Los Angeles herald., 1906-09-11
BY Associated Press.

NEW YORY, Sept. 10.-The strength in
today's stock market was Spotty and
intermittent and was disappointment to
the speculative element which counted
on an active advance because of the
heavy buying evident on Saturday after
the appearance of the bank statement
with fits formidable showing of a deficit
of S6,5S7,0O0 below the legal reserve.
way they were expected to as a basis fol
the strong closing of the stock market
on Saturday. But the stock market re-
sponse today was moderate and the ranks
of the advancing stocks rather a ragged
one. There was evidently good deal
of reaiznz going on in stocks that were
bought on Saturday and an this added a5,i to
was for the purpose of support rather
than for accumulation.
Erie, Reading. United states steel
Amalgamated copper and the Transcon-
tinental group were all under more OF
less pressure.
The effect on foreign money and stock
markets of the heavy demand of New
York for gold had its influence in check
ing speculative excess here. There was
much confusion also in estimating the
exact amount of gold actually secured
owing to the possible duplica tion of an
nouncements by the private banks max.
ing engagements and the nationals act
ing for therl and to which alone the
privilege applies under the treasury or
der.
1t became evident early in the day
however, i the minimum estimate ol
Saturday on todays movement which
was $1O,OOO.000, was exceeded. Call money
loaned as high as ten per cent early il
the day. but ran off to the neighborhoot
of 6 per cent before the principal money
operations were concluded, rising agair
to II per cent at the last.
As an offset to last week s cash loss
by the banks of over s16,0O0000. the days
gold engagements were not fully ade'
duate. The new bank week starts with
wit, 1,Ir rnf a mil
by the sub-treaSury and that institution
was creditor at the clearing house thl;
morning for nearly half million dollars
New York trust companies have com
menced the accumulation of cash to I'll
the additional reserve requirement In
force Octiber 1. and with the movements
of cash to the interior still in. force thf
restoration of New York bank reserves
to the legal requirement without addi-
tional loan contraction seems problemati
cal The question thus involved had It's
part in the uncertain tone of stocks. Sc
did the forces of opposition to the i'm
portation of gold which were empha
sized in the rise of discount rates II
London. Paris and Berlin and the ad
vance of gold in London, the rise o
American eagles at the bank of England
amounting to one shilling, g pence al
ounce.
of the August gold output on the Ranc
which increas sed no less than 1882 ounces
over the July production and reached 8
total of 50S.011 ounces for the month
This rapid increase in the heavy output
of South African gold promises large
new supplies to meet the New Yori
demand even though the state foreigr
banks are indisposed to part with any
of their present large holdings.
The southern group were prominen
among the strong stocks of the day, bu
they did not hold well after the appear
ance of the cotton crop report,
The large increase in earnings in th'
Atchison annual report strengthened con
Hdence in a coming dividend increase ant
speculative guessers were liberal in then
s,lrmises of the extent of the increase
drawing an analogy from the Union IA
ci1c dividend. .
The late rise in call money added ,tC
the unsettlement and helped to make
Bonds We're irregular Total sales pal
value 50, ,7S6, 900.
United States bonds we're all unchanged
IN call