Los Angeles herald., 1906-07-24
av ted Press.

g3v Associated Press.
NEW YORK, July 23,-The stock mar
ket here was slightly shaken by the devel-
opments in Russia over Sunday, in COM
mon with the worlds other securities
market. But resistance by the New York
market and the effects had apparently
passed in the course of half an hour, at
which time the confident absorption of
stocks had restored the level of prices to
where they left off on Saturday.
The determination of market organ
ization to -ect an upward movement in
prices manifested itself afresh and opera
tions of the same character as those
witch appeared in the market Friday and
Saturday were resumed.
There is no attempt to Del1ttle the
gravity of the situation in Russia from a
political standpoint but the drift of events
has been so clearly foreshadowed that
with a view to the developments which
eign securities markets, however, seemed
to threaten serious consequences for a
time today.
The special effect in the London market
is due to the coming due on August l of
an installment of subscriptions to the last
Russian loan. The heavy discount now
ruling on the subscription price of money
in that market points to severe losses on
the underwriting and the forced manner
of the liquidation points to much
smaller distribution of the loan into in
vestors' hands than had been lntimated
at the time of the fiotation. London S
necessities induced considerable selling of
securities in this market today. 1t also
resulted in a strong rebound in the for
eign market which carried the price in
definitely away from the gold export
point.
The bank of England secured all the
newly received gold in the London mar
Ket but it was remarked that New York
put in no competitive bid for the supply,
which was secured at a decline of a
penny an ounce from the price recently
prevailing which New York paid last
bankers thus acquiesced in the necessity
of the London market getting additional
supplies.
The Saturday bank statement, with its
showing of S11 700, 900 cash increase, may
have an influence on it's attitude, though
it remained somewhat of a mystery
where and how the cash was obtained.
However. the immediate money outlook
is thus decidedly cleared up. The specula-
tive leadership in tie market evidently
assumed that security from pressure was
assured at any rate until the Withdrawals
for the purpose of moving crops shall in
tervene.
The time is regarded as opportune in
the professional spectators view for an
upturn in the prices and they operated
from that viewpoint today. The con-
spicuous place of the transcontinental
stocks in the movement served to revive
many dormant rumors regarding develop
ments in them. noe from London alleg-
ing coming control of St. Paul in the
interest of the Union Pacific.
The market seemed unaffected by the
death of one of the weathiest capitalists
in the country the understanding gen
orally being that his affairs We're arranged
so as to avoid pressure on the stock mar
ket or any disturbance in the money mar
ket.
The market showed great strength and
activity on the recovery from the low
point to the highest but owing to the de-
pressed level at the start and the profit
taking in the last hour of the session the
net changes from Saturdays prices were
small and the closing tone was easy.
0OO
United States seconds advanced 4 on
call.