Los Angeles herald., 1906-02-08
BY Associated Prese.

Dy ABSOCldIeQ PfeS8.
NEW YORK, Feb. There was a
further falling off I'm business at the
stock exchange today and the general
list fell into condition of actual neg
lect A flip of speculative activity in
q few Of the recent favorites redeemed
the market from a condition of mid
summer dullness. AS 1t was the tick
ers were practically at a standstill at
some periods of the day when. the trad
ing took on semblance of stagnatlon.
An incident of the lapse into dullness
was the inertia of prices, levelinS
into. the neighborhood of last night s
move at all after the distance was in
creased from that level
The narrow vibration of the market
was repeated several times during the
day, making the hesitation of the spec
ulative sentiment and the withdrawal
from the market of the operators with
large resources. There was no marked
evidence of depression, but there was
equally an absence of demand.
Less apprehension was felt over the
outcome of the wage controversy in the
coal fields and that feature ceased to
induce any active selling of stocks. But
1T Is realized that the definite decision
of the question of a strike must remain
suspended until the outcome of the con-
New York. Until that definite outcome
the uncertainty of the matter is eX-
pected to exercise repressive influ-
ence on. speculation. This probably had
the willingness to make speculative
commitments in the market.
The outlook is for another poor bank
statement on Saturday and with holt
day following on Monday, the inelina-
tion, to defer speculative operations is
emphasized.
The sub-treasury absorption of funds
since Saturday rose to nearly $4,000
according to today's statement of ope-
rations. There is general agreement
also among bankers that last weeks
IN cash which makes it probable that
the effect Will be thrown oyer onto this
weeks statement under the workin 6
from the system of averages.
Foreign exchange continues to rule
firm and the report gained circulation
this morning that gold had been en-
gfaage,td for export to a large amount
which proved unfounded, however,. Dis
counts were firm in London and Ber-
lin. but eased slightly at Paris.
18Th The ,e expanding ten tendency of bank
recall Of credits, placed here by inte-
rior Institutions, while money rates were
high. The present period of the year
however, is one of normal loan expan-
sion owing to the custom of deferrins
large financial operations to this season
when currency is likely to be flowing
back to reserve centers. The likelihood
of requirements upon available capital
for intended financial projects comes in
for consideration in the money and
banking outlook.
The few movements of any note in
today's market were due to especial
causes. Those affecting the Hill rail-
roads and the Paoifics are well under
stood; Amalgamated Copper was sub
iected to some pressure, presumably by
the yielding tendency of the prices OF
the metal.
The closing debate upon the railroad
rate regulation bill was regarded with
languid interest because of the general
conviction of the passage OF the bill
The easy tone at the closing owed
something to the weekly review of the
iron trade, which reported the market
generally quiet and in spots easier
Bonds were irregular. Total sales
par value, $4,165,000.
Government bonds were all unchang-
ed on call.