Los Angeles herald., 1906-09-22
BY Associated Press.

NEW YORK, Sept. 21.-The shrink
age in the volume of dealings in today's
stock market was principally due to
the lessening of the furious activity
in a few stocks which has kept up the
aggregate for several days past Read
ing and Southern Pacific were still dis
proportiUnately active but in nothing
like the same degree as for some days
past.
Outside of the speculative favorites
the market was exceedingly dull and
sluggish and nearly stagnant at times.
The dullness of the market in face or
an appreciably easier condition OF the
call loan market and the promise of a
substantial increase in the surplus to
be shown in tomorrow's bank state
ment was the occasion of various theor-
les to account for 1T.
Voices We're heard in the financial
district to point out that an inference
might be drawn that speculative de-
mand was not so eager to lick up re-
sources in the call loan market as de-
tractors had alleged. Secretary Shaws
circular to the national banks warming
against lending government funds for
speculation has impressed upon the
minds of stock market borrowers that
they must on signs of urgent need IN
other departments of the money market
than the call loan branch to induce
fresh relief measures by the treasury
department.
The contrast in the call loan rate
receding to below per cent with the
stock market quiet and gilt-edged mer-
camille papor commanding 61s to Z per
cent, and also loans for sixty and
nirety days commanding premium
equal to an interest above per cent
was regarded in stock market circles
as glowing evidence of the innocence
of speculative borrowers of any part in
the responsibility for high money rates.
This contract was felt to offer con-
vincing argument i'm favor of new re-
1trf 1nX 10 a -
ment
Statements of the weeks movements
of cash point to gain by the banks or
upwards of $11,000,000 This represents
the weeks acquisitions of~forefgh' gold
with the subtraction of drains to other
quarters. An important element in the
offset was the loss of balance to the IN
terror on the express movement which
rose again to above $4,000.00O indicat-
ing that the interior drain on New
York has been fully resumed.
There was . small additional parcel
of gold secured today and this not in
London but in Paris and not from the
Bank of France but from other quar-
ters The private discount rate IN
London rose an additional fraction
above the bank rate and the price. OF
gold also rose higher, the effect being
to divert New York's demand upon
Paris
Unless the Bank of France relin-
uuishes its determination not TO release
gold to New York 1t is not. expected
that a movement from Paris Will at
tain any important proportions. This
increased the conviction that the treas
ury measures were the next available
source of relief.
The special strength of Southern Pa
ciic was based on reports of an issue
of preferred stock to provide means of
taking over of st. Paul.
Amalgamated Copper responded to
an advance in the price of the metal
and a number of minor industrials
were affected by special factors bearing
on their industries
The closing tone was heavy and
there was no relief from the predomi-
nant dullness.
Bonds were heavy. Total sales, ST.
474,000.
United States IS coup. declined half
per cent on call. -