Los Angeles herald., 1905-02-04
BY Associated Press.

NEW YORK, Feb. 3.-There was
continued active speculation in stocks
today and considerable further ad-
vance in the price level The movement
was uneven and Intermittent the adj
vance shifting from one point to an
other.
There was no definite news to ac-
count for the demand, which was based
on general considerations and which
was fostered by the extreme absence
of money. Principal interest centered
In railroads of the western part of the
country, although there was some re-
currence of strength later in the day in
the Pacifics.
Reading continued to be the feature
of the market and the rapid enhance
ment in its quotations had a material
effect on the coalers and the Pennsyl-
Vania group particularly Another mo-
tive for the marking up of the price of
pennsylvania was for the purpose of
adjusting it to the present wide ad-
vance in New York Central
A movement in either one of the
standard trunk line stocks is certain
sooner Or later to be followed by the
other to preserve a certain parity be.
tween them.
Pennsylvania is naturally benefited
by the growth in value of the various
companies in which it holds donli-
nant interest and especially by the in
creased dividend disbursements OH
many of it's controlled stocks. The
rate of accumulation of Pennsylvania
and in fact of all the coalers was very
rapid. Blocks of 1000 to 6000 shares
We're constantly transferred.
The announcement of the Southern
Paclf1c refunding plan revived the de-
mand for the Pacifics, but did not carry
the movement in them far. This plar
has already figured to such an extent
in the previous rise in both Southern
Pacific and Union Pacific that it's in
fluence as a market factor was large
ly exhausted before its announcement
There was some awakening in Rock
Island after a long period of compare
tive neglect, but that movement also
was not well sustained. 1t seemed to
be based on the intimation that the
supposed change of control in Kansas
City Southern and Colorado and South
ern was designed in the interest of
Rock Island.
Atchison hung back during the per-
iod of strength and was one of the
first stocks to weaken. The prospect
of prosecution in the Colorado Fuel
rebate case is not relished by stock
holders, especially in view of the pres
ent public attention aroused in this
whole subject The extremity to which
the grain rate war is being carried
must be taken some account of in re-
gard to the earning power of the
grangers.
A number of the stocks which have
had unexplained advances relapsed
sharply today when efforts were made
to dispose of recently accumulated
holdings. The Duluth, South Shore
and Atlantic stocks were an example
and the Minneapolis, ST. Paul ana
Sault Ste. Marie stocks also were
heavy. Chicago st. Paul and Mime
apolis and Omaha preferred, the pur-
chase of 100 shares of which caused a
rise of 35 points the other day, re-
lapsed today 25 points on a sale of 400
sharesA
The active realizing movement today
was coincident with the appearance Of
the estimates on the weeks currency
nsovement, indicating a loss of cash by
the banks of upwards of $4,000, 900. due
to- the excess of gold exports over the
receipts from the interior. The re-
newed strength of the coalers, however,
and a rush to buy Missouri Pacific
pulled the market up and made the
closing strong.
Bonds were irregular. Total sales,
$5,744, 900.
United States bonds were all un-
changed on call.