Los Angeles herald., 1906-11-16
NEUTRALITY-SUSPICIOUS.
BY Associated Press.

by Associated Press.
NEW YORK, Nov. 15.-The days
market was dominated by varying
fluctuations in st. Paul and these were
so constant as to keep sentiment upon
the general market a good deal unset
tied. Sales to realize upon wide ad-
vance of the last few days caused an
appearance of weakness In st. Paul, to
which the wheat market responded, and
again when ST. Paul was supported and
showed signs of heavy accumulation on
rapidly rising scale the whole mar
ket once more turned strong. This was
largely due to the belief among profess
sional operators that they could read
the course of Standard Oil group OF
capitalists in the operations in ST.
Paul and to the eagerness to follow
their leadership.
The general public was not largely
in evidence in the market and seemed
too timid about attempting to read the
evidence of this supposed leadership in
the speculation. There was no news to
indicate the causes of the st. Paul
movement beyond the reiteration of
previous rumors. The supposition that
subscription rights to new stock were
in view was fostered by the manner by
which the rise in the preferred stock
kept pace with the common stock, all
on nominal dealings.
On the other hand the close in sym
pathy with the movements of st. Paul
and Southern Pacific was regarded as
relation with the Hartman colnbina-
tion of railroad properties.
The dealings in the general market
were duller and the fluctuations mar
rover than yesterday, owing to the
confusion caused by the warning move
ments in the market leaders.
There was some disposition to look
for a motive in the occasional heavf-
ness of the market to the Inauguration
of the governments prosecution against
the Standard Oil company The stock
of the company in the curb market fell
sharply some 20 points from the pre-
declines for several days past but the
parcels of shares dealt in were of a
size which is not accorded an official
quotation in the case of any stock when
dealt in on the exchange.
Opinion was definite that conditions
in the money market are working to-
ward greater ease. The weekly state
ment of the Bank of England disclosed
degree of recuperation which prom
ised sufficient volume in time to meet
the year end drain and less fears were
entertained of a rise to per cent. In
the official discount rate before the
year closes,
The s2244S,OOO expansion in value of
our agricultural exports for October re-
Elected the cost of fulfillment of the
circula tions of heavy foreign balances
in our favor on which were based the
large borrowings from foreign markets,
maturing from time to time now, which
means thus assured to facilitate their
liquidation.
The easier tone of money which was
distinctly perceptible in the time money
as well as the call money market today,
and New York exchange at interior
points continued to rise today.
Interest attaches to the call by. the
New York superintendent. of banking
for q statement of condition of state
banks as of November "a for. the light
1t will throw upon the condition of the
trust companies in this city. This call
has been expected by the trust compan-
les as as that of yesterday by the
United States controller for the condi-
tion of national banks as of November
10.
1t was urged in the stock market to-
day that greater freedom in existing
credits may be looked for now that the
period is set to the requirement for
"wndow dressing" in expectations of
these calls.
The closing tone became unsettled
and Irregular again when st. Paul lost
all but half of it's rise.
Bonds were steady. Total sales. par
value. $1,736,000
United States IS declined 1s per cent
on call