Los Angeles herald., 1905-04-13
BULL LEADERS
SELL STOCKS
LIQUIDATION ATTRIBUTED TO
WESTERN ACCOUNT
STRENGTH IN SOME LEADERS
Long interests Arrange Dlrectorates
and Plan Greater ProIeots-Indus-
trials stronger-strong Close
on Favorable Iron Report
CONTINUED FLUCTUATI0N
IN STOCK DEALING

Z There was a sharp break which I.
4 carried prices generally below last 1.
I night, but this was followed by 4
I brisk rally. New York Central Z
& lost 19s, Illinois Central V and :.
z Peoples Gas 9. Amalgamated +.
/. Copper crossed Sc. (.
+ The sustained demand for Union Z
I Pacific at an advance of 19s and Z
y jump of 15s in United States =
Z Steel preferred gave better tone !.
/ to the market and helped to repair !.
i the previous losses.
'af'*.tS*ss :: !. Z 49, fSl''s'''1'
BY Associated Press.
NEW YORK, April achievements of
stocks continued to give evidence today
of much uncertainty on the part of
speculative operators. The current news
failed to account for any depression
and conjecture pointed to various ex-
plantations of the palpable effect upon
the market. Signs of considerable
strength and of sharp weakness sue
ceeded each other all day. Aggressive
strength, shown by few stocks, failed
to overcome the skepticism and suspi-
cion of traders. Some of those who
sold stocks protested that they saw in
dubitable evidences of the selling for
the account of some of the persons who
have been the most demonstrative
leaders of the bull campaign. Con-
siderable liquidation was attributed to
the account of orders received from
western sources and the conviction held
that this reported measure of precau-
tion and strengthening position on
the part of those committed to the
speculative deal in wheat.
The wheat market was comparatively
quiet today, but developments there
are watched with keen attention from
the stock market viewpoint, owing to
the identity of extensive speculation
both in the wheat and stock markets.
The share taken by this interest in the
bull campaign which has been con-
Quoted in stocks is varously estimated
and the extreme estimates current, If
they should prove justified, would suffi-
GENTLY explain the uncertain tone of
the present market. The substitution
in the Northern Securities directorate
for that of the head of the Union Pa
cific party was belittled on behalf of
both sides to the old quarrel in that
property. Fears of an outbreak of this
old quarrel were emphatically declared
to be unjustified. But the Wall street
view of this matter has gone consid-
erably beyond a mere quieting of the
old dispute and has adopted a view of
thorough harmony and cooperation in
going forward to new projects of even
larger scope than even those of the
past.
There has been unquestionably spec
ulation in stocks based on this view,
and the rather curt manner of yeSter-
days action of the directors shakes the
confidence held in that supposition.
Definite news from the hostile fleets
in the China seas was eagerly looked
for and the possible outcome of the
threatened sea fight was a restraining
influence on the securities market.
Notwithstanding the discussion of the
Northern Securities decision, Union Pa
cific was firm to strong all day. The
other principal points of strength were
in the industrial list, notably Smelling,
Amalgamated Copper and the Locomo-
tive stocks. the weakness of New
York Central was strong contrary
influence and Illinois Central also Suf-
fered from free realizing on yesterdays
wide advance.
The Electric stocks suffered on rum
ors of a rupture of a working agree
ment and of the expansion of compe-
tition in their fields. A sharp break in
Peoples Gas was also an effective in
fluence. An enthusiastic weekly review
of the iron trade awakened a lively
demand for United States Steel prefer
red and an active absorption of Union
Pacific at the same time carried the
market upward to a strong close.
Bonds were heavy. Total sales (par
value), $2790,000.
United States bonds were all un-
changed on call.
Good Friday Closing
BY Associated Press.
NEW YORK, April 12.-The govern
ing committee of the stock exchange
today voted to suspend operations on
Good Friday: