Los Angeles herald., 1905-03-09
BY Associated Press.

BY Associated Press
NEW YORK, March S.-Prices re-
covered in todays stock market, al
though there was little improvement in
the volume of trading. The tone was
by no means well assured and hesita-
tion and sluggishness were still ap-
parent in the movement. Trading was
largely in professional hands and there
was no evidence of any important re-
viyal of public interest. The smallest
of the selling orders which served as
an encouragement to holders of stocks
and as a warning to bearish profess
sionals was not to extend their short
contracts unduly.
After the extent of the srtculation
for the advance and the height to
which prices have been lifted, the
small pressure to liquidate on the re-
action is regarded as remarkable. The
whole character of the market, in fact,
is better defined as a waiting one than
as either strong or reactionary. With
the Northern Securities case decided,
the absence of large selling Is re-
garded as indicating feeling of con-
fidence in future developments having
a favorable bearing on values. But
more explicit information Is awaited
regarding the developments. The
postponement of announcements has
proved trying to the patience of those
holding stocks in explanation of the
plans which were supposed to be con-
tingent upon the settlement of the
Northern Securities case having to do
with the redistribution not only of the
properties included in that merger
but of others indirectly concerned in
the railroad policy involved in that
combination.
Large attention is given to the sub
ject in the current discussion in Wall
street, but evidently more correct re-
suits are desired to revive any active
speculation in the market. The effect
of the strike on the local transit COM
panies was less marked today in di-
minishing the attendance at the stock
exchange today, and the sentimental
phases of the strike were taken less
account of. The most conspicuous
buying today was in the coalers and
the special prominence of Reading was
attributed to the activity of pool in
the stock. The review of the trade
conditions by the recognized organ was
very cheerful, however, and doubt was
expressed whether the usual spring re-
duction in the price scale, would be
adopted this year, at any event at
the usual time.
Amalgamated Copper also was a re-
sponsive stock to enthusiastic trade
reports, and a speculative party was
said TO be active in that stock. The
sharp recovery in New York Central
had a good effect on sentiment The
movement in western stocks connected
with the merger rumors was more
moderate. The crisis in the war in the
far east and the threatened catastro-
phe to the Russian army had the eff
feet of checking activity rather than
OF prompting any definite position in
the market
In Paris the rumor of another Rus
sian loan seemed to have strength
ening effect, and to neutralize the in
fiuence of the war news. The London
market reflected some doubt in its
operations pending the action of the
Bank of England tomorrow on its Off
cial discount rate. The tone of the
money market was easier here for both
call and time loans, but sterling ex-
change strengthened and the discount
on New York and Chicago widened
The buoyant rise in Reading late in
the. day was interrupted by some re-
newed pressure against Union Pacific
and the closing consequently slightly
irregular.
Bonds were steady. Total sales, 3d.
100000
United State sbonds were unchanged
on call.