Los Angeles herald., 1907-01-03
PRICES UNSTEADY
IN WALL STREET
C0NSTRAlNT ON SPECULATION
IN STOCK MARKET
Early Relaxation In Money Confidently
Expected-Points of New York
National Bank Cir
cular
Rv Aasnciniod Press.

NEW YORK, Jan. 3-Prices OF stocks
wavered uncertainty today and showed a
tendency to settle back to Monday S clos
ing level. The volume of business was on
an insignificant scale The constraint of
the speculation was not eXpalnable Dy
any immediate developments, these beinS
mostly favorable. But the longer out
look was the subject of much considera
tion and of greatly mixed interpretations
There was a wealth of authority III eVl.
dence in me annual review on the great
showing of the year just past, but thtte
was in all of these n rather surprising
unison in the note of caution mingled
with even the most hopeful presages ana
from that ranging downward IN nc sCHie
of optimism to an admission OF propaule
early commercial reaction ana expression
This had its effect on stock market senu-
ment. IL.
The future of the money market also
seemed far from clear in spite OIL the
prompt relaxation which was manifest
today in this market and in foreign mar,
kets as well. Berlin discount rates oaseu
in a way to give gratifying. evidence OF
the successful passing of the year ana
crisis in --.at market which was especial
ly dreaded. The early 20 per cent rate rate
for call loans was not held long. Inc
huge volume of clearing house eXcnaHSes
was witness to the important folloWing
also made on Monday in dlsposlnS Oh the
annual requirements. , -
fore toward the money relaNatlon WhCn
has been relied on to revive stock mtrkSt
NactiVitN Jne mOulIylHS ldStot " ~
rhust be reckoned with is the course OF
the treasury operations in the tutufe ana
which were specially dwelt upon IN Inc tne
January circular of the National CITY
tapk The provision is already Implied
forA the return of 100000 government
deposits held by the banks, half on Janu-
any 20 and half on February l., and the
latter date was also mentioned as the
period for beginning the return of the
S2AOO0. 600 of deposits made at the banks III
September last. The circular estima tes
that excess of government revenues over
payment between now and January SU
viii amount to $36 100000 additional. The
opinion is expressed that money rates
will be sustained by these causes rp 10
the maturity of the s115,OOOOOO OF 4 per
cent bonds, while the outcome Will pc az
fected by the alternative OF the reoenip- .ae
tion of the whole issue or of partial re-
funding. tilt,
1t was feared that obligations which
were deferred during the stringency III
money here were being covered on Il
large scale The price of London sterlinS
rose fully cents in the pound over that
of last week. The high rates charged
on stock market accounts for Decernoe[
made a discouraging effect on holders oil
stocks on margin The average rate Tor
the month charged by stock exchange
houses was y per cent. 800,
The Hill stocks were supported ana
there was subsistence of the rumors OF
money troubles growing out of the severe
declines in those stocks. There We're oIil-
er points of occasional strength, OUT
they Welded in the course of the trading.
The market closed irregular ana near tHe
low prices of the day,
Bonds were irregular Total sales, par
value, 81 100000 ,-,
United States bonds were unchanged.