Los Angeles herald., 1906-11-20
BY Associated Press.

BY Associated Press
NEW YORK, Nov. 19.-The stock
market started the week under the
full impulse of the improved tone which
developed last week. The first hours
business was the largest for that In
terval of time of any that has been done
for many months past. Prices were
affected considerably by Invariably the
custom of professional operators to dis
tribute stocks to meet new outside de-
mand. and profit taking made its usual
impression, but the breadth and
strength of the new outside demand
and the effective absorption which re-
suited had q very encouraging ERECT
behind the market, therefore, came in
with renewed accumulation and re-
sumed operations for the advance with
more appearance of substantial
strength than at any time, last week.
| AS the day progressed, however,
there appeared to he some distaste for
the feverish sentiment in st. Paul and
the excessive buoyancy displayed by
that stock. Other stocks which shared
with st. Paul strength last week were
notably backward in the movement
and seemed to be freely supplied on all
advances.
The new candidates for speculative
favor were not as influential In their
sympathetic effect on other stocks as
these prime favorites. Union Pacific
and Reading were only occasionally
strong and were continually carried
back by selling to realize, while South
ern Pacific and United States Steel,
lAmalgamated Copper and American
Smelling were under pressure that was
almost uninterrupted While not suf-
ficient cause for positive weakness In
] these stocks until the general decline
| when money went to 8 per cent, this
pressure was sufficient cause to pre-
vent them from sharing in the strength
prevailing elsewhere in the market.
Many low-priced non dividend pay
ing stocks also were made active al
advancing prices and this suggested
an effort to bring about process OF
rotation in demand which affords bet
ter facilities for digestion of profits.
| Rates for call loans rose higher than
on Friday last and thus caused some
misgivings over the adequacy of the
augmented supplies in the money mar
ket to carry on successful speculation
| Variety was given to last week.
rumor on the subject of st. Paul by as
signing possible part to buying in
the Hill interests, while last weeks
rumors were all agreed in a destination
for the property in the Hartman prop
erty The subject of a possible compe-
tition to secure the property TINS con-
veyed seemed to jar upon speculative
susceptibility to some. extent. Reports
from abroad pointed to some clearing
up of the doubtful feeling over the
money outlook there as well as here.
London discount rates were allowed
to sag to below the, official bank rate,
and sterling exchange on the continent
declined. Here rates for foreign eX-
change were maintained in spite of a
large purchase of stock here for Lon
don account and free offerings OF com
mercial bills in the English market.
Sub-treasury operations were in ia
vor of the money market, the banks
having gained $1,165,0O0 from the gov
ernment institution since the bank
statement was compiled.
Further release of gold by the Bank
of France for London was a factor in
favor of the money market. But the
rise in call loans to 8 per cent offset
other considerations and was RESPONSE
BILE for the free selling which in the
final hour carried many stocks to a
level below Saturday The market
closed easy.
Bonds were easy. Total sales. par
value. $780, 900.
U. S. Is declined "a per cent on call.