Los Angeles herald., 1907-01-08
By Associated Press.


NEW YORK, Jan. 1.-THE early
promise of large business in stocks
Tor the day was not main tanned in the
later market. The dullness which in
tervened was due to a suspension of
speculative operation between the
strength in one set of speculative ia
vorites and weakness in another,
The opening was followed by an
active buying movement which caused
a fairly comprehensive advance. Dis
t1nct lines of cleavage lin the move
ment then developed. In Union Pa
cific, Reading and Amalgamated there
was obvious selling pressure and an
important distribution going on. which
was interpreted as a movement to take
prohts on the. part of the buyers whose
initiative last week had so much to
do with stirring up the speculative
revival
There was no change in the condi-
tions which were supposed to have in
cited this buying. There were per-
ceptible, however some differences in
the construction placed on these con-
ditions. These had to do with the tone
of the public discussion of the dis
closures of the affairs of the Hartman
railroad companies brought out in the
course of the interstate commerce
commission. The effect of the. power
of the position of those companies was
modified by the suggestion that the
showing might in itself invite meas
ures of hostility and repression by
vival of the view held of the inquiry
in its first stages.
The appearance of joint distribution
in the market of Union Pacific, Anal
gamated Copper and Reading was re-
garded by the professional element as
rather imposing evidence of the mar
ket views of party whose leadership
in. the speculative movement is of
widespread influence.
On the. side was the stubbornness
with which advances were held in
United states Steel preferred. Pennsyl-
vania and Atchison and Brooklyn Rap
id Transit. which was also held as
demonstrating the market views of
important elements in the leadership
of the market.
The news from Washington uphold
ing by the supreme court of the New
York state stock transfer tax was a
disappointment TO market onerators.
as hopes had been built on this suit
of relief from burden that had a
recognized influence in repressing ac-
tivity in the stock market
The weak showing of the Saturday
bank statement was not much regard
ed today. as confidence was general
that the immediate factors in the
money market are working toward
ease for a time. at least. Discounts
receded further in London today and
there was some reaction in the foreign
exchange markets here
In Berlin there was some recovery
in the discount market. This was the
only development seeming TO conflict
with a supposition that the Bank of
England was likely to lower it's dis
count rate this week
Money for all periods was obtain
able at per cent in this market to-
dav Late in the day there was some
added stiffness in the tone of the call
loan rate. which rose to 10 per cent
with added effect on prices.
Railroad traffic officials We're united
in admitting a reduction in the pres
sure OF offered traffic. which prom
ised relief from the car shortage. The
late furry in money caused an irreg-
ular closing. Bonds were firm Total
sales. par value, $2.94O.OOO, L. s. 2s
advanced Il per cent on call