Los Angeles herald., 1905-02-09
BY Associated Press.

Ipy fASSOCidtcu lTeSS
NEW YORK, Feb. S.-The stock
market had it's strong points today,
which acted with sustaining effect on
the general list, in accordance with the
precedent of several days previous.
The movement in Reading and On
tario & Western was carried over
from yesterday, but on the other hand
yesterdays rise in Norfolk & Western,
Atchison, Tennessee Coal and some
others, showed evidence of having run
out and halted or turned back today.
There were new developments of in
terest and of Importance, but price
movements showed no direct reflection
of these influences. Yesterdays rise
in Atchison, unexplained at the time,
found the motive in the election of H.
II. Rogers and H. c. Frick to the
board of directors. Wall street re-
CARDS this as confirmation of a re-
port now several months old of an
extension of holdings of this property
in the interest of Union Pacific domi-
nation in the transcontintental rail-
road field. This particular report had
long dropped out of sight and had not
figured in the recent busy rumors of
railroad deals. 1t is the first really
substantial evidence, however, that has
come to the public to. corroborate the
belief that the particular party of fl
nanciers thus represented is reaching
out for extension and consolidation of
control in the railroad field.
To this extent it served to revive
confidence in some degree in other
deal rumorS which have been innuen-
tial in the speculation. Union Pacific
was the only one of the stocks i'm
mediately concerned to be much af-
fected today, Atchison itself, as has
been seen, being subjected to realizing.
The rise in Reading and Ontario &
Western had some explanation in the
high rate of January production of
anthracite and In the reports of re-
auctions of stocks on hand, which is
resulting from winter obstacles. But
other members of the group of coalers
were unrespOnsive, notably the Fries.
The easier tone in the exchange
market and the check to the export of
gold to France had some effect on
speculative sentiment, although large
engagements for Cuba and South
America served as partly offsetting
influence.
Foreign discount markets We're. I'M
clined to be easier, and the price of
gold was lower in London, while ster-
ling exchange advanced in Paris.
Peace rumors continued to affect
the foreign markets. and there was
some buying here of stocks for for
Visit uttOuIls
Z Reports of further purchases of pig
iron by the United States Steel cor
poration were regarded as a isatisfac-
tory index of the Industrial situation,
but U. S. Steel stocks were not af-
fected There were many advances,
however, at other points of the indus
trial list.
There was some talk that New York,
New Haven & Hartford was extend
ing its holdings of Ontario & Western,
and this was held to account for the
buoyant upshot in that stock, which
served to support the market at the
last and made the closing strong
Previous to this the large realizing
which had been in progress all day,
had rather generally overcome the
frmness of the market.
The large number of offerings of new
securities which is in evidence in the
financial advertising from day to day,
the local closing up of underwriting
syndicates and the ready absorption of
new bonds is a factor in the prevail
ing strength of conditions in the in
vestment market.
Bonds were firm. Total sales. M
value, $6,410OOO.
United States bonds were all un-
changed on call.