Los Angeles herald., 1905-01-28

NEW YORK, Jan. 27.--The upward
course of prices in the stock market
which set in yesterday continued
quite briskly this morning. and the
market for a time showed strength
and breadth. Considerable buying for
London account helped to this end.
But the force of the demand seemed to
be spent towards the latter part of the
day, and there was a notable falling
off in the volume of dealings and some
reactions in prices. The news offered
no explanation for the dying out of
the demand, but the fact was notice.
able that the recovery had about made
up average losses of the earlier part
of the week. The demand hesitated
at about the recovered level.
The feature of the latter part of the
day was the large number of indus
trials of all classes which were pushed
upward successfully. The minor iron
and steel stocks and those of all
trades connected with the metal indus
try were especially connected with the
movement.
Equally conspicuous was the fact
that the premier B industrials, the
United States Steel stocks and Anal
gamated Copper were heavy and lag
CARDS in the movement. The same
was true of the electrics and smelling
stocks.
This led to the inference that profits
were being sought on the recent ad-
vance In these major industrials un-
der cover of the movement in minor
industrials. The ultimate yielding of
Amalgamated Copper to the realizing
pressure sharpened this suspicion.
The advance of Northern Securities
on the curb TO a new high record
stimulated the strength in the Harri-
man stocks, and Erie kept up it's ac
for
time past. Readings strong statement
Of Beeefnber 'IIet-eai1fings was a help
flll factor.
Uncertainty over tomorrow's bank
statement added to the hesitation of
the late market. The receipts of cur
rency on balance from the interior
seem sufficient to about offset the ex-
port of gold, although tomorrow's gold
shipments will not figure in the bank
statement. 1t is considered probable
that last weeks record expansion may
have a counterpart in this week.
statement.
. The compilation of the reports of
condition of the city trust companies
on December 21 seems to throw light
on the movement of bank loans. Com
pared with June 80 preceding, the
trust companies have increased their
deposits over $125 100000 while the
cash to their account in banks has
been reduced s53,674, 404. The trust
company loans for the same period
were increased 1921, ,476. 1852. With the
profitable money rate for the last of
the year it is clear that the trust COM
panies were lending out their own de-
posits instead of leaving them in the
banks.
With the decline in money rates
since the first of the year 1t is equally
clear that the trust companies have
made enormous redeposits in the
banks, which have had the RESPONSE
bility of finding use for the funds,
upon which they must pay the trust
companies per cent. The condition
of the weeks money market makes
probable further enormous taking
over of loans by the banks from the
trust companies The late break in
sympathy with Amalgamated Copper
was partly retrieved, Erie leading the
rally again, as in the previous up-
ward tendency. The closing was firm.
Bonds We're firm. Total sales, par
value, 6,425. 900.
United States 3s declined 9s per cent
on call.