Los Angeles herald., 1906-08-24
BY Associated Press.


NEW YORK, Aug. 23.-With call
loans opening at per cent a further
hardening of the rates for time ac-
commodations and no material change
for the better in the weak bank posi-
ton 1T was entirely natural that today's
stock market should develop an irregu-
lar tone. Trading at the outset was
heavy. especially in the Hill and Har-
riman issues, and at generally higher
prices the market apparently taking Its
cue from London where keen demand
for American securities was reported
1t will be interesting, however, to know
just how much of this demand" was
for New York account
The most interesting feature of the
day developed with an alleged plan of
the secretary of treasury to refund at
an early date the 4 per cent bonds of
1907. This issue amounts to almost
S117.000.000 and rumors had 1t that the
government as relief measure might
anticipate the retirement of these bonds
with the proceeds of the new 2 per cent
bonds. The possibilities of this plan
opened the way to much discussion.
Trustworthy information shows that
there is absolutely no foundation for
the notion that the secretary contem-
plates renewing his gold anticipation"
order of last spring.
Pressure on the local banks was
slightly induced by the secretary's ac-
ton in depositing 100000 in interior
banks.
Foreign exchange developed in
creased weakness but the situation with
regard to gold imports is still without
change.
Advices from London indicate that
Russia is negotiating for the next con-
signment of the metal from South
Africa and may outbid American bank
ers
The return of the most conspicuous
figure in the Great Northern Northern
Pacific properties was the signal for a
renewed upward movement in these
7fTta C1aa r.l
ing with Union Pacific and United
States Steel. The Hill stocks fell back
later, however, upon authoritative
statements that no immediate an
Northern or its ore lands.
The early movement in steel common
which carried 1t to high record for
manipulation though trade conditions,
according to competent authorities, are
better for the current month than at
any time in the history of the industry.
Manipulation was alSo a marked feat
ure of the movement in the copper
shares, the strength and activity of
Anal algamated and Anaconda being ac-
companied by reports of larger divi-
dends; Incidentally these issues were
helped by an increased dividend in the
shares of a minor company and the
firmness of the metal in London.
The days business was limited in
large part to half a score or more of
active stocks They included United
States Steel, Northern Pacific. Amalga-
mated Copper Reading, Anaconda, St.
Paul, Great Northern and Colorado Fuel.
Trading in the afternoon was hardly in
keeping with the pace set during the
morning session, business falling to re-
latively small proportions, though
prices were holding we'll.
In, the final hour call money was
freely offered at 31z per cent, but this
was hardly sufficient to offset the
steady selling. much of which was pre-
sumably induced by fears OF an un-
favorable bank return.
Aside from the further rise in Ana
conda, the list was reactionary and
lower, Great Northern preferred losing
practically all of its gain and the
Granger group as a whole selling lower.
The closing was active but lower.
Some ground was recovered by the
banks in their operations with the sub
treasury but their loss is still in ex-
cess of $4,50O.000
The only railway return of import
ance was that of Chicago & Northwest
ern. showing an increase in gross
earnings for July Of $5S2,O00.
Bonds were easy. Total sales, par
value. $1,755OOO.
United States bonds were all un-
changed on call.