Los Angeles herald., 1906-01-20
BY Associated Press.

NEW YORK. Jan. 19.-The market
showed more breadth and variety today
than at any time during the current
speculation. The aggregate dealings
fell short of what would be supposed
rom the constant activity of the deal
ings owing to the fact that there was
less congestion In the great market
leaders than is the case OH some occas-
IONS OF great speculative animation. a
very large number of separate issues
which go to make the total of today S
dealings are dealt In In small lots and
show less inertia than the great rail
road and industrial corporations of
which the flowing supply necessitates
enormous transactions before any i'm
preston is made on prices.
A number of the prominent standard
stocks made conspicuous movements
however, during the day, and the whole
level of the market was lifted pretty
uniformly. There were some laggards
In the movement, and the volatile up
shoots at other points varied widely
from the average movement. But the
comprehensive advancing tendency was
conspicuous.
Points of strength constantly devel-
oped without any regard to the realiz-
ing in progress at other points which
caused some irregularity in the price
movement at different times There was
little news to account for the action OF
the market but it was broadly based
on the heavy increase in the money
market supplies by reason of the great
accumulation or cash resources at New
York now in progress
The preliminary of the weeks cur
rency movement gave promise that to-
morrow'S bank statement will disclose
cash gain which will compare favor
ably with last weeks great increase.
Subtreasury operations alone have
yielded to the banks upward of $1,000,
600. Estimates of the movement by eX-
press to and from the interior are more
elastic. but the statements furnished
by the banks themselves indicate that
after allowing for the shipment of ST.
100000 in gold to Mexico, the move
the weeks gain in cash up to any
where from $SOOO,OOO to 100000.
This estimate covers the operations
up to Thursday night only. and those
for another day both on Subtreasury
operations and on the express move
ment will figure in the weeks bank
statement. The. discount rate in Lon
further rise in the sterling exchange
rate at continental points marked the
further relaxation of the condition at
London. This development seemed to
relieve apprehension of any urgent
pressure in New York from foreign
sources. The moderate firmness in the
foreign exchange market here strength
ened this probability,
The most conspicuous feature in to"
days market was Reading, which re-
sponded violently to a resumption of
operations by the pool in the stocks,
Wncn cOnuucleu ltS previous prillldH /
advance which was widely exceeded by
today's squirt.
The jump in Anaconda was accom-
panied by rumor of the practical cor
nering of the stock by interests affiliat-
ed with the present controlling interest
Amalgamated Copper made a brisk re-
covery from the late drop yesterday,
which was alleged to be due TO disdp-
pointment over the amount of the in
crea Sc in the dividend rate. The further
decline in the quotation for the metal
ON the copper exchange and the sharp
drop in London copper market did not
affect the recovery in AmalSamated
Copper.
The demand became furiously actiTo
after the profit taking of the final hour
and the closing tone was extremely
ouoyant at the top level.
Bonds were firm. Total sales pr
value $6,100,000.
Government new As, coupons, advanc-
ed "a per cent on call.