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Show Causes Much Surprise New ork. June 12. Secretary Mc-Adoo's Mc-Adoo's overnight offer to issue emergent emer-gent currency completely surprised the financial districts. None of the bankers would express an opinion on the subject but it was clear that the BeCrotary B announcement was interpreted, inter-preted, even before his explanatory statement today, as an act to reas sure the legitimate Interests of the country, especially those of a mercantile mer-cantile and Industrial character Local banker- believe that the offer of-fer will have the effect of releasing large amounts of tme money, In which a severe stringency was threatening No later than yesterday over-year money was utterly lacking in this market, while the rates for four, five and six months hardened perceptibly. (,,,,. i-itVi (,' the proposed measure meas-ure was a sharp rally In stocks today and stock exchange houses reported B better Investment demand than at any i ini" Bince the recent depression. No email part of the Inquiry came from out-of-town sources, whero the effect ef-fect of Secretary' McAdoo's announcement announce-ment appears to have been received with greater eucouragemeut than In local circles. |