Los Angeles herald., 1905-05-05
BY Associated Press.

NEW YORK. May 4--1iquidation was re-
newed on very large scale in todays mar
ket, and very feeble demand presented
itself to absorb the large offerings 50
much was obvious from the volume of the
dealings and the movement of prices. As
to the sources of this liquidation and the
motive for 1T. the indications were not so
clear. and the elements of mystery wero
made the most of in the active conjectures
OF stock market operators, according to the
habit of that class.
1t was fair Inference that the liquidat tion
was of a concentrated character and repre-
sented the closing out of some large and
important accounts held by few indivdu-
ais, presumably also of power and resources
in the financial world. The fact of liauida-
tion of this character taking place was of
decisive influence on sentiment.
1t was supposed that very large holdings
which had been withheld from the market
Monday were now being pressed for sale to
take advantage of the revived strength of
prices This very evident LIQUIDATION dis
appointed the hope that the most important
selling had been completed and that the
worst to be looked for was a dull and slug
gish market.
Confidence in the general situa tion is still
professed in large degree. but the re-
newed weakness IN stocks today caused some
question of possible developments in the
seneral situation still to be revealed to the
general public.
Iron and steel trade reports disclose the
that trade is at length overtaking the
expanding steel consumption. and price con-
Railroad traffic officials admit falling
off from the high level of the March activ-
ity and the rate of expansion after rail-
road earnings is therefore not SO rapid.
The northern railroad situation seems to
he still the most immediate factor in the
stock market. as 1t has been ever since the
fifteen-poi break in Northern Securities
stocks on the day the supreme court issued
its mandate for the dissolution of the com
rany. which was the date of the beginning
of the present decline in stocks
The dread increases that the Northern
Pacific is to be bone Of contention again,
and that failure to compromise on it's con-
troll will precipitate hostilites and reprisais.
1t was evident that special anxiety was
felt regarding tomorrow's meeting of stock
holders OF the Union Pacific to authorize
issue and many varied rumors circulated of
the danger of contest developing in that
company as an outgrowth Of the dispute
over Northern Pacific
The disclosure in the Lake Shore annual
report that a part of that company's hold
ings of Reading stock had been disposed of
in the market gave chill to the opinion
that community of interest of this charac-
ter was being constantly extended among
railroads generally. The news from the Chi
cago stock market had some adverse senti-
mental influence on the market. 1t was OBJ
served, however. that the largest selling and
the heaviest decline among stocks
that would be involved in conflict grow
ing out of the question of Northern Pacific
&C ntrol and the railroad possibilities con-
centrated in it,.
Losses in these stocks and a number of
others including a considerable list of in
dustrials. ran to three points or upward
while losses up to that figure quite
general throughout the list. late recovery
OF one to two points was entirely lost In
the last fifteen minutes. when prices gen
orally dropped to the low level of the day.
and closed only slightly advanced, with a
weak undertone.
Bonds were weak. Total sales, par value
S2.520.000.
United States bonds were all unchanged on
call.