Los Angeles herald., 1905-04-05
BY Associated Press

nv Associated Press.
NEW YORK, April 4.-The COM
plexion of today's stock market was
decidedly mixed. An unusually large
number of separate issues were dealt
in. notwithstanding the smaller aggre-
gate of the transactions
Many usually neglected Specialties
and industrialS were dealt in, though
the principal gains and losses were
found under this classification.
Railroad stocks were sluggish
throughout and for the MOST part were
heavy.
The decline in the stock market
seemed to be in part due to the unset
ting influence of the erratic fiuctua-
tions in Tennessee Coal. Prices of that
stock were up and down all day and
operators in the market were at loss
to determine whether the terms of the
proposed merger or the distress of an
uncovered short interest was RESPONSE
BILE for the wavering motion of the
stock.
The passage through one house of
the New York legislature of the stock
transfer bill and the belief that its en-
actment into law was certain had some
reviving influence in the uncertain
mood of the speculation.
The inquisitorial tendency of legis-
lation and public policy toward COR
porations and the prevalence of in
vestigations into their affairs came in
for consideration and an impression of
a threat to values of securities.
The embittered controversy which
has sprung up in the administration
of the Equitable Life Assurance So
ciety and the investigation thus
prompted has the effect of emphasiz-
ing this impression.
The very prominence of the low
grade industrial stocks, even where
they give evidence of strength, is re-
garded as an evidence that the higher
grade stocks have exhausted their re-
sources for advance and begets sus-
picion of the stability of the whole
market.
Some of the days abortive move
ment in the better class of stocks was
suspected of being manipulative and
designed to offset this characteristic
of the market.
The absence of long expected an
nOuncementS which have been supposed
simply to await the conclusion of the
Northern Securities case induces a
feeling of suspense and of distrust over
the extent to which mysterious allu-
sions and rumors have been allowed
to influence great speculative move
ments in various stocks.
There is a feeling that some of these
mysteries must either be dissolved soon
or be replaced by effective new fac
tors if prices are to be sustained at
their present high level
The tone of the money market shows
some relaxation in consequence of the
completion of the April settlement, but
not to the extent that sanguine specu-
lators hoped for, and the possibility is
now faced of a considerable prolong-
alton of higher rates of interest.
1t is evident that many important
capital issues have been planned to
take advantage of the normal accum-
ulation of reserves at this time of the
year, both here and abroad, and this
class of requirements will, of course,
take precedence of stock market bor-
rowings.
The most substantial sustaining in
fluence in today's market was the
heavy accumulation of United States
Steel stocks. Reported large buying of
pig iron by that corporation is repe-
tition of previous conditions, but the
lack of response in the securities of the
company has been the cause of dissat-
isfaction in the market.
The rise in the Southern Iron group
was attributed to the enlarged cot
ton movement and to the advantages to |
accrue from a rising scale of freights
on iron, due to sliding adjustment in
harmony with iron prices.
London was a seller of stocks here
to an extent sufficient to harden the
rate of exchange by reason of the de-
mand for remittances in payment.
There was sustained strength in a
few of the industrials, but the persls- |
tent heaviness OF the railroads made |
the closing irregular.
Bonds were irregular. Total sales, |
par value, $4810000.
United States bonds were all un-
changed on call.