| Show STOCK MARKET DULL AND SLOW Less Activity in the Few Stocks Which Have Kept Things Humming MONEY CONTINUES CONTINUE SHORT TREASURY LOOKED TO FOR MORE MEL M ELP P New York Sept Sopt 21 The shrinkage In Inthe Inho the ho he volume of dealings in to Ug tock stock market was wag wa principally due to tho los log of tho furious activity In a few stocks which haa hai kept up the aggregate for to several days past Reading and Southern Pacific were disproportion disproportionately active but In nothing like the same degree e as for or some Bomo time Ume past Outside of Ut the speculative favorites tho the market markot was waft exceedingly dull ull and sluggish and nearly stagnant at times tines The Thc dullness of tho market In face of an appreciably easier condition of tho the call loan lORn market and the promise of oC a lI substantial increase In the banking surplus to be shown In N tomorrows bank banle statement was the tho oc occasion casion caon of various theories to account for ft It Voices were hoard In tho the financial district to point out that an Inference might bo be drawn that speculative demand do was waa 85 HO so so 80 eager to lick up resources in the call loan market as detractors had alleged Shaws circular to national banks warning against lending l govern government government ment funds for tor speculation has Ims Impressed upon the tho minds of or stock market borrow borrowers ers era that they must wait walt on signs of ur urgent urgent gent gont need in other departments of the money market than the tho call loan branch to Induce fresh frosh roller relief measures by the tho treasury department The rho contrast in the call loan rate rato receding to below 6 per cent with ith tho the stock market quiet and gilt edged mercantile paper commanding b 7 per vcr cent Cint and also loans for sixty and ninety days das commanding a premium equal to an Interest above 7 per POl cent was re ro regarded In stock market circles as a glow Ing in evidence of oC tho the innocence of oC borrowers of or any part In the re ro responsibility for tor high money moncy rates This Contrast WB s felt to offer a convincing argument In favor of or new nev relief reller measures by b tho the treasury department Tho The belief was very confident in fact that further deposits of or government funds in n national banks bunks was immediately im imminent imminent imminent Estimates M of oC the tho weeks move movements mont moats of ol cash point Joint to a n gain by b the tho 4 banks of or upwards upward u of or This rep resents tho tIm weeks week acquisitions of or foreign fold sold old with the subtraction of oC drains to other ther quarters An Important element ol ment in inthe inthe the offset was the loss of oC balance to th tit the Interior on tho the express movement which rose rosa again to above in that tho the Interior drain on New York has boon been fully resumed There Thero wits was a u small additional a parcel of oC gold secured today and this not in Lon Lou don but iz h Paris and not from the tho Bank of France Franc but from other quarters The private discount rate in London rose an additional fraction above the tho basic rate and the price of gold Also Iso rose higher tho the off ot being to divert New Yorks Yorka demand upon Paris unless the Bank of ol Franco France relinquishes Its determination not notto notto notto to release gold Kold to New York It is not expected that a IL movement from Paris will attain any Important proportion This Increase and conviction that tress treas treasury ury measures were ware w e the next available of oC relief Th The special strength of Southern Pacific was based bud on reports of an Issue of preferred stock to provide means for taking over St Paul Amal Amalgamated Amalgamated Copper COPPet responded to an advance In the tho price of or the metal and a number Of Or minor industrials wore were affected by special cial factors bearing on their industries The closing cl tone was heavy and there thore was W S no relief from the tho predominant dull dullness ness nags L Bonds were wore heavy Total sales par 1 value United States State 3 a coupons declined per er cent on call |
