Los Angeles herald., 1906-01-12
BY Associated Press.

BY Associated Press.
NEW YORK, Jan. 11.-There was evi-
dence today of the resumption of activity
by organized parties in the speculation OF
the kind which conducted the aggressive
advance up to the first of the year and
which had been supposed to control the
market in the interest of the recent profit
taking, which was still in evidence today,
but its effect on prices was not so general
as that of Yesterday.
The average level of the market rose
above that of yesterday and gains in spe-
cial stocks were pronounced The volume
of dealings expanded materially. There
was little in the days occurrences or news
TO explain the movement The joining in
the upward movement of some of the
more substantial influential stocks was
effective upon sentiment.
good effect was produced also by the
developments in the money market I'm
mediate conditions diverged from the gold
export point. Sterling. exchange moved
upwards at Paris again, thus relieving
the pressure on New York from that
source. Foreign political sentiment was
more cheerful and relief. was felt that
the Bank of England RETAINED from ad-
vancing its official discount rate. 1t is
believed that the bank is preparing to get
control of the money market so as to
make an advance in its rate effective be-
fore resorting to that measure.
Foreign bankers here continue to eX-
pect an outgo of gold later owing to the
heavy obligations to foreign tenders fall
ing due within the next few weeks Ster-
ling exchange here was easier today and
there was some renewed selling of bank
ers' bills for the use of foreign funds.
Payments by Government
Subtreasury operations have contributed
TO the money market already this week
SOl@,U00, and there was another heavy
debit balance at tho clearing house by
the suhtreasurY this afternoon, due to
payments by the government on account t
of transportation of mail There was paid
also 100000 by that institution on tele-
graphic transfer from San Francisco. The
easinesS of the foreign exchange rate was
the more notable in the face of this re-
as the easing of the money rate here was
expected to facilitate an outgo of gold.
The stocks which made up the features
of the days market We're a mixture of
high grade, seasoned dividend payers
among the railroads and of low-priced
stocks paying small dividends or none at
all, both among railroads and industrl-
ais, some Of the industrials running into
decidedly low grade. There was wide
Intervening gap in the list among the
available market leaders, and these were
sluggish and rather neglected throughout.
The renewed advance in Union Pacific to
q record level was the sustaining influence
in the market, Increased dividend eXpec-
tations were the factors. The Hill group
was made the subject of revived rumors
of ''melon cutting" and of absorption
of connecting lines to the gulf, The move
ment in the lower grade stocks was ac-
companied in some instances by citations
of improved earnings to warrant eXpecta-
tions of dividends.
The Southern iron group responded TO
revived merger rumors. The market took
on great animation late in the day and
many new favorites among the low grade
stocks were rushed in prominence, and
'9lgarcr Copper threw Off its earlier
- Uh. he character of the mar
|es especially changed.
was generally strong, but
20 irregular spots on realiz
steady. Total sales. par
IS, coupon, advanced z