Los Angeles herald., 1906-11-14
BY Associated Press.

NEW YORK, Nov. 13.--The movement
toward recovery In the prices of stocks
which was distinctly initiated in the
later dealings of yesterday made fur
ther substantial advances today. The
demand was not large and conspicuous
movements were restricted to a few
stocks which have been favorites in the
speculation. A demand from uncover
ed shorts was an obvious factor in the
recovery. The light demand was made
effective through the falling off in the
pressure.
There was much less calling of loans
today and less difficulty in securing
fresh accommodations 1t was assum-
ed that this was due partly to the re-
turn to the money market of the
amount amount paid in yesterday on subscrip-
tn,I ti1ns to new st; Paul oau oos stock which
The stock market settlement in on
don made favorable progress and with
out further urgent pressure on New
that market. Money and discounts
were firmly held in London but indica
tion pointed Enthusiastically to effective
relief of the tension in that market.
The violent jump in the rate for
sterling exchange in Paris of 3h
centimes served notice that extensive
remittanoes of capital were being made
from the center to the English capital
in furtherance of willingness of the
Bank of France to assist the London
money market. The loosening of the
the benefit of the London market opens
up the most important reserve supply
of money at present available to the
worlds needs
Foreign financial opinion has been
freely expressed that relief measures
were called for by the United States
treasury In view of the part played by
New Yorks requirements in the pres
ent tightness of money. The reiterated
refusals of the secretary. of the treasury
to adopt any immediate measures,
which were repeated today, were calcu-
lated to disappoint expectations of re-
lief by this means which thus were ex-
pected to ease foreign money markets
as well as our own.
The appearance of the secretary in
Wall street today gave new circulation
to rumors of his intention to- adopt re-
lief measures. These rumors had their
part in the early strength of the mar
ket. BY the time they were denied the
market had the more substantial basis
of an easier tone in the money market
without the help of the treasury meas
ures There was some disposition to
infer that efforts had been made to ex-
aggerate the money stringency yeSter-
day in order to impress the treasury Of,
that today's relaxation. might be due to
the abandonment. of these efforts.
The course of the money market
seems sufficiently explained by the lack
of pressure on account of the London
settlement, the temperance of ST.
Paul stock subscriptions in the money
market, leHulIlB Ol IHOucy LOl Oul VI
town banks attracted by the high
money rates and a subsistence of the
movement of currency to the interior.
Reports of settlement of wage dis
putes on some of the railroads was a
help to the market. Some sentimental
effect was produced by the reports OF
agreement at Washington on plan
among the advocates of a law per-
mitting emergency bank note issues
The special strength of St. Paul found
no explanation in any news behind dlvi-
dend rumors of rights of subscription
to further stock issues.
The opening money rate at II per
cent proved to be the highest of the
day. With the decline in the rate
stocks advanced gradually. but quite
steadily
Profit taking caused some reaction,
and while the closing was generally be-
low best prices the tone was firm.
Bonds were steady. Total sales, par
value, 1880, 600.
United States bonds were unchanged
IN call