Los Angeles herald., 1906-09-15
BY Associated Press.

NEW YORK, Sept. H.-Operations or
the long side of the stock market were
resumed in sufficient volume today to eff
feet a turn from the downward course
of prices in progress yesterday The days
strength was spotty, strength at one
point contrasting with heaviness at Others
profits. The room trading element was
skeptical of the market and put Out
short lines on the advance
The principal operations centered in the
coalers, especially in Reading. Much
of the activity in that stock was at
tributed to a long-standng pool. Ru-
mors were revived of an intended divest-
ment of ownership of coal properties by
the railroad companies. This report has
reappeared at intervals ever since the
publication of judicial decision which
seemed to Indicate the ilegaity of the
present ownership of the means of pro-
duction of the material transported, and
has been regarded as favorable to the
coalers. Details were not forthcoming
of the plan, but the speculative as
sumption was that large profits would
accrue to the railroad companies from
the proceeds of the new arrangement.
The rise In the coalers on this assump-
tion was in contrast to the unfavorable
effect on those stocks of the taking over
of the coal mining properties.
Other stocks which were notably strong
had special causes assigned. There were
some conspicuous groups In the line of
advancing prices and some recent lead
ers were held back throughout the day.
The five per cent dividend came off
the price of Union Pacific and instead of
attracting demand there seemed to be
selling by those who had held only
until the dividend should accrue to them.
A number of industrials figured in the
days advances on developments in the
special trades in which they were in
porations themselves. Estimates of the
bank statement pointed to a favorable
return tomorrow and this was used
to encourage the speculation
Increase uva aG
expected to be in the neighborhood of
SIS, 100000. The sub-treasury opera tions
include the payments of recent gold en-
gagements abroad. except today's pay
ment of S,15,00O, which brings the total
payments on that account for the week
up to Sl9659,OOo But receipts of revenue
payments and for telegraphic transfer to
interior points and other routine sub
treasury operations leave the payments
by that institution to the banks at only
$15, ,O29 10000. There is a small offset to this
gain in the movement on balance by ex-
press to the interior which is estimated
at but few. hundred thousand dollars
last week This relaxation in the in
terror demand for currency contributes
much to the promised strength of to-
morrows bank statement.
The further advance in the sterling
exchange rate today decreased the de-
mand by New York on gold in London.
Attention. was given to report also Of
semi-official statement of the unwilling
ness of the Bank of France to release
gold for shipment to New York A fall
In sterling exchange at Berlin today les
sened the prospect of gold moving from
that center to London which has been
canvassed as an indirect method of re-
newing, supplies available to the New
York demand.
The late furry in money was attribut-
ed to the preparation for some large
dividend payments due tomorrow, the
principal of which is the $4,000 900 payable
to the Standard Oil stockholders This
proved restraint on any sympathetic
response to the buoyant upshoot in
Reading and made an irregular CLOSING.
Bonds were heavy. Total sales par
value. S2,066 900. F
United States bonds were all un-
changed on call.