Los Angeles herald., 1906-01-11
Bv Associated Press

NEW YORK, Jan. 10.-Thero was
further contraction in the activity of the
dealings in stocks today and the dispo-
sltlon to take profits was even more
clearly manifest than Yesterday The
profit taking, however, was conducted in
very. orderly and systematic manner
and without creating any serious dis
The. market still showed itself under
effective control, so that the realizing
was conducted with excellent success.
Prices opened higher all around, the up
ward squirt at the beginning extending
to wide margin in some cases This
was evidently for the purpose of afford
ing better basis for selling stocks and
the process was Immediately begun. This
was q striking demonstration of the con-
tinued power of the organized specula-
tion to sustain prices. The same force
was perceptible during the day in the
effective sustaining Influences Of the
marking up of special stocks which served
as a brake on the downward course
OF the general market under the process
of realizing.
There was no news to account for the
days movements in prices. The selling
10 realize profits seemed in pursuance Of
the liked plan of operation entered upon
IN the early stages of the movement by
the powerful speculative combination r1il-
ing the market That is to say, stocks
were taken and held with obstinate de-
termination, even though the l25 per cent
money rate of December, with the fixed
purpose of meeting the general outside
demand to be stim ulated by the sason-
able relaxation of the money market
after the first of the year. Such de-
mand has been a factor in the market
but 1t has failed to reach the expected
proportions, and nothing like the run
away bull market that was hoped for mas
developed
The palpable fact of the profit taking
on the part Of the large organized oper-
atorS has undoubtedly had its part in dis
couraging d precipitate speculation on the
part of the general public, which has
been well Informed of the condition OF
the market by the widespread and motor
louS discussion of the situation.
So far as the remaining doubts over
the money outlook are factor, it is not
because of any apprehension of such q
squeeze as would force out present hold
ers
The principal influence in todays money
market was the response to the de-
cided relaxation abroad. Discounts eased
in London, Paris and Berlin, and
London exchange moved up briskly in
Paris. This operated to prevent the eX
pected profit on an engagement of gold in
New York for export to Paris in spite
of the further rise in foreign exchange
in New York. Later gold exports are still
looked for. Another item in the situa-
tion was the recovery in the price of
previously sent to Mexico from here to
lake Mexican coins out of circulation.
Canadian Pacific and Kansas & Texas
We're strong, and Amalgamated Copper
of the selling. There were various Other
points of strength among the railroads
and specialties. These proved their Su5
, tanning power throughout, but prices
gravitated to a lower level in spite OF
frequent rallies. Tho closing was easy
after one OF these rallies, and with some
stocks at the lowest.
Bonds were irregular. Total sales, par
United States IS coupons declined gs per
cent on call.