Los Angeles herald., 1905-09-21

by Associated Press.

Ivy Associated PreSS.
NEW YORK, Sept. 20.-Nothing in the
news which became public today would
account adequately for the reversal of
speculative sentiment from yesterdays
depression, but the rebound in prices was
an effective demonstration of the reSll-
iency of the market from pressure. 1t
proves the assertion heard generally in
the neighborhood of stock exchange that
and professional bear traders find diff
Guilty in covering their short contracts.
Considerable lines of short contracts were
put out yesterday and the buying to get
back these stocks probably was most re-
sponsible for today's advances.
The market continues narrow and pro-
limited number of stocks is now convinc-
ing evidence of a widespread demand in
the market In general and commission
houses continue to complain that the out
side demand is scanty. Holders cling to
their stocks, however, and nothing seems
effective to disodge holdings except the
actual withdrawal of credit by which they
are held. The pressure on borrowers has
become less, and the general outlook be-
comes so favorable that further selling of
stocks seems not to be expected until the
hardening tendency of the money market
Shall be renewed.
The course of the currency movement
thus far this week makes 1t unlikely that
the coming bank statement will show any
notable shrinkage in the cash reserves,
and the trust companies are therefore re-
iieved for the moment from the call to
take over the loans from the banks in
order to enable the latter to scale down
deposit liabilities to keep pace with the
inroads upon their cash.
The sub-treasurys continued heavy debit
balance at the clearing house has
left small balance to the advantage of
the banks. Payment at the assay office
for the first parcel of gold bars on the
important movement which arrived yes
terday, figured in today'S Sub-treaSury
debit balances. The stock market will see
further arrivals of gold which will serve
to offset a renewed drain on banking re-
serves.
The rise in interior exchange on New
York indicates the lessened demand of the
interior on this center for the time being.
Foreign stock markets seemed to indi-
cate today that the increase expected in
the Bank of England discount rate has
been effectually provided against.
Reassuring statements in regard to the
Moroccan situation served to allay appre-
hension on that point. The New York
market was in consequence freed from
the pressure from the foreign selling ana
this con tributed materially towards al
lowing the recovery in prices.
The most notable movements of the day
were traceable to local influences. Re
ports of important developments in the
Northern Securities settlement were re-
Vived effectively in connection with the
approaching annual meeting of the Great
Northern and Northern Pacific. The rise
in that group OF stocks stimulated some
sympathetic strength in other railroad
shares.
The revived strength of Canadian Pa
cifc was due to reports of prosperous
conditions which have served before to
lift that stock. Rates for foreign eX-
change rose decidedly away from the
gold import point Time money rates
We're called somewhat easier, but call loan
rates We're held firmly at above per
cent.
$2,57O00O. U. S. IS registered declined 1a
on call