Los Angeles herald., 1905-08-12
BY Associated Press.

NEW YORK, Aug, 11,7TA material
broadening out in Speculation was was a a
gradual process in todays stock mar
ket, -sthe,n early trading showing on1y
regular strength and considerable hest
J Tns T'nh growth in speculative confidence
shad as its underlying basis the govern
ment report of the condition of the
grain crops, but among the railroad
stocks Immediately influenced by the
early movement was irregular and
halting. The corn grangers seemed
notably reluctant to move in spite. of
the stress laid upon the promise of a
bumper corn crop. The character of the
advices which went out on Wall street
last night in the shape of letters and
based on the returns of the grain crop
were circulated to excite speculative
activity. and these had their effect in
Before the day was over the irregu-
lar character of the market was re-
paired to large extent and fairly
advance had been achieved
by. the process of rotation from one
point in the market to another.
High-priced investment stocks were
still a feature, and the sensational
movement in this class exceeded in
number and extent anything witnessed
in the stock market within the memory
Of 1fall, y Not Ingeh nh oatten tioh' was, paid
combination of coHtroi Which were Set
afloat as nominal explanation for many
of these movements.
The stocks affected were so varied
and so totally disconnected on any
possible grounds of comparison that
the rumors concerning them, so far as
they sought to influence them in any
way, were given little credence. These
feverish movements were still suspect
ed to be of manipulative origin. But
the day of operating In such mercan-
tile securities on any marginal trans
action and the enormous resources re-
quired for their. actual taking up in
such volume as the tran sactions of yes
terday and today represent added to
the mystery of the movement. Its
demonstration of the tenacious hold Of
owners on, the. shares, even ct the
was taken as evidence of strong confi-
dence in future values.
Foreign markets were watched. with
attention for any indications of the
possible outcome of the peace confer
ence at Portsmouth.
The stock markets abroad manifested
no uneaSiness, but the sharp advance in
sterling exchange at Paris was indioa-
tive eOf5Aapurpose5t accumulate further
reserves there. Discount rates hard
neduffP london in oresponsey and rfhe
foreign exchange rate advanced here,
TRsgTocal money market wasdtotaily
considerable demand for funds involved
In the more active speculation in the
stock market, especially in the transac-
lions on tne very nlSn priced StockS'
The estimates for the currency move
ment FOR the week were also signifi-
cant, as showing for the first time of
the season that the banks have lost
cash to the interior on the balance of
the movement.
The amount seems to be small, and
even added to the weeks absorption by
subtreasury operations. the effect on
the bank reserves to be shown in to-
morrows weekly statement Is not ex-
pected to be large 1t is premonition
Of the beginning of the seasons de-
mand in the interior that the incident
has Importance. The usual profit-tak-
Ing on the days advance unsettled the
late market but there were some ral-
lies which carried last prices for some
stocks to the highest of the day, but
left the closing tone irregular.
Bonds were steady. Total sales, par
value, $2,815,000.
United States bonds were all un-
changed on call