Los Angeles herald., 1905-05-18
METAL VALUES
CAUSE DECLINE
STRONG PRESSURE ON STEEL
SECURITIES
ST. PAUL ALONE STRONG
Usual String Of Rumors and Reports
Of Crop Conditions and Vsri-
Gus Combinations Affect
Stock Prices
. ACTIVE TRADING IN
STOCK SECURITIES

4ACTlVE TRADlNG IN +
/ STOCK SECURITIES +
I The stock market yesterday was
Z active shortly after the opening. !.
/ preferred 31s, Northwestern "a, =
Z Pennsylvania, Union Pacific, New I
z York Central, Louisville & Nash i
Tville, Illinois Central, Colorado u <.
= Southern, the second preferred, !
/ Brooklyn Transit Locomotive, Z
Z Lead, Consolidated Gas, United =
Z States Rubber and Hides and !.
Z Leather preferred to IL. North I.
Z ern Pacific lost 1 and rallied liz. +
\ United States Steel stocks sold :
i slightly below Tuesday, North Z
( western reacted IA and Locomo- i.
4 tive and Louisville & Nashville I
Z point Great Northern preferred +
i and Bag lost 1 point each. .
I United States Steel sold down +
= almost a point to 3OA, Tennessee !,
e Coal lost 1 and Colorado Fuel as !.
i much. Northern Pacific fell back I
4 to 191, st. Louis Southwestern I.
7 dropped point and the preferred ].
= made precipitate decline of 2ss. /.
Z Great Northern preferred sagged 2 I
i Fuel, Metropolitan Street Railway Z
+ and Steel Foundries preferred 1 to !.
x1A points. \
Z Earlier gains in the railroad list i.
\ were lost, Union Pacific and 9TH +
: 4 ers, falling q small fraction under 3
! Tuesday st. Paul reacted ia, Z,
+ Northern Pacific lost 2%, G. G. G. !.
Z & st. l.. 23s and st. Joseph &c !.
+ Grand Island first preferred I
i dropped points.
!: < < < < ! ! + + = !: :. ~
BY Associated Press
NEW YORK, May 17.-There were a
few more shares dealt in on the stock
exchange today than on yesterday, but
the listless character of the trading
was not altered. The market showed
the same position to yield the days S
extreme changes, the only difference
being that yesterday. those changes
were declines made in the first hour
and followed by a slow movement of
retrieval, while today the only cchsid-
erable gains were established during
the first hour and were slowly yielded
afterwards.
The exception was st. Paul, which
made it's highest prices later in the
day. responding to several distinct
buying movements, which lifted the
price a stage higher each time.
The effect of this special movement
on the general list steadily diminished
throughout the day and practically lost
it's influence in the later trading.
Union Pacific showed special SYM
pathy at first and was almost as ac-
tive as ST. Paul itself but it's price
dropped and it's activity diminished be-
fore the operations in st. Paul closed
These operations were attributed very
largely to professional account and the
3 many rumors afoat to account for
them associated st. Paul and Northern
Pacific in one way and another. The
-. 1,
panies pointed to absorption of one by
the other, the absorbing company vary
ing in the rumor.
Meanwhile Northern Pacific itself
and Great Northern showed evidence
of some pressure and this largely de-
priVed the ST. Paul movement of its
influence.
The market had some help from a
renewal of reports in circulation in
European financial centerS of a revi-
val of efforts amongst the powers in
directly interested to bring about peace
in the far east.
The London stock market showed
sensible relief from the pressure of be-
lated foundations which has caused
liquidation there for several days past
The weakening of the price of wheat
on account of the weather reports
showing clearing conditions and more
favorable prospects in winter wheat
belt helped the market
Reports of a project on the part Of
the Kansas City Southern for securing
an independent outlet to New Orleans
gave some strength to it's stocks.
The most effective check to the in.
fluence of the st. Paul movement was
the heaviness of the United States
Steel stocks which were depressed
throughout on the fear that the Iror
Ages weekly review of trade condi.
tionS would make an unfaVorable show.
ing. The appearance in Wall street Of
the advance sheets of that review was
followed by an active selling move.
ment, which weakened all of the meta
stocks and especially the United States
Steel stocks.
Excitement was caused by the state,
ment that the buying movement OF
pig iron had been almost arrested while
indications were that the jobbing trade
had overbought early in the year il
the lighter lines of finished iron anC
steel, and that the offering of conces
sions was of problematical success II
moving goods.
"The feeling is abroad" said thu
iron Age, that fresh buying move
ment cannot well be expected until wei
into June and that the crop prospect.
will have a decided influence upon thu
movement" This broke the marke
and wiped out the days gains for tn,
most part.
There We're some rallies on short GOV
erings, but the closing was unsettled
Bonds were steady. Total sales, pa
value, $1,905,000.
United States bonds were all un
changed on call
New York Stocks
NEW YORK, May 1.-THE following wer