Los Angeles herald., 1905-04-07
BY. Associated Press.

NEW YORK, April 6-The stock
market broadened today into a much
better distribution of strength and
there was a decided growth in ami
nation as well.
The tone Of the railroad list was not
so distinctly different from that of the
industrials as was the case yester-
day and earlier in the week, but there
persisted a rather spotty tendency
among the railroads.
The melting influence to the revival
of speculative interest was the organ
ICED movement in United States Steel
preferred, which stock was rushed up
to record price by rapid steps on an
enormous accumulation.
This movement was, of course, based
on the extraordinary activity and
prosperity in the iron and steel trade.
But this is not new development nor
is there any immediate new feature in
the situation in that trade. 1t was in
ferred therefore, that the suddenly ag-
gressive tone developed by the stock
was due to the formation of specu-
lative party for the conduct of market
operations rather than to a spontaneous
spread over night through the country
at large of desire to buy the stock.
The preliminary in London and the
important buying of the stock here
carried the impression that the cam
paign has its ramification abroad as
well as in this country.
The obvious nature of the operation
did not have a deterrent effect at all
on the sympathetic influence of the
movement on the rest of the list. 1t
has been a matter of encouragement
among the speculative element for
some time that the United States
Steel stocks were neglected and COM
paratively unrespOnSiVe to the unpre-
cedented trade conditions in that in
= -trxr fIA NAft RI rraef
some unknown condition back of the
superficial situation which might
prompt tra-conserVa tism on the part
of the insiders in the corporation.
The relief afforded by todays de-
velopment from the dampening effect
on the general list of the sluggishness
of the bulky and unwieldy steel issues
was very quickly manifest throughout
the market.
The purpose of the $100000,0O0 in
crease in Union Pacific preferred stock
was as much mystery as when first
announced, and the wide range of con-
lecture on this point was potent in
fiuence on the speculation in various
stocks.
The conviction is general that the
acquisition of control of another rail-
road system is in contemplation, but
the identity of the railroad intended
shifts constantly in the surmises cur
rent in the market.
st. Paul and Atchison were both
pointed to at different periods today,
while the New York Central hypothesis
suffered some decline by the dragging
effect on that stock.
The coming lead merger, which is
now generally accepted, was a slim
ulating factor in the stocks immedi-
ately affected.
The movement in the southern group
of railroads was helped by the great
growth in the cotton movement and
the encouraging reports from the win
ter wheat crop were a supporting fac
tor in the general market.
The gradual easing of the money
market encouraged a faith of the spec
ulative element that there is plenty to
go around for all their purposes.
The announcement of a call for 80
per cent of government deposits, in two
installments, on May 10 and July l, did
not disturb this confidence in the
slightest degree
The extent of the days advance in
vited considerable realizing and the
market closed irregular and generally
below the best.
Bonds were firm. Total sales, par
value, $5,225.000.
United States bonds were all un-
changed on call.