Los Angeles herald., 1906-09-18
BY Associated Press.


NEW YORK. Sept. 1.-THE specula-
tive choice of favorites went racing
through the list of stocks usually
prominent in the market today and eX-
plotted the individual stocks thus Sc
leCted for what they could be made to
yield in the way of a price movement
The furious activity with which the
sudden bursts of buying distin guished
these stocks was no less astonishing
than their sudden lapse into dullness
when operations turned to the next
choice on the SELECTED list.
AS the various stocks were left be-
mind by the tide of the most active
trading they were inclined to sag back
in price around the influence on the
profit taking sales
Some of the strongest and most ac-
tive stocks of the early dealin gs lost all
their gains subsequently-thos that
Immediately followed in the movement
and the latest comers into demand CON
served the best part of the gains. In
diVidual transactions in separate stocks
were large and gave the impression of
orders executed from one source or
under concerted operations.
Purely speculate tive operations by room
traders in following these movements
Were on an enormous scale and with
out any pretenSe of Information to
base the buying out Blocks of thou
sands of shares were bought on the
floor and often quickly sold at a slight
advance for no other motive than that
of the days conspicuous movements
were advertised before hand and were
the subject of wildly circulated tips be-
fore the market opened Accumulation
of buying orders over the week end as
a result of last weeks influ ences were
on a moderate scale. The usual weekly
summing up of industrial and business
conditions was convincing of the flood
tide of prosperous activity in every
branch.
The car movement of all kinds of
merchandise Over all lines was reported
to be limited only by the available
equipment facilities and railroad Of
ficials expressed but one apprehension,
and that of a car famine and coming
freight gestion from inSuffiCiency
of means TO take care of freight offer
ing. The railway equipment stocks re-
sponded early to this showing of con-
ditions
Amalgamated Copper responded to
the showing of general prosperity in
the copper trade and to special rumors
of intended increase in the dividend on
Anaconda and on its own stock
The speculative element was disposed
to assume that the Saturday bank state
ment showed that the crisis in the
money market had been passed and an
obstacle thus removed to the due re-
Election IN the securities market of the
extraordinary prosperity prevailing.
The later rise in the call money rate
to 10 per cent had something to do with
the reactionary movement of the stock
market. Inc hardening OF the money
rate was attributed to the arrange
ments for payment for an install
menu of subscriptions to Baltimore &
Ohio new stock which call ed for some
thing like $10,000OOO. There were
some additional gold enga gements in
London announced and incoming steam
ers brought several millions engaged
abroad for New York banks There
were further remittances from here to
San Francisco through the subtreasury.
Reading. Pennsylvania. the Hartman
Pacifcs and Amalgamated Copper alb
sorbed larg ge proportion of the day s
dealings.
The closing was weak and not much
of the days gains were saved.
Bonds were irregular, Total sales,
par value. So 3,33S,000,
United States rs reg. declined Y per
cent on call.