Los Angeles herald., 1906-08-07
BY Associated Press.

BY Associated Press.
NEW YORK, Aug. 6.-Operations in
stocks started the week with buoy
ant up-list in prices before the impell-
ing force of buying which showed every
sign of eagernesS to secure stocks even
at the time when the advances in the
bid were made necessary to bring out
offerings.
The early dealings showed no remains
of the disposition to realize profits,
which characterized the closing deal
ingS of last week. Instead of that the
market seemed bare of stocks at the
prices prevailing on Saturday and the
wide opening advances were achieved
without any great volume Of stocks
changing hands. The advance was
continued quite briskly during the
course of the first hour. There was an
abrupt falling off in the volume of
trading at that time and brokers on the
foor were almost idle during the MID
die portion of the day. There was no
appreciable renewal of activity until
the last hour of the session.
The oppression of the extreme heat
of the day was responsible to large
extent for the languor of the market.
The tone was noticeably firm in spite
of the almost total cessation of the
buying, dealings being limited to small
est fractions inevitable In practically
stagnant market. 1t was this passive
resistance of the market that prompted
the traders to renew the advance in the
last hour.
A COnSlderaDie was Ell
fected at the high opening level which
represented profit-taking on the lines
taken on during the revived speculation
of last week which evidently had no
effect in stirring the speculative spirit
outside of Wall street. Commission
houses had more orders to execute than
at any time since the recent profess
sional movement was initiated.
The LonCon stock market was closed
in continuation of the holiday which
began on Saturday. Foreign arbitrage
houses were among the large buyers of
stocks, however. These were supposed
to be purchases for foreign account.
The continental markets reflected in
creased confidence over the situation OF
affairs in Russia. Discount rates, how
ever in the open market rose both in
Paris and Berlin. Foreign exchange
rates here at the same time held firm.
Rates for call loans were trifle
firmer than the average last week but
did not rise to the maximum of last
Tuesday.
Saturdays bank statement was the
subject of continued discussion. The
large increase in loans and deposits was
believed to be effected by the inclusion
for the first time of the account of the
state banks. Expressions of confidence
were published coming from Chicago
banking authorities of the adequacy OF
resources to meet the coming demand
for moving the crops.
A reassuring effect was produced by
statements from Washington pointing
out the favorable situation of treasury
resources for rendering assistance to
the fall money market.
Rates of interest were strongly held
and the supply offering was said to be
diminishing.
The failure of a bank in Chicago was
without effect on stocks.
Railroad traffic officials united in
declaring that there never was a time
when there was so heavy and diversi-
fled demand for all kinds of merchan-
disc.
Substantial net gains on the day were
shown at the closing.
Bonds were irregular. Total sales,
par value, $1.405, 900.
United States bonds were all un-
changed on call.