Los Angeles herald., 1905-12-13
BY Associated Press.


NEW YORK, Dec. 12.--This was an
other day of activity and varied specu
lation In the stock market, although
the volume of trading was not fully. up
, to that of yesterday, which reached
the maximpm for the session. Selling
to realize profits was very clearly in
evidence at many points throughout the
day but this process was accomplished
with good success. In fact one of the
most encouraging incidents of the mar.
ket The only decided breaks were at
the very last. The small general pub
lie share in the speculation has been
the subject of constant comment and
sarcasm has gained force as to the abil-
fty to dispose. at profit of the enor-
nous accumulationS in special stocks
which have been made by pools and
organized parties in the process of ad-
yances in prices to the unprecedented
levels reached
Nearly all the stocks which made
conspicuous gains yesterday were un-
der this realizing process today. Some
some part of their gains without ex-
tending them, Reading being a notable
example. In others the opening gains
were yielded almost Immediately. but
prices were not allowed to recede to
any extent below last night.
AS sustaining forces in the market.
there was a return to the method of
furious activity and spectacular ad-
vances in special stocks and those
selected today We're found again among
the industrials in the majority of cases.
STOCKS having TO DO with the various
metal industries, especially copper and
iron, were conspicuous. A substantial
basis for the strength in this group was
the. trade conditions in those stocks.
The market price of copper was again
advanced in this market and traders
asserted that sales ahead for many
months had already been made up to
the productive capacity of the trade at
the present profitable level of prices.
The iron and steel trade also received
extensive attention and discussion by
bearing upon the different departments
of that trade. 1t was asserted that the
value of November exports of the pro-
ducts OF the United States Steel cor cor,
Notwithstanding the enormous domestic
demand and the high prices prevailing.
Some of the southern railroads having
a large iron traffic were affected by this
movement.
The corn carrying roads showed a de-
gree of strength, Missouri Pacific being
state corn crop. A wide advance in the
New York Public Utilities was due to
the views of operators regarding the
probable outcome of, the legal contest
over the New York election
Rates for call money were decidedly
easier, the rate renewals ruling gen
orally at 10 per cent or under. This was
attributed to the additional supports
attracted to this center from outside
sources by the profitable rates prevail
ing Nothing occurred in the routine
OI UHc HOHey lIldIhel W lHulCdLc d
change in the course of affairs
Foreign exchange was firm with the re-
Taxation in the money rate. There was
still large offering of foreign trade funds,
however, in this market Discounts in
London were easier and sterling exchange
at Paris recovered a fraction but made a
sharp drop at Berlin. The situation at
that point is watched with apparent anx-
iety and there We're various surmises
afloat of special measures of relief there,
including the lending of large sum in
Berlin by the Bank of England.
The subtreasury continued to take funds
from the New York market and the credit
by that institution at the clearing house
today reflected n continuance of this
drain. Stocks made good rally from the
profit taking early in the last hour but
broke rather feverishly in the final deal
ings with the violent upward rush of the
smelling stocks and National Lead. The
closing was decidedly unsettled and ir-
regular.
Bonds were firm. Total sales par value
S3000.000
United States new As coupon declined Y
per cent. on call