Los Angeles herald., 1906-06-19
BY Associated Press.

A91 <ASSOCldleu fTeSS
NEW YORK. June 1S.-Something
was effected today toward arresting
the declining tendency of prices OF
stocks which were steadily gaining
force up to the close of last week The
market turned downward toward the
last. however. and closed weak. With
the. early check to the fall there re-
NAMED some uncovered short contracts
rally in prices. The strength of the
market from this cause was restricted
to few of the stocks which have been
the fayorites in the speculation. The
demand became exceedingly languid
when the rally made any headway and
the tone continued hesitating and un-
The list as a whole was not affected
at any time by the recovery There
were some conspicuous laggards and at
other points positive weakness which
served to keep the market unsettled
and not fully responsive to the rallying
tendency.
of the persistent depression while few
active speculative leaders were ad-
vancing. A good effect was produced
on sentiment too, by the more definite
character of the assertions that the
Pennsylvania bond flotation in Paris
had been completed although no for
mai mai o1tIclaI notice on the subject was
forthcoming during the stock exchange
session. The successive delays in the
completion of this transaction were an
lnfluence in the weakness of stocks last
week. The carrying through of the
operation is considered to have an inn
portant bearing upon the international
exchange situation by the increase in
the credits available to this market for
the meeting of maturing obligations on
finance bills.
Paris financial markets were reported
TO be In a more cheerful temper today
over the Russian outlook, although
news of events in that country offered
no clear explanation of this reported
better feeling.
Sterling exchange here was narlxed
down in response to London.
Ehe local money market was not
was some relaxation in call loans from
the stiffness caused by last weeks
large dividend requirement The time
money market, however. was strong
and rates were appreciably higher.
Seven and eight months money was re-
ported in active demand and the sup
ply was scarce. business being done at
5A per cent and above. The rate de-
manded for six months loans also was
5 per cent.
Stocks were benefited by the break
ing of the drouth In Kansas and Ne
braska. and the effect was judged to be
important by the response of the grain
markets, which broke sharply. Rail-
road traffic officials in their weekly
discussion were more inclined to admit
some damage in wheat in the south
west than they have been heretofore
had not been large enough to shake
commence in the general business
situation.
light falling off in the general vol
ume of traffic on the trunk line rail-
roads was also admitted.
Another violent reaction in the price
OF copper in London was a feature of
the days news, but did not prevent
Amalgamated Copper from sharing in
the days show of strength.
The pressure of liquidation in Penn
sylvania increased greatly in the latter
part of the day and affected the whole
market in sympathy
The gains were very generally wiped
out In consequence and the closing tone
was weak.
Bonds were heavy. Total sales. par
value. $1.720.OOO.
United States threes coupon advanced
X per cent on call.