Los Angeles herald., 1905-03-10
BY Associated Press.

BY Associated Press,
NEW YORK, March 9.-There was
a distinct revival of speculative enthu-
siasm in stocks today and a consid-
erable expansion in the volume of the
market was an accompaniment.
The most effective factors upon senti-
ment were the awakened strength in
the group of railroad stocks which
have figured in the most industriously
circulated of the rumors in regard to
combinations and mergers. The entire
quiescence of this group ever since the
announcement of the Northern Securi-
ties decision had a dampening effect
upon the speculative spirit, as the
plans concerning these properties were
supposed to be waiting for that de-
cision to be promulgated. There was
no authoritative news regarding the
plans today, but the demand for the
stocks rescued the market from one Of
the repressive influences due to their
lethargy.
Yesterdays active speculative move
ment in Reading was also carried over
into todays dealings and that stock
was run up to within a shade of par.
The only motive assigned for the rise
was a rumor that the dividend rate
would be advanced to 4 per cent.
Beyond this it was alleged that the
floating supply of the stock has been
so far reduced as to make it readily re-
sponsive to market operations, as has
been demonstrated by the repeated
success of parties formed to operate
in it within the last few months. The
present movement Is ascribed to the
same sources
There was very striking movement
also in a group of the metal stocks led
by Smelling. Amalgamated Copper
was a conspicuous feature in the same
group.
Dividend rumors played their part
in this movement also and were sup
plemented with merger rumors affect
ing the lead industry. The squirt in
Anaconda, Amalgamated Copper's con-
trolled stock pointed to the source
from which the parent stock is to ben
eft by supposed dividend increases.
Reports from the copper trade were
bright and copper stocks were strong
in all the worlds great markets.
The United States Steel stocks were
again conspicuously laggard, although
reports from that trade continued bril-
liant.
Canadian Pacific was supposed to be
benefited from large earnings by itself
and controlled properties all of which
moved up in company. The special
demand for Atchison in the loan crowd
pointsito an outstanding short interest
as the source of some of the demand
for it.&
The, favorable groundwork to which
the various operations owed their sue
cess had as the principal element the
reduction in the official discount rate
of the Bank of England from 8 to 21h
per, cent, a rate lower than has been
touched since before the Boer war.
This action had been so long deferred
that some fears had obtained that the
extraordinary. demands upon capital
had made the reduction unfeasible. The
lowering of the rate is equivalent to a
proqlamation that urgent requirements
upon capital have been met and that
relaxing money conditions in the
worHd's markets may be looked for.
All encouraging view of the fall
planted wheat crop was factor in
the market. Nothing from the seat of
war promises an early peace.
Yhe closing dealings were conse-
quently slightly irregular.
Bonds were firm. Total sales, par
value, $5,130000
United States 2s advanced A per cent
on call