Los Angeles herald., 1907-11-02
WALL STREET
IS STAGNA TED
CONFIDENCE EXPRESSED, BUT
SALES ARE FEW
DEMAND FOR STOCKS STRONG,
SAY OPERATORS
Additional Engagements of Gold Are
Made in Europe, and This
Helps to Bolster Up
Prices
BY Associated press.

BY Associated press.
NEW YORK, Nov. 1.-The stock market was
tranquil today with firm undertone, ana
sank into a condition of semi -stagnation atter
various irregular hut narrow fluctuations being
still under restriction Of the banking situation
The gradual clearing of this situation rehects
a feeling Of gowing confidence in the stock
market, but the facilities for its expression are
still hampered. Tentative operations on margin
which have cropped up with easing of the call
lean rates receive no encouragement from
bankers
Houses with inner connection assert that
there is potential demand for stocks from
points outside of New York, but that the exe-
cution of orders from these sources must await
the receipt Of actual cash shipments ana tne
difficulties In the way OF exchange operatiohs,
There wan a subsidence of forced liquidation
which has been feature almost every day
for some time past, and some disturbing ru-
mors that in circulation yesterday were
not confirmed and their influence waned
One of these, that the Pennsylvania dividend
was to be reduced, was refuted by action
taken by the directors before the stock ex-
change had begun Its session. That stock was
in consequence, in considerable demand, and
its strength had a sustaining effect on the
whole list. The decline In September net earn
ings and the announcement OF proposed re-
trenchment in improvement out OF this did not
affect their strength Union Pacific was an
other point of strength in the market.
contrary influence centered also about Amalga-
mated Copper which was under pressure in
spite of further advances in the price OF cop
per in the London market, and at the New
YORK metal excEanBe tne USUAL coinplldlion
of the banks estimates of the weeks currency
movement was read with somewhat languid in
terest, owing to doubt of the accuracy of the
analysis of cross-currents in the weeks move
ments
The banks show a movement of currency
balance away from New York on the express
movement of $13, 200, ,000 but the operations OF
the subtreasury have yielded to the banks
gain of SIG, 103, 900. Last weeks bank state
ment did not reflect the government deposits
made with the banks even for last week, and
these have been increased this week. No
estimates are attempted of the loan changes
Additional engagements of gold for import
were made today, but their influence was
modified by the violent upturn in foreign ex-
change rates which occurred.
However, this result of the demand
for remittance against the engagement and was
not clear The scarcity of currency sharpens
the demand for exchange. The easing of the
local call money market was given part, re-
sponsibilfty for the movement Details of three
large applications which being made to
take out additional bank note calculations un-
her the controllers offer increasing facilities
We're read with interest. The observance of
tho holiday abroad left the market without
one of its usual sources of business and infiu-
ence. The conditions became torpid at times
and the market seemed to be settling to an
attitude of cautious waiting developments in
the general situation. The easy closing was
Nattributed to late selling out of collateral
loans.
Bor IS were irregular. Total sales, par value,
S2,510,000 United States 2s advanced " and the
IS 4 per cent on call.