Los Angeles herald., 1906-09-26
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BY Associated Press.

NEW YORK. Sept. 25.-The stock
market was held under dull depression
for the most part today but TINS IN =
1uence was contested and was not al
lowed to make much headway i'll aHect-
ing prices until the selling of Anna ga
mated Copper to realize broke the whole
market in sympathy. Immediate ac-
tive factors were not an Influence on
the market so much as the belief that
the condition of the money market
would become an active factor IN a
short time again.
Rates for call loans fell below 9 per
cent early in the day and conditions IN
that part of the loan market ofereu
no sign of disturbance. Nevertheless .es
the preparation for the October settle
ments will involve a furry in the
money market. The requirements then
are unusually heavy and money is un-
dOubtedly tight in all departments.
The universal confidence that the sec
retary of the treasury intends to eX-
tend aid is the only assurance felt
against a severe pinch. Confidence has
been very strong in Wall street that
the usual recourse to stock market
liquidatio for relief from such situa-
ton was to be escaped. But there is
no disposition to extend commitments
in the market even among those with
whom this opinion has prevailed That
there is an element not so sure of eX-
emption has prevailed. That there is
an element not so sure of exemption
from the usual pressure was indicated
by the growth of the selling movement
towards the latter part of the session.
Sums to he paid out next Monday in
dividends will he very large The
Union Pacific semi-annual per cent
dividend and the Southe Pacific y
per cent along will call for nearly $l5,-
100000 and the aggregate of such pay
ments on that date is estimated at $50
100000 or more. In addition the New
York trust companies viii be called up
on to increase their cash holdings on
October l to the extent of s100OO,0O0
There was no relaxation in the de-
mand making upon New York bank re-
usual amount of redscounting from in
terror banks is being offered to New
York banks.
abroad for New York fell today to a
meagre 100000. The stock market
settlement in London revealed high car
against American securities in that
market. In Paris the discount rate ad-
vanced to within a shade of the bank
rate and the. weekly statement of the
Imperial bank of Germany showed the
continued strain upon the money mar
ket al that center.
Thc compilation of the reports Of
throughout the United States as of Sep
tember 4. given out at Washington to-
day. shows clearly that i'm relation of
credits is common to the whole country.
The percentage of legal reserve to liza
bilitieS on that date was 1920. COM
pared with 2144 on June s. the date of
the preceding reports to the comp
troller. and with 81 60 on August %. the
nearest corresponding date of last year.
The dividend Increases on Anaconda
conformed closely to the general eXpec-
tation. But the heavy realizing in that
stock and in Amalgamated Copper had
n bad effect on general speculative SEN
timent as showing a disposition to sell
on good news in a stock that is re-
garded as a speculative favorite of the
group of capitalists most relied upon to
carry through the present speculative
campaign. This broke the whole mar
ket and led to violent declines and a
weak but active closing.
Bonds were irregular. Total sales.
par value. S2392 900
United States bands were unchanged
on call.