Los Angeles herald., 1906-08-22
Rv Assnnlnted Preak.

NEW YORK, Aug. 21.-Tra ding on
the stock exchange was again remark
ably heavy today, although somewhat
below yesterdays large volume. The
market manifested broader tone,
operations embracing a number, of
minor issues in the railway and indus
trial groups.
The Hartman stocks were again de-
cidedly active with a tendency toward
heaviness the result apparently of FUR
ther heavy profit taking. This same
cause produced a similar effect among
certain other issues which were promi-
nent in last weeks advances.
There was renewed talk of increased
dividends in number of issues. namely
Atchison and Reading, Pennsylvania
and the latter's affiliated lines.
Extra dividends were announced by
the Federal Mining and Smelling COM
pany, control of which is held by the
American Smelling company, and by
the Republic Iron and Steel company.
The disbursement by the latter com
pany was in the nature of deferred
payment on the preferred stock. Indi-
cations pointed to an awakening of
interest on the part of the public, but
this interest has not assumed suffi-
GENTLY large proportions to be reck-
oned as factor
Buying orders were once more num-
erous at the opening and from all ac-
counts stocks were well taken. Save
for the initial dealings in United
States Steel there was an absence of
the previous days wide openings
The opinion of shrewd observers was
that the advance had gone far enough
for the time and a moderate reaction
was looked for.
The money situation came in for
more serious consideration, the rate for
call loans advancing to per cent as
high rate in the early session and to
per cent in the final hours when the
list in general showed further reces-
sions. Practically all over-year loans
were negotiated at per cent.
The confirmed statement was made
that one of the prominent insurance
companies had availed itself of the
boom to unload some of it's securities,
and other selling of like sort was re-
ported.
An Illustration of the speculative
character of the days operations was
afforded by the formation of a num-
ber Of pools in stocks which but re-
Gently were regarded with suspicion.
In fact the utter recklessne ess with
which most of the trading was con-
Quoted was perhaps the most favorable
feature of the day.
A sensational rise in Great Northern
preferred was accompanied by reports
that the deal with the United States
Steel corporation for possession of the
Hill ore properties in the northwest
confirmation of the story was obtain
able during the market session. The
great bulk of the days business was
made up of half a dozen issues, Anal
gamated Copper, Colorado Fuel, Great
Northern preferred. Pennsylvania,
Reading ard Union Pacific.
A number of high records for the
year were made in the course of the
day, but there was a marked decrease
in the volume of business in the late
session. This was attributed in part
to reports of heavy floods in Arizona
and Southern California. though these
were later found to be exaggerated.
The closing was active and weak,
many of the days gains being wiped
out and a number of net losses estab-
lished. London, which reported a re-
dictionary tone for our securities,
traded actively on both sides here, pur-
chases and sales, the latter predominant
ing, amounting to about 10000 shares.
Local monetary conditions disclose a
loss by the banks to the subtreasury
thus far this week of about $4,300000
the result chiefly of Panama bond pay
ments The subtreasury made a trans
fer of 5000, 900 to New Orleans and re-
ports from the middle west suggest in
creased demands on the banks of that
section for crop moving purposes.
Railroad bonds We're Irregular Total
sales, par value $3.315.000.
In government bonds the new As ad-
vanced Il per cent on call.