Los Angeles herald., 1905-04-04
i..t. z. 4f' 7 =
BY Associated Press.


BY Associated Press.
NEW YORK, April IA party in
the speculation made its presence felt
today who was ready to proceed on the
assumption that with the April money
market settlements out of the way
there was no reason for any further
restraint on an active demand for
stocks. Some restraint, nevertheless,
made itself felt in the days operations,
as was shown by the hating and ir-
regular manner of the price move
ment and by the moderate volume OF
the transactions.
The activity in the railroad list was
very largely confined to few stocks,
while the mass of securities in that
department were sluggish. The first
animation in the railroad list was
awakened by renewed consideration of
the topic of the Northern Securities
case The report was circulated early
in the day that the decision in this
case was to be handed down on the re-
assembling of the court at noon, after
the spring recess.
Union Pacific sprang into prominence
as had been the case whenever this
subject is actively discussed in the
stock market. There was a renewed
assumption that the final disposition of
this case was the event awaited for
the putting into force of long-rumored
projects of a Union Pacific and New
York Central combination.
In today's market large buying of
the Erie stocks was executed in such
a way as to give the appearance of
something from the same sources as
the Union Pacific and New York Cen
trail buying. The effect was a leap to
the conclusion that the Erie was to be
included in the supposed combination.
The first report from the supreme
court after noon indicated a stay,
which might involve a further indefi-
mite delay and prices in the group had
a sharp setback
In the industrial department much
was made in a. general way of the high
degree of activity in all trades and
industries, and the prosperous condi-
tions existing. But these were supple
mented by detailed reports having
specific bearish effect on many prop
critics.
The Southern Iron stocks were again
conspicuous in connection with the
merger reports. The United States
Steel stocks were comparatively quiet.
There were rumors of a dividend in
National Biscuit and reports of sue
cessful outcome of a vigorous compe-
tition with a rival.
The New YorkS public utilities, on
the contrary, suffered from the immi-
nence of a decision on the constitu-
tionality of the New York franchise
tax.
The most important restraining in
fluence was found in the money mar
ket The condition there did not re-
lax so completely as had been hoped
by the speculative element would oc-
cur after April l. Sterling exchange
also was well maintained. although
discounts dropped in London, where
the after-effects of the quarterly set
Elements are always felt very
promptly.
The weekly statement of the Imperial
5ank of Germany showed the extent
of the quarterly settlements by the
huge changes in its principal items,
cash on hand increasing $32, 100000,
while the other securities were in
creased $65, ,6090 900, and the circulation
was expanded $S3,145,0O0.
The immediate future of our money
market is doubtless dependent upon
the rapidity with which the enormous
requirements on foreign banks are re-
adjusted. Reports of railroad traffic
and of domestic conditions continued
highly encouraging.
The stock market closed irregular,
and at the top for very few stocks.
Bonds were irregular Total sales,
par value, $5,2S0,000.
United States registered 3s were B
per cent higher on call.