Los Angeles herald., 1905-10-20
BY Associated Press.

NEW YORK, Oct 19.-The stock
market remains in professional hands
and the difficulty of getting prices far
from q given level continues. By ex-
tending the declil es in force yesterday
through the early part of the day a
recovery and the days extreme move
nent in consequence was rather wider
than had been the rule lately. The at
traction to traders was thereby in
creased and the market gained some
animation. 1t did not appear that there
was any reflection in the market of
outside developments.
The later Improvement of the day
was connected probably as much as
anything. with the relaxation of the
was true OF conditions abroad as well
as in this country, but the active de-
mand for credits in connection with
ished.. The immediate slight relaxa-
tion in the money situation was not
convincing, therefore, of any early re-
turn of marked ease;
land rate seemed to have been dis
counted in speculative markets; The
weekly return of that institution
showed that the recuperation had been
achieved by the purchase of bullion at
an advance in the bidding market and
by borrowing. funds from the open
government securities: The expansion
of over $9,000000 in the loans account,
however, indicated q new demand on
the government institution for credits
incident to the rise in the open market
discount rate to above the bank rate.
The price of gold was let down a
fraction in the London market and
moved in favor of London. The dis
count rate at Berlin was also easier,
but hardened at Paris to fiat per
cent There was less urgent demand
here for foreign exchange and the rate
ran off in the early dealings, but
showed later strength.
The sub-treasury operations are
yielding a return to the banks on ac-
count of the mid-monthly swelling of
the pension pay rolls. There seems to
be a lull also in the heavy customs re-
ceipts which have been going into the
sub-treaSury.
New York exchange also rose again
today to Is cents premium which ti,i :. Is
cessation of pressure from that point
on New York in currency. The recent
drain on the bank reserves thus seems
to be relieved for the time being.
Thre was some selling of stocks yes
terday and early today on profes-
sional apprehension of the effect of the
presidents remarks at Raleigh on the
subject of railroad rate legislation.
Some early uneasiness over the senti-
mental effect of the. Allegheny bank
failure was also relieved on further
consideration. The movement towards
recovery was most pronounced in a
group of industrial specialties.
Reports of traffic blockades on the
railroads both in the grain regions and
in the iron and steel Industrial centers
and the resulting urgent demand for
additional railroad equipment helped
the railroad equipment stocks and the
Independents iron and steel industrials
generally
Amalgamated Copper was rather
quiet but was inclined to heavinesS on
the failure to advance the dividend rate
as there had been some buying of the
stock in the expectation of an increase
The presence in the city of the sec
retary of the treasury gave rise to the
usual discussion of the likelihood of
the government measures for tho
benefit of the money market
Stocks closed distinctly firm, but on
O. moderate volume of business.
Bonds were irregular. Total sales,
par value, $2,450,000.
u. S. bonds were all unchanged on
call.