Los Angeles herald., 1906-08-23
BY Associated Press.

NEW YORK. Aug. 22.-More nearly
normal conditions. prevailed in the
stock market today The frenzy of
the four days following the so-called
Hartman episode gave place to a saner
and safer course. Trading was only
moderately large compared with the
previous days of the week and the
trenl of veents seemed working towards
a more logical conclusion. 1t was evil
dent that the element to which respon
siblity attaches for the recent move
ment had begun to take heed of i'm
pending financial conditions. Indeed.
the days developments in that quarter
were highly interesting and called for
serious consideration.
Not only did call money advance to
per cent. the highest figure in several
months but there was also decided
stiffening in time loans, s per cent being
demanded for practically all periods,
With the present weak bank position,
the surplus of the associated institu
tions at it's lowest for this particular
period in thirteen years and enormous
crop demands approaching, it was quite
natural that money conditions should
undergo a marked change There were
persistent reports of early gold imports
and the further weakness in exchange
lent plauSibflity to these stories, but
experts figured that none would develop
before the coming week, if then.
The early feature was the movement
in the Hill stocks which carried Great
Northern preferred to the highest level
reached in the present movement
Northern Pacific participated in this
movement and the thread bare story OF
the ore deal with resultant rights to
holders of the Hill issues was revamped
with more or less wealth of circumstan-
tial detail. As matter of fact the
financial community is of the opinion
that the negotiations between the Hill
interests and the street corporation con-
troll of these oregon properties have
been practically closed That some
very material benefits will accrue to
n e.
leved but the signs do not point to an
early announcement of this very i'm
portant matter.
Trustworthy reports gree that Lon
don has taken huge profits in American
stocks on the recent rise. The Harri
man issues manifested halting tone at
the opening, but later moved up with
the remainder of the active list, keeping
well above the previous days closing
quotations. They held rather better
than certain other active issues whose
early gains were wiped out in the be-
ginning of the afternoon session when
the rate for call money advanced to the
highest. 1t was at this iuncture that
the room traders took an aggressive
socks at marked recessions in the hope
of catching stop loss orders This
move was partly successful, but the
freedom with which these offerings
were absorbed soon brought substantial
rallies.
After brief period of dullness, dur
ing which Great Northern preferred,
Northern Pacific and Colorado Fuel lost
the greater part OF their earlier gains,
the market started a new move under
the lead OF United States Steel. The
common stock was taken in enormous
quantities. selling as high as 46%, the
highest price reached in four days The
buying was reported to be of impressive
character and was accompanied by
rumors that this stock will be placed
on per cent basis, its original status.
at the next quarterly meeting. The
rise in steel brought out lot of stock
and the price fell OFF
The market underwent a complete re-
versa in the last twenty minutes. a
terrific drive by the shorts and the
western speculative coterie affecting
prices throughout the list. Not only
were all the days gains lost in this
movement, but a number of material
declines were registered, the market I
closing quiet.
There was further loss by the banks
to the subtreasury. the decline now
amounting to almost S5.O00.000 In ad .
dition TO this loss II Is understood that
some of the banks have been making
heavy direct shipments of currency to
western and southern correspondents.
Bonds were firm. Total sales, par
value. $2.2s5.oOO
United states bonds were unchanged
rnII