Los Angeles herald., 1907-02-16
OVER A MILLION
PAID BY BANKS
DECEMBER CASH GOES BACK
TO SUB-TREASURY
Confident That Gold at Fair Rates viii
Come from London--lnterior
Funds Remain on De-
poslt
by Associated Press.

BY Associated Press
NEW YORK, Feb. 15.-There was little
animation In the dealings In stocks today,
but decided headway was made in the
price movement against the reactionnry
tendency which developed yesterday
The firm tone of the money market was
practically ignored, owing to the suppo-
sition that the lightness of the call loan
market was due to temporary causes and
that forces of relief would come into play.
The principal relief relied upon Is the
securing of gold I'm London, which Is ox-
pected on Monday, when large arrivals
are due there The strong position dis
closed by the Bank of England i'm its
weekly statement created an impression
that no further obstacles would be OPP
posed to n movement Of gold to New
York, but the tone of comment from Lon
don today indicated that financial au-
thorittes there would feel some continu-
Ing dissatisfaction at such movement.
The New York banks today turned over
to the subtreasury Sl,200 900, being the re-
mainder of the deposits made with the
have drawn on their New York cor
respondents to only small extent to
meet these payments, the higher rates
for call loans here acting as dissuaslve
influence on any reduction of New York
accounts
Estimates of the weeks currency move
ment indicate small change In the cash
item either way. The government with
drawals two weeks ago were thrown over
almost entirely into the averages for the
following week and helped to make the
weak showing of last weeks bank state
ment.
Lending in this market by interior bank
ing institutions would tend to relieve de-
mands upon the local banks, but the
further placing of note issues would con-
stitute q demand for loans upon the local
banks TodaNs addition to these issues
was the 600 placed by the Inter-
borough Metropolitan, the price at which
they were understood to be taken by the
bankers indicating an interest rate of 6h
to to the term of maturing. The rates
for the time loans. however, show re-
ceding tendency owing to the lending for
account of interior banks.
A decline in the grain exports for the
week of $780, 900 bushels of wheat and 49,
900 bushels Of corn has some bearing on
the exchange market. The rising money
market in Berlin also Is n factor in the
situation.
The repression of activity in the market
is believed to he due In part to q desire
to await the adjournment of congress be-
fore entering upon extensive market COM
mitments. The resumption Of the inter-
state commerce commission inquiry in the
Hartman combination of railroad proper
ties IL another item of future influence to
bear upon the market which is the oc-
casion of some reserve in speculative op-
Grafton.
Not only were dealings held in moderate
bounds today, but price movements of
consequence We're restricted to compare
lively few stocks.
A record price for Anaconda was an
incident of the day.
Realizing sales impaired the best prices
of the day. but the closing tone was
steady. Bonds were steady Total sales
par value. 81. go. COO United States bonds
were unchanged on call,