Los Angeles herald., 1906-10-11
Rv Associated press.

BY Associated Press
NEW YORK Oct. 10.-Dealings IN
stocks expanded in some degree today
and strength in the market was peller
distributed and consequently mad more
sympathetic effect on the general lise.
The result was to diminish the spotty
appearance of the market. That appear
ance was not entirely abolished, however,
as a few stocks showed disproportionate
strength and activity. Ihese stocks ,e,l's Mele
of a better class than yesterday, when
the low grade of the securities wmcn pc
gan to appear in the list of candldates
for such speculative favorites showed a
detrimental effect on the TONE VI the
whole SD eculation.
There was no change in general con-
ditiOns to account for the Detter tone
Of speculation. The most Conspicuous .
of specific developments regarding the
individual properties, most OF them
vague and unauthorized. Prospective
dividend increases and combination pro
iects were conspicuous features in the
days stock market gossip ..,..
Union Pacific and st. Paul rose Jointly
on revival of reports OF closer rela
tions These rumors gained additional
force from the fact of the reelection
of the president of the St. Paul as
director of the Union Pacific at the an
nual meeting yesterday. That meeting
also gave rise to renewed assertions that
the pamphlet report was to appear mn
mediately, and that it would contain I'M
portant information as to increase IN the
authorized sources that the report would
not be ready for the stockholders 1or
several weeks did not seem to diminish
the active speculative operations IN the
stocks which were attributed to the So
called western element.
The large increase in gross and net
earnings for August reported by the
Union Pacific was in favor of the move
ment Other railroad stocks did not re-
spond to similarly favorable showings. ,
Northern Pacfic's prosperous annual
showing did not seem to help the STOCK:
The ore deal group was sluggish until
late in the day when a demand Tor
United States Steel developed, which car
ried it to the highest price on the present
movement.
The extraordinary prosperity in the
copper trade was moderately reflecCed 1T
the movement in Amalgamated copper.
Homes of dividend increases were motives
for the rise in Pennsylvania and Ameri-
can Smelling although the latter stock
showed the effect of profit taking IN
the day The same was true of some
other stocks, which rose sharply carrier
Money continued to work easier, in
spjte of the manifest pressure for remit
tances to London, which made sterling
exchange strong, not only here, but in
Paris and Berlin. The advance in the
official discount rate OF the Imperlld. ,tlth
expectations, and the private discount
rate receded there today. In London,
however, the private discount rate au-
vanced and it was considered probable
that the Bank of England would advance
its official rate tomorrow in view OIL
The heavy Withdrawals of bullion from
its already depleted supply as shown in
last weeks statement.
It is believed that New York has MADE
a large reduction of it's indebtedness to
foreign money markets this week That
it could do so without disturbing the
relaxing tendency of the local money
market is regarded as encouraging evil
dence of the Improvement in the local
money situation.
The improved money situation was re-
flected also in an enlarged demand for
bonds at advancing prices, which gave
that market a very riftnomey W. JRyed
that market a very firm tone. Total
sales. par value, S2.754,0OO,
United States bonds were unchanged.