Los Angeles herald., 1905-02-21
B1 Associated Press.

By Associated Press.
NEW YORK, Feb. 2O.-The stock
market demonstrated again today in a
striking manner its power of resistance
against adverse influences such as
would have worked decsively for a re-
action in periods of past speculative
activity. Even the traditional preju-
dice against high and active opening
on Monday morning proved of no ef-
feet although there was hesitation in
this connection after the strong OPEN
ing. But the upward movement was
resumed at new points and the
strength of the market established
more decidedly than before.
The most obvious of the influences
against the market was the rather dis
couraging condition of the country's
transportation, discovered through
weekly talks with traffic officials. This,
following paralysis by storm and
blockades on many lines east and west,
and while progress was reported to-
ward breaking the blockades, it was
not likely that normal conditions would
be restored for many weeks.
A still further cut was made in the
rate for export grain. The gross earn
ings of the second week of February
showed already quite clearly the effect
of these influences.
These were the cause Of the halting
and sluggish response to the first
buoyant rise in Union Pacific.
The next demonstration centered in
the industrials and it was not until
late in the day that the railroad stocks
generally came up. The active list
was largely congested in Union Pacific
and Southern Pacific, Ontario & Wes-
tern and the United States Steel
stocks, the total of which was run
quickly at the rate of 1000 to 10000
shares I'M single blocks.
All of the stocks connected with the
Northerns Securities merger, or with
the plan of supposed readjustment to
follow the dissolution of the merger,
was strong in sympathy, Northern Sc
curities itself adding several points to
its record price in the curb markets.
The heavy buying of United States
Steel after a period of comparative
dormancy was attributed to banking
interests near to the corporation and
the credit given to this supposition in
duced other buying of the stock.
Reports of the negotiations for the
merger of Southern Iron companies
grew more explicit and that group of
stocks was strong in consequence.
The taking over by the American
Selling company of mining corpor-
alton and persistent assertions of a
plan for comparative combination of
Lead interests, explained the strength
of another drop of stocks.
Rumors of coming peace were re-
ceived from abroad and the continued
decline in exchange marked the cul-
mination of the foreign demand for our
gold. Call money here, however, was
rather firmer and there was inclination
amongst stock exchange houses to take
out time loans with a resulting firmer
tendency in that department of the
money market. New York exchange
at Chicago fell to a discount for the
first time this season, marking the
close of that supply for New York re-
serves.
Reports from Washington of a de-
cision by the president not to press
railroad rate legislation at this session
of congress was a factor in the de-
mand for stocks among professional
operators.
The stock market took the later real
izing pretty well and the close was
firm, at the top level Of the day.
Bonds were irregular. Total sales,
par value. $5,665,00O.
United states bonds were unchanged
on call.