figures were recorded at the very outset
of the trading.
A flood of selling orders at once poured
into the market, under which prices broke
from one to two and three points in all
directions. Houses with private wire con-
nections to the west were particularly urg-
ent sellers, and upon occasions the market
evinced symptoms of grave unsettlement.
The volume Of business. especially during
the forenoon. was exceedingly large, after
which there some abatement In activ-
ity which was followed, as usual, by re-
newed animation toward the close. Ex-
cept upon the theory that scare with
regard to the political outlook has seized
upon spectators in stocks. 1t was not par
ticularly easy to deduce from the days sit
uatiOn any direct explanation of the course
of the stock market.
Call Money Rates.
Money on call ruled during the greater
part of the day between and per cent,
the renewal rates being fixed at Ga per
cent, remarkably low figures in view of all
the circumstances of the case. One disap-
pointing feature of the situation was the
absence of any relaxation in the rates for
loans on time. some transactions for six
months periods being reported at per
cent.
1t is as yet too early, however, to reckon
Upon the effects on the monetary situation
of Secretary Shaw's latest relief measure.
The preliminary estimates of the princi-
pa movements in currency during the week
indicated loss in cash by the hanks OF
more than s5.ooOOo0, of which S3,2O0OOO
was represented by direct shipments to the
interior figures which attest to the pres
ent magnitude of the demand for funds
crop movement anu oli4ei ulpoScS. IL
would serve little purpose to consider the
days stock market other than as whole
and along strictly technical lines.
Occasional Reactions.
The transactions in individual securities
varied only in extent Of fluctuation and in
respect of activity. The downward drift
in prices was naturally interrupted by oc-
Casional reactions but these were of little
more than a fitful and spasmodic charac-
ter Such recent speculative favorites as
Union and Southern Pacific, st. Paul and
Amalgamated Copper contributed large
proportion of the days total transactions,
and suffered in value along with the rest
of the list.