Los Angeles herald., 1905-01-18
BY Associated Press.


NEW YORK, Jan. 17.-There were
features of strength in today's stock
market, but they were varied by soft
spots here and there. On the whole
the market showed the effect of the
large distribution of speculative hold
ings which was effected on the opening
bulge of the week yesterday. There
was decided shrinkage in the volume
of dealings along with the hesitatine
and Irregular tone which was de-
veloped.
The seeming eliminating of the re-
suit in Union Pacific was sentimental
effect upon the whole list, which
showed clearly the want of the stimu-
lating influence. which. the strength of
the stock has exercised for several
days past,
The serving of formal notice of the
contentioif OF the contesting interests
to apply for writ of certiorari to re-
view the opinion in favor of the North
ern Securities company was understood
to have the power of a stay on any
distribution of the assets of that COM
pany pending the final decision of the
United States supreme court. This
served as a Encouragement to the ru-
mors WHICH have been industriously
circulated that a compromise, prompt
distribution of the Northern Securities
assets and the comprehensive readjust-
ment of railroad relations on the whole
.transcontinental field would be an
nounced at an early date.
i, Union Pacific rose early over last
nights level but it was constantly af-
fected by the feeling of the demand
in the efforts to realize.
The weakness of Amalgamated Cop
per also had a sentimental influence:
the more SO as the price of the metal
was further advanced and reports con-
tinued persistent of an intended in
crease in the dividend rate.
Dividend increases and prospects
played considerable part in the days
market. The placing of Chicago, st.
Paul, Minneapolis G. Omaha on a Z per
cent dividend basis caused a rapid rise
of 10 points in that stock and revived
the hopes of increased disbursements
on some other issues. Kansas & Texas
preferred, Chesapeake e. Ohio and
American Smelling were manifestly
affected by such hopes.
Reading was easily the center of in
terest in the market and there was no
specific, news to account for its fresh
advance. The large amounts of this
stock which have been taken out of
the market to effect the distribution of
it's control amongst other railroads has
left the floating supply so small that
it responds readily to operations de-
signed to move the price. For this rea-
son 1T has become a favorite with oper-
ators who desire to make an effect.
upon speculative sentiment. 1t proved
by no means equal, however, to Union
Pacific as an instrument for the pur-
pose.
The outside market held it's recent
large share of attention today, al
though activity shifted from Northern
Securities into international Mercan-
tile Marine. which, together with
Northern Securities, was one of the
late creations in the period of whole
sale output of new securities which
was too late to get through its pre-
liminary stage in the outside market
and make its entry on the stock eX-
change itself.
A violent break in the new United
States Shipbuilding stocks also brought
into renewed notice an old episode in
the outside market. Nothing developed
to explain either movement. Prices on
the stock exchange faded away in the
latter part of the day and the closing
was weak and generally slightly below
last nights level.
Bonds were steady on good de-
mand. Total sales, $5,115,000.
United States bonds were all un-
changed on call.