Los Angeles herald., 1906-03-07
BY Associated Press.

NEW YORK. March 6.-Today's move
nient gave unmistakable evidence of re-
lief from the pressure of the urgent
and forced liquidation which upset the
prices yesterday. A desultory recovery
was the consequence, i'll which covering
of short contracts by professional ope-
rators on the bear side of the market
played a large part. The later stages
of the market, however, showed Slrlk-
ing disincllnation to follow the recoN-
cry by any large commitments on the
long side. After so sharp a shaking
out as that of yesterday a renewal OF
decline in a more deliberate way after
a temporary rally is not unusual but
the rally usually goes further than that
The large part played by short cover
ing operations in the demand which
lifted prices was indicated by the rela-
lively large buying of the stocks which
were most acutely under pressure yes
terday. Amalgamated Copper was
notable example, the determined sup
port of that stock at par yesterday ap-
parently having convinced the sellers
that protection was to be afforded the
stock by interests capable OF taxing
care of it, Dealings in this stock, Union
Pacific and in Reading will be found TO
make up the bulk of yesterdays total
transactions.
The advancing tendency was spotty
and irregular and did not set in until
after a ragged opening in which the
majority of the active list sold lower
than last nights closing; besides the
stocks in the recovery there was a SHOW
of positive strength in the Wabash Sc
curities and those of southwestern rail-
roads in the same group
Rumors accompanied the rise IN these
stocks of the early formulation Of a
financial readjustment plan by. the wa
previous rumor and it did not receive
countenance today from official
sources. The drive against wheat and
reports in that market of a fall of snow
in n W hGlDpd
group. Some of the other cotton car
Tiers also sympathized in the move
ment.
A strong market for copper in Lon
don helped Amalgamated here. During
the course of the day also reports from
the London market showed rally IN
progress in the Kafftrs, the long con,
tinued decline in which has aroused
fears of financial embarrassments Is
that market
The assembling of the coal operators
to consider the proposition of the an
thracite miners for an agreement gave
rise to varying rumorS which We're re-
flected in the Fluctuations in ReaGInG.
The announcement of the deposit IN the
SubtreaSury of S2.OOO.OOO for tran 81 ef
by telegraph to san Francisco, gave
chill to the market, owing to the I'M
portance attached to the money sltua-
ton from a stock market STANDPOINT.
The transfer is generally. recognized
as due to the calling home by the Jap
anese government of the resources oI
its bond issue, which have been on de-
posit in New York for many months
past. where they have had the benefit
of the high prevailing rates for money
in the New York market. Their with
drawal at this time is supposed to be
connected with new loan operations by
the Japanese government in their home
market. Much interest naturally At
tached 70 the extent to which this
movement may be carried, but no
authoritative information is forthcom-
ing on the matter.
fToday's money rates were not mater
ially changed although the general
tone begins to show the benefit Of the
liduidatlon accomplished in the stock
market, Foreign exchange also was in
cifned to yield today. The saggtng
tendency of stocks at one time wiped
out pretty much all of the gains, but
heavy buying movement in Southern
railway in the final dealings re-estab--
lished some portions OF theih anu le+U
the closing tone steady
Bonds We're steady; total sales, par
value, S2,040000 .
on call.