Los Angeles herald., 1906-08-30
Rv Associated Press.


NEW YORK Aug. 29.-In the face of
further adverse conditions such as the
Philadelphia failure and heavier drains
on local financial resources it must he
said that today stock market, for the
greater part of the session, exhibited an
Unexpectedly strong undertone. This con-
dition was brought about largely by the
heavy volume of supporting orders, with
which business opened, coupled with as
surances that the harm wrought by the
closing of the Philadelphia institution
would be almost entirely local in its ef-
feet. Nevertheless the differences drawn
from this last event, following so soon soon
after similar occurrences In Boston,, chi
cago and elsewhere, left painful I'M
The ease with which early offerings
were taken bespoke support of an unus u
ally strong character burt served to
heighten the impression that the so-called
big interests have yet a great deal OF
stock to market. Pennsylvania and Read
ing were pressed for sale in large guam
titles at the outset. Pennsylvania scored
an initial gain but Reading, which was
under pressure. made a decline. Other
conspicuous features of the opening were
st. Paul and Canadian Pacific, the torn,
er selling with its dividend and rights
off, and showing gain of almost .
points Canadian Pacific GO continued nue. d l9s
vancing to 179, a 6-point gain, but for
more or less patent reasons the rise at
tracted little attention.
The Hill stocks were strong, preSuma-
bly, on the publication of an uncon-
firmed report that an ore deal with the
United States Steel corporation had been
advanced to the highest price of the
present movement and Northern Pacific
was materially stronger The steel rs
sues naturally reflected the strength OF
these stocks, though in lesser degree.
Sales in the first fifteen minutes We're
about 225OOO shares, with Reading con
quieted before the end of the session,
however. but not before another drive
against Reading sent that stock lower
than before. Recovery was soon made
under the lead of Union Pacific, which
advanced to the highest price of the
week the movement being again accom-
panied by the now familiar st. Paul
story
BY noon trading became comparatively
dull. with Atchison'S new high record the
most noteworthy feature. he late ses-
way until the last hour, when can loans
advanced to g per cent with further
weakening in exchange to $.S3 20. This
latter was one of the most significant
features of the day and gave rise to fresh
rumors of gold imports.
The drop in exchange resulted largely
from heavy offerings of finance blllS by
foreign banking interests, which speedily
availed themselves of the furry in call
money There was general selling of
these bills and the proceeds were prompt
ly loaned at the higher rates. In addl-
tion these same interests advanced con
siderable sums on 6& per cent basis
Despite the rise in money the market
gathered renewed energy in the final
trading, the feature being Reading, which
advanced over points from the lowest,
while Pennsylvania moved UP smartly,
and the remainder of the active group
gained a point or more.
Trading was very active at the close,
which was strong and generally at the
best prices of the day.
Exclusive of the $750,0OO transferred to
San Francisco today the banks have
already lost almost S9,OOO0OO to the sub
treasury for the week. Aside from the
freer offerings by foreign bankers there
was no appreciable change in time money
rates
Bonds were irregular Total sales, par
value, $3 49, 900.
on call