Los Angeles herald., 1906-08-21
Rv Associated Press.

NEW YORK, Aug. 20.-With trading
in enormous volume sales aggregat ting
2,900,000 shares last weeks upward
movement in the stock market was re-
the market was extremely active, the
tape being from five to ten minutes be
hind time in recording transactions.
The tone was generally strong. al
though heavy proflt-taking in certain
issues, notably the Hartman stocks,
caused some irregularity. The greater
professional character, in spite of at
tempts to create a contrary impression.
As a matter of fact. the wild character
of trading was in itself sufficient to
keep the public out of the market.
From the outset interest conferred
around Union Pacific and Southern Pa
cific which led last weeks remarkable
movement Both of these issues had
wide openings, Southern Pacific soon
advancing to a high record figure.
There were heavy initial transactions
in several other issues. including Anal
gamated Copper. Commission houses
reported a large accumulation of buy
ing orders from out of town. The ac-
tfon of the Hartman directors last
week was still the principal subject
of discussion
With Atchison selling at the highest
price in its history it was early remem-
bered that the dividend on this stock
would be increased. Later when Penn
sylvania and Reading began to lead the
market movement rumor dealt in the
same way with them. While no defi-
mite news developed on these points, 1T
is clear from the long chain of recent
events that the interests which control
the destinies of the great railways and
industrial enterprises of the country
are supremely confident as to condi-
tions for some time to come.
With the passing days less is heard
as to the possibility of a money string
ency in connection with the movement
OF crops. However. money both on
time and call. manifested a hardening
tendency today. a numerous over year
loss beng reported at per cent while
call money loaned in considerable
amounts at per cent. advancing to .
per cent before the close.
Advices from London suggested an
absence of any urgent demand for gold
in this market. A large consignment
of the metal reserved at that center
from South Africa was reported to have
been taken by Russian bankers. There
We're the usual optimistic reports from
the traffic mana gers of the railway
systems, some of them forecasting a
year or more of record tonnage
Briefly there seems to be nothing in
the history OF the American railroad
to compare with the prevailing demand
for transportation. AS for crops
weather conditions were all favorable
TO. further improvements. indications
pointing to bumper yields in everything
except oats.
In the late session of the market the
movement shifted to other issues, such
as the Hill stocks, st. Paul, Illinois
Central, Sugar and Brooklyn Transit
The squirt in these issues was probably
designed to cover further realizing and
the swift pace of the early day was
maintained with but slight diminution
The furry in call money just before
the close precipitated some heavy sell
ing. Union Pacific making a net loss
and the balance of the active list sell
ing from / to points below the days
best figures Opinions as to London S
participation in this market differed
early reports telling of profit taking
sales while later il was declared that
the days business showed purchases on
balances.
The strength of the copper stocks
here was doubtless a reflection in part
of the higher prices quoted for the
metal In London. In addition to the
stocks named new high records were
made by st. Paul preferred and Chesa-
peake & Ohio.
The subtreasury at the close Of busi-
ness today reported payments aggre-
eating 23,OO0,OOO for account of the
new Panama bonds.
Sales OF bonds for the day were in
keeping with the heavy business in
stocks amounting to S4,745,000.
United States bonds were all un-
changed on call.