Los Angeles herald., 1905-06-01
RY Associated Press

NEW YORK, May 3t.-The strength
of today's stock market developed in
spots at first, but the few strong
stocks had a sympathetic effect on the
general list, and advances became gen.
eral during the late trading.
The tone was hesitating and uncer-
tain at first. This was partly due to
the influence of tho London market,
where the ending of the stock exchange
settlement caused a pause in activity
7 he settlement was concluded without
any damage, as a result, probably of
considerable recovery in the last few
days in Americans It's success had an
encouraging effect on stocks, however,
as some apprehension has existed OF
bad effects from oVercommttments in
Americans on the part of the London
spectators
International politics seemed to play
a small part in the market, and the
belief that an early peace was to be
Forthcoming was not so distinct fac
tor as on Monday.
Japanese bonds in this market con-
tinued to overshadow all others In
prominence, but moved with some ir-
regularity Realizing in them was in
evidence after the opening, and the
first series IS were carried TO q sharp
fractional loss, but they recovered in
company with the rest of the market.
Evidence of pressure against the
United States Steel stocks was a factor
in turning prices downward during the
morning. Reports were current that
practically all existing pools and agree
ments to maintain prices in the trade
were in course of dissolution, following
the example of the steel rail pool.
Fears were entertained that this would
serve to add to the difficulties of keep
ing up prices and would increase the
pressure to dispose of stocks
With the possible exception of the
crop outlook, there is no one subject to
which so much Importance is attached
as the course to be taken by the iron
and steel trade. A demonstration that
the present lull in the trade is but tenn
porary would have the effect of resolv
ing much of the doubt now reflected
in the stock market.
News of weather conditions was re-
garded as favoring the grain crops, but
the weekly crop bulletin of the weather
bureau received mixed interpretation
The upward movement of the latter
part of the day received its first defi-
mite impulse from the aggressive
% advance in Reading. No immediate
news was forthcoming to explain the
strength of this stock, but there were
rumors alleging an intended increase
in the dividend of the Central Railroad
of New Jersey, and from these infer
dividend policy on the part of the
Reading itself, which controls the Cen
trail of New Jersey, and this served to
arouse hopes of coming benefits also for
Baltimore and Ohio, Norfolk and West
ern and Chesapeake and Ohio stocks.
The expected report on the investi-
cation of the Equitable Life Assurance
society was awaited with great interest
and with professions of hope that it's
publication would mark the close of
the controversy on that subject.
One effect pointed out from the wiping'
out of the Russian naval force is the
opening of the way for free transport
of Japanese supplies from this country.
1t is expected that this may facilitate
the outlay in this country of some part
of the proceeds of the Japanese loan
still on deposit in New York.
There was a great deal of revived
gossip concerning Union Pacific accom-
panying the buying of that stock, but
there was no explicit news.
The days advances were we'll held
and the market closed firm.
Bonds were firm. Total sales, par
value. $5.63000
United States old As advanced u per
cent on call