Los Angeles herald., 1905-04-20

BY Associated Press.
NEW YORK, April 19.-Speculative
sentiment on the stock exchange
turned again on technical market con-
ditionS rather than on intrinsic con-
ditions of values and the news bear
ing on them There was another flut-
ter among speculative traders in
stocks, caused by the renewed slump
in Northern Securities on the curb.
That stock did not touch yesterdays
low price, however, and its downward
course was effectually checked and a
substantial recovery effected with cor
responding effect on the market for
stocks within the stock exchange. The
implication drawn from the movement
had to do largely with the market
position of the large speculation COM
mitted to the high prices for the stocks,
but the causes for their advances have
been purely within the realm of rumor
and a great deal of doubt and appre-
hension of the reliability of these ru-
mors is induced by the feverish down.
ward plunges in the stocks.
The impenetrable mystery which has
been maintained regarding the great
projects said to be in contemplation in
the railroads, lends its influence to
sudden fears, as well as buoyant hopes,
and to a sudden reversal from eX-
treme confidence to full rejection of all
flying reports. This was seen in the
tendency of the current stock market
rumors to face about from faith in the
wholesale harmony in the competing
railroad interests to fears of a renewal
of the outbreak of all the old hostility
of the period before the Northern Sc
curties formation For instance,
doubts We're urged of the legal right
of Union Pacific to hold Northern Pa
cific or Great Northern stock which
would come to it as the proceeds of the
Northern Securities dissolution.
The opinion of the supreme court,
pronounced incidentally in the North
ern Securities decision, that the turn
ing over of control of Northern Pa
cific to Union Pacific would contravene
the Sherman law was cited as author
ity for this view. Alleged intention to
preclude minority representation from
the directorate of the two railroads
was also discussed, with the sugges-
lions of a spirit of hostility rather
than harmony prevailing in the rail-
road world. The so-caled mystery
stocks in the market suffered most
acutely from the liquidation, but rallied
effectively on the late renewal of har-
mony reports. There We're no dealings
in Northern Pacific but nominal quo
tations were made for the stocks "when
released and the bid and asked prices
thus made showed the price range we'll
sustained near the recent high level.
Great Northern preferred sold down
171s and rallied five. This relieved
some apprehension that the stocks were
likely to slump when the redistribution
replenished the supply in the market.
1t was evident also that many of the
brokers and commission houses which
were the largest sellers during the
heavy decline yesterday were busy
buying to recover their holdings. The
persistence of this demand helped to
restore confidence and develop strength
in the latter part of the day The ag-
gressive rise in the Southern group
aroused some new conjectures of i'm
portant financing project. The promise
of record April tonnage of anthra-
cite helped the coaers.
Amalgamated Copper moved up in
conjunction with the speculative ru-
mors regarding tomorrow's dividend
meeting. Reports of the receipt of
very heavy orders strengthened Ameri- |
can Locomotive. United States Steel
preferred responded on the recovery to !
confidence in conditions in that trade. |
Reports that the stock tax bill was not |
TO become a law of the state were made |
effective upon sentiment. The traders
who fought the rally by selling stocks
short were forced to cover at the last
and made the closing the strongest of
the day.
Bonds were irregular. Total sales
(par Value), $3.4l0000.
United States bonds were all un- |
changed on call.