Los Angeles herald., 1906-10-18
BY Associated Press.

NEW YORK, Oct. 17.--The currents
in the market were again sluggish to-
day and transactions were on a small
scale. Within the narrow compass, OF
the movement however, 1t showed a
reversal of yesterdays form. The
undertone was heavy as con trasted
with the resisting tendency of yester-
days dull market.
Profits for scalping operations were
very meager in todays market and
there was little else doing News de-
velopments with a general bearing on
conditions We're also scanty,. although
a few stocks were affected by special
causes. Amalgamated Copper was
moderately affected by the supposition
to per cent at tomorrows meeting of
the directors or by the excited jump In
the London copper market of over tS
ton in the price OF the metal: metal. ,,ort-
edly heavy. This was attributed 70
selling of the stock against new stock
subscriptions, the demand for the
rights to subscribe proving unimport-
Consolidated Gas showed the further
effect of the injunction to forbid the
company from shutting of gas from
consumers who refused to pay more
than the so cent statutory rate.
The determination of Albany & Sus-
quehanna stockholder to contest with
the Delaware & Hudson, lessor, the
saving of refunding at a reduced rate
of interest had some reflection i'll the
stock of the latter.
The sagging ten dency of the market
was somewhat emphasized by the furry
in call money to 5 ~ per cent late IN
the day. Belated borrowers made the
rate but the incident called attention
to the fact that the. recent stream OF
repl enlistment of bank reserves by gold
! imports and by deposit of government
funds has been arrested. At the same
time money continues to go to the IN
terror large amounts on the express
movement.
The shipment of ss,OOO,ooO to Toronto
to fortify the banks there is also
The course of the foreign exchange
market this week has indicated cheek
TO heavy remittances in payment OF
foreign indebtedn ess maturing, and this
would carry with it a cessation of the
new borrowing from local banks to
meet these foreign payments.
Todays weekly statement or the I'M
perial bank of Germany showed sub,
stan ntiaEsrecuperattinn, from the depleted
resources caused by the October l set,
tlement Of the Bank Of Engiand ,aieS aadeo
The downward course of sterling ex-
cliang6 in this market. however, is
checked.
trade for September issued by the
bureau of.statistics at Washin gton was
scanned with attention for it's bearing
on the exchange situation. me Inc $So ~
mon th. due to manufactured exports, Is
contrasted with an expansion or less
than a million in imports, the large
import movement having set in by this
time last year. The increase OF W.
500. 900 in the excess value of exports
for the month compared with last year
must be regarded as but a moderate
contribution to the expanded measure
of our foreign borrowings for the liqui-
dation of which merchandise exports
are relied upon Moreover, the excess
of gold imports for the mon tn rose to
s29,141,1OO. compared with $4,l3O 7SS
last year the difference representing a
reduction of our credit supply with
foreign markets.
The stock market closed easy with
little recovery from the late decline.
Bonds were irregular. Total sales
par value $2,0SS. 900.
United States bonds were unchanged
on call