Los Angeles herald., 1906-01-27
By Associated Press.


NEW YORK, Jan. 26-There was
considerable pressure of liquidation for
time but a. vigorous resistance was
opposed to the depression and aEgres-
slve buying orders appeared. which
started tho prices upwards again with
buoyancy. The advance was not pur-
sued to any great extent and tho mar
ket became rather strangely quiet and
neglected without any marked point OF
Weakness appearing to discourage the
advance.
The forecast for the weeks currency
improved favorably the days transact
ton of the subtreasury. The gain by
the banks from that source had
amounted to only 100000 up to last
night, and this was more than offset
by tho takings of gold for export. The
regular express movement with the in
terror, however, has been largely in
favor of New York estimates of the re-
oetpts on balances at this port point
ing to gain of upwards of $4,000, 900.
The usual doubt is felt over the loan
heavy liquidation in the stock market
known to have taken place would be
that. the volume Of loans has been con-
tracted- Other financial operations,
however. timed to take place at this
period of return flow of currency into
bank reserves. will affect the showing
The money market continued easy,
but foreign exchange rates made a fur
Their advance. The decline in the ster-
ling exchange rate at Paris and the
reported hardening of the discount
market in Paris have a bearing on the
outlook for gold exports. No arrange
fngfbsr were Iep0tt e 39WeVor for any
The announcement that the next is
sue of New York city bonds would be 4
per cents instead of 3bs, in order to
secure their sale within tho legal mini
mum of par, was regarded with inter
est Since the new city charter no new
az per cent but the price of the securi-
ties has been declining from about 1903
to below par. The high rates for money
and the speculative demand for securi-
ties with claims to share in profits are
given as the causes of the declining
tendency in fixed interest bearing Sc
curities,. of which this is an example.
disappointment over the decision of tho
constitutionality of the stock transfer
tax had some part in the decline in the
activity of the latter market.
The early selling pressure conferred
upon Reading and the unsupported con-
dttion of that stock had a sympathetic
effect upon the rest Of the list. The
strength of Union Pacific, st. Paul,
Amalgamated Copper and the u. s.
Steel stocks made an effective leader
ship for the recovery in the market and
mand for the Pennsylvania group and
n number of the Morgan railroads. Less
effect was produced by the wider adj
vances in number of stocks of more
obscure type.
Tho strength of Colorado Fuel and
Denver Rio Grande was connected
with the plans Tor Paclt1c coast extern
sion for the Gould system and the st.
Paul and the additional requirements
this indicated for steel products. Re-
week I'm January and of net earnings
for very favorable showing for the
Atchison, Topeka 6 Santa Fe, Louis
vile & Nashville, Southern Railway
and several of the minor grangers.
The market was not effectually re-
vived in the last hour of the day, al
though there was some further show OF
strength. The closing was rathor
heavy.
Bonds were firm. Total sales, par
value. $4.200.000.
U. S. bonds were all unchanged on
call.