Los Angeles herald., 1906-02-15
BY Associated Press.

BY Associated Press
NEW YORK, Feb. 14.-Speculative in
terest today in the stock market de-
clined again to about last weeks
1ngly sluggish, except in a few special
stocks and in them it was less pro-
nounced than yesterday. The days
the long period of surmise over the
Union Pacific dividend which was set
tied today by the placing of the stock
trading In that Stock for the Hs1is day was vas
rather smaller than the recent average
and the hesitatng vibration in the
price extended to only about a point
In the last few days the current
opinion had become pretty we'll in
formed as to the intended action on
this dividend, but the conjecture up
range of possibilities, as to the rate
of the dividend and a supposed dis
tribution of surplus in addition. The
moderate. movement in the stock and
setting at rest of all these rumors were
suggestive of pretty thorough clear
ing up Of speculative commitment.
49, The action Of the copper stocks upon
transfer of control of the Heinze prop
critics and the resulting settlement Of
litigation also offered abundant sug-
gest1ons to the speculative mind that
the mystery being cleared from the
stock deprives 1t of much of it's motive
Eower in the market. Amalgamated
Copper and Anaconda clearly showed
the effects of realizing throughout the
day, although occasional support made
their movements irregular.
The Hill group had the continued
benefit of mystery still on, and the
smelling and lead stocks also came un-
der the revived influence of the possi-
Die wholesale merger of copper and
smelting companies which, IL was SUE
posed was to be included in the off
cial announcement of the Montana set
.iement. These movements were of
small effect, however. upon the gen
eral market, which backed and filled
within narrow range during the day.
Heavy new. issues of bonds were
continued subject of discussion and
some disparity of opinion was disclosed
as to tho deductions to be drawn from
this prominent development in the sit
uatfon. AS an evidence of the conf
interests both in the outlook for gen
eral conditions and the further re-
sources OF the money market to alb
sorb these large issues, 1t was urged
encouraging feature. Speculative dis
cussion dwelt upon the Importance of
supporting measures in the stock mar
of the new bonds. The money market
however. showed clearly enough the
effect of the large requirements thus
to be met.
The rate of time loans for all periods
up to six months was fairly estimated
on a per cent basis and higher rates
were asked for short time loans. Call
loan rates also were higher, ruling
above per cent throughout the day
and getting as high as 7 per cent.
The gold for South America, which
was expected to be taken last week
shipment amount to $1,750,0OO. The
sub-treasury's absorption in the money
market since the last bank statement
rose to $3337,O0O. Quotations for in
terror exchange showed some move
ment in favor of New York In response
to the firmer market here.
The effect of the Union Pacific div
an apprehension that various other
deals have been discounted already in
the movement of prices.
The market closed under pressure at
the lowest of the day.
Bonds were heavy. Total sales, par
value, $2,735,000. United States bonds
were all unchanged on call.