Los Angeles herald., 1906-08-25
BY Associated Press.

NEW YORK, Aug. 24-In the main
today's stock market was largely
q repetition of the previous days.
Pretty much the same stocks were
used as market leaders and for the
greater part of the day the same de
gree of irregularity prevailed To
round out the analogy trading was in
almost the same proportions.
The movement took in a number of
specialties not especially prominent in
the recent activity such as National
Lead and International Pump. but a
fresh upward movement in the Pa
the most prominent feature. These
stocks, together with United States
Steel common, which early distin-
guished itself by scoring a new high
issues. Amalgamated Copper, Atchison,
st. Paul and Reading. comprised the
bulk of the business.
In fact sales of steel and copper
overshadowed all else in the final hour.
Fears of a furry in call loans which
opened at s per cent seemed to vanish
in the early afternoon when prices
were at their highest. Forecasts
proximating $9,000,000 were received
with apparent Indifference in spite of
the low state of reserves and surplus.
Those who had looked for some meas
ton must have had their hopes rudely
dashed by the pronouncement of the
secretary of the treasury that present
conditions call for no government as
sistance.
The early boom in steel bore all the
earmarks of yesterdays open manipu-
lation and ewas accompanied by rumors
that a large pool had been floated in
one of the western industrial centers to
accumulate the stock. The increased
dividend rumor In connection with this
stock was again industriously cirCu
lated while yelled suggestions of a
further distribution in Union Pacific
were given as the reason for the new
move in that issue. This stock was
used as the market leader in the early
afternoon rise, but trading soon fell off
to very moderate volume, and the eff
fort to sustain the market was for a
time abandoned.
The market gathered fresh impetus
in the last hour when call money fell
TO 3 u per cent in spite of the popular
belief that the bank reserves on the
known movements of money would
probably show a deficit tomorrow.
The bull element trotted out an old
rumor about this time-the purchase
of St. Paul by Southern Pacific st.
Paul sold within a fraction of it's high
day seemed to come from brokers fire.
quently employed by Hartman inter
ests. Much of today's trading in that
stock was believed to be on account
of belated short interest.
The sale of a small block of Amer
lean Express stock at 260. the highest
price In four years. was feature of
the special group.
The market grew dull in the late
trading with no marked tendency in
either direction. Prices had Yielded
fractfonally, however. and the market
became almost inert.
In the last fifteen minutes a new
movement caused an upward bound in
the Hartman stocks which were heav-
lily traded in. Union Pacific went TO
1S9, a new high record. and the South
ern Pacific to 92% a fraction below it's
high price. Steel common also made
new high record for the movement at
47A, and the remainder of the list i'm
proved, though not in the same relative
degree. There was absolutely no news
to account for the advance other than
expectations of gold imports. and as
previously stated intimations of fur
ther dividend disbursements in Union
Pacific. Thee losing was active and
strong.
American securities held well while
the general market seemed undisturbed
over the probable changes in the cabi-
net. Time money was flrmer and in
more limited supply. a half per cent
commission again going with most
ninety day and four months loans,
while for over year accommodations the
rate was equivalent to Z per cent.
Bonds were irregular. Total sales.
par value, s2,165,0 900.
United States bonds were all un-
changed on call.