Los Angeles herald., 1906-12-27
BY Associated Press.

NEW YORK, Dec. 26.-The stock mar
ket was almost bare of incident today
and trading in stocks was intensely dull.
The aggregate sales for the day fell to
a smaller figure than in many weeks
past.
The London stock market did not re-
sumo business as its holiday extends
over until tomorrow. This deprived the
local market of an important supply of
business A part of the American ac
counts have not ueen settled yet in the
half monthly adjustment going on there
and New York feels an interest in the
termination of the settlement and also in
the action of the Bank of England off
GERS at their regular quarterly meeting
tomorrow on the question of changing
the discount rate. Their action is be-
lieved still to be dependent on New York
keeping hands off the London gold hold
ings. Sterling exchange made a further
decline today and a profit was indicated
on gold taken in London for shipment to
New York, but New York bankers still
refrained from availing themselves of
this opportunity and the opinion persisted
that the ulterior consequences which
would flow from such action made it eX-
pedient.
Prices were inclined to advance in the
early dealings in stocks here. The mar
ket was free from any urgent pressure
of liquidation and there was sufficient
outstanding short interest to affect prices
in a rising direction.
The money market also appeared tran
quill during the early hours of trading.
From seven per cent the rate ran off to
six per cent and it was only later in the
& day that the rate rose again. The for
midable demands to be met by the money
market to effect settlements undoubtedly
had a restraining effect on market
activity. The total of these requirements
run from $15000O,000 to $4,000, 900, accord
ing to estimates resulting from a canvass
by various authorities. 1t is not expected
that this drain will be met without g
furry in the money market and operators
in stock apparently prefer to stand aside
until the return to these funds to the
market begins to make itself manifest.
The presence of Secretary Shaw in town
had the inevitable effect of causing talk
of renewed benefit to the money market
by the treasury department, but this re-
ceived no official sanction. The subtreas-
ury has commenced to draw on the re-
serves of the banks again, the effect of
the relief measures being exhausted.
There was a premium on New York eX-
change at Chicago ana return flow of
currency from the interior is expected to
set in
The stock subscription rights to new
stock given recently were affected by the
suit of the Minnesota authorities to en-
join the new issue of Great Northern
stocks. The two Hill stocks showed de-
preston throughout and their growing
weakness had an increasing sympathetic
affect on the whole list. 1t has been as
serted that the hasty method which fol-
lowed the issue of st. Paul stock had in
view the avoiding of threatened proceed
IRE of this kind The. early strength
showed principally in those stocks in
which recent sharp declines would have
served to build up a short interest.
There was some buying of Amalgamated
Copper induced by the advance in the
dividend rate on Anaconda.
The break in the Hill stocks on the rise
in call money weakened the whole mar
ket, but there was a final rally and a
strong closing.
Bonds We're irregular. Total sales, par
value, 80 216,0OO
Government bonds were unchanged on
call.