Los Angeles herald., 1905-10-21
Rv Associated Press.


NEW YORK, oct 2O.-Dealings in
stocks expanded today and the market
broadened out into greater animation ana
strength than, for long time past ot6 tne
sales for the day rising to total of 92O,-
700 shares.
The demonstration was in the nature
of a celebration of the distinct relaxation
Of money conditions and was to a very
large extent in the hands of the profess
sional element. Commission houses con
tinued to complain of small business. Ihe
celebration took on a rather riotous form
during the progress of a series or SKY
rocket movements in miscellaneous as
sortment of specialties, many OF Whlcn
do not appear on the tap for months at
q time. Practically every stock or TINS
class listed on the exchange was brought
into the movement at one time ,,!n or an an
majority of which are non-dividend pay
ers and all of them selling at low prices
was based on the argument that evident
paying railroad stocks require larger
amount of capital to carry them on mar
gin, thus increasing the burden of specu-
lation during a period OF hgh money
But this did not discourage the con-
tinued attention to a class of gilt edge
the great facility with which wide price
movements can be produced IN these
stocks of which the floating market sup
ply is always very small. me ne, GonsG1 ,In e.
such cases by points or even by tiVe and
ten point intervals without bringing any
offerings where an Xa adXance o,,d 0h q ocGss] or
tate the absorption of thousands of shares
in order to hold the advance. The in
congruous spectacle was presented d o. OF CO p
Irvine, American Grass IWlne, american
Hide & Leather and stocks of a like class
valued from 81 to $40 a share, and of
high priced railroad stock selling from
500 to over $40O a share, while the body
of the list of standard railroad stocks re-
mained comparatively impassive.
ha aptiVa railroad stocks aver
aged a gain of about point, however
the advance occurring mostly after the
for some time and being prompted appar-
emily by a realization on the part or the
conductors of the movement, OF the IN
congruity of the laggardness of the stand
ard stocks
The close attention to the money situ-
alton was evident in the prompt response
preliminary estimate of the weeks cur
rency movement which was quickly tol-
lowed by the great squirt of activity for
the day. The figures pointed to a small
addition on account of the regular ex-
press movement with the interior to the
large gain Of cash by the banks yielded
by the subtreasury operations which had
contributed to the banks up to Thursday
evening $4,457, 900. The addition of the
regular currency movement promised TO
bring the total gain in cash up to about
Discounts were shaded at all three of
the great money centers abroad and
speculative sentiment was lnclneu 70
lean to the conclusion that the strain OF
the October settlements being over an
early return of easy money was to be
looked for
The only unfavorable factor In the
days money market was the continued
aggressive advance of sterling exchange
in this market.
The announcement of the final payment
of 5000 for the purchase of the friar
lands in the Philippines which called for
the remittance of that sum from New
York NAV helm to explain the persistent
strength this week in the exchange mar
ket The common supposition, however,
funds on deposit here as the prime fac
tor in exchange.
The high tide of the markets activity
was not maintained and last prices were
not at all the best, but the closing tone
was strong.
Bonds were irregular. Total sales, par
value, $3,770000.
government bonds were all unchanged
ON call.