Show STOCKS UNDER ACUTE PRESSURE Occasional O Rallies When the J Bear Traders Were Buying to Cover Shorts SEVERAL VERAL S WERE PINCHED CLOSING WAS FEVERISH AND IRREGULAR York Sept 28 Stocks wore under pressure pro uro again today which bedame be ame acute acuto at times but was interrupted by occa occasional rallies when tho the bear benr traders de detected a II slackening in n tho the selling and bought to cover shorts A savage or on slaught on tho the overextended short inter interest est caused a violent recovery at last Tho fhe high opening was a direct result of ct i tho the order of Qt the treasury department ing or of government nt deposits In national banks at different points throughout the tho country The Tho high prices wore immediately taken talen advantage of to tJ holl foll stocks in realization of profits and I i this movement continued at intervals for Cot forthe the rout reel of the day da The early rise riso in the call money mone rate rata aroused apprehension that there would bo be boa bea b ba a flurry flurr later in the tho day iu lu spite of Q the th government deposits with the banks Pie PI e ef f wore were evidently going on for Cor tho tl demands to be met on Monday for tor torpa payment pa of ot dividends and interest and I for tor Increase of or the cash reserves of the th tru trust t company Loans Loons were called on or I quite a large scale and bidding became rather urgent for Cor renewals Several mil ml lion dollars placed on tho the loan mar marot ket ot however by the national banks and am i those theeo offerings kept the rate rute down The Th effect ct of this action on speculative senti lonU sentiment ment meat was impaired to a u degree by the I special weakness of oC St Paul Union Pa Pu Pacific and Amalgamated Copper in the th D market concentrated selling of or C Cst st ek giving an KIl impression of or the elation datIon of ot an important speculative senti sent sentiment sentiment ment mont quick luler to t b bu influenced by move monts in any stock reputed to be a me for market operations by the he d groups of or groat great capitalists The Tho method of or relief for the money mono mar marut k ut t chosen by h tho thu treasury authorities 3 did not give gho entire assurance of ot its it i ef er e for meeting the tho needs of oC th the C stock Block market Tho rhe wide distribution o 0 of C deposits is hi likely it was assumed lo to t 0 militate against an un easy flow into the tho th 0 Now New York money mon y market It was wan not no t forgotten ulan also that the depositary banks bank S tS are un from froni the secretary y of f tho the treasury to see seo s o that government t deposits do not find their way into the thi C Now New York cull call market where It was as assumed a they would be employed ed in stock stoe speculation The effect of ot the th C treasury order was pronounced however in the time money market and opinions opinion S were ero expressed by b brokers in that market t that si n return to a 6 U per cent level for to r time loans was WitS an early possibility For FOl Foreign eign money markets wel also y affected by the Washington a action and an d yd discounts receded in the London market markel ant t although advancing In Paris and Berlin 1 Tho The effect was WitS to lift foreign exchange 0 rates rate oar in the day da but they yielded d again later Estimates te of the currency y yI it indicated that the loss losa on rou routine rout ro I tine t tilt h had been blen bee a supplemented d to the extent of or over oer by bv tho the movement to the interior on o n ce on tho the express movement The e immediate to condition of the banks is less le es s considered than tho the large lurge money mone opera opert operations operations L of next week The bears beara were per persistent pe r 1 sellers luring the day and they the were wre severely punished in the sudden and an d violent turn in the market markot in the last la t half hair hour This was caused principally y by the seeming probability that points poInt of or ord yf f difference d over the ore lands between the ti e Grout Groot Northern the United States Stat 15 Steel corporation had been l een adjusted mak mal making c clag lag ing announcement of ot the terms Imminent t The Tim ore oro deal stocks rallied very buoyant buoyantly t tt T ly Jy y but In the general list the recovery 7 did not flot extend generally beyond last Jast lai St nights level of or prices price The closing was wt 15 feverish and irregular Bonds were irregular Total sales par p ir value United States declined 3 per cent on c crail rail all |