Los Angeles herald., 1905-08-25
Rv Aaaociated Press.

BY Associated Press.
NEW YORK. Aug. A.-The faith of a
large part of the financial world in a
happy solution of the proceedings at
Portsmouth seems to be so strong that 1t
ignored all rumors of another serious
hitch in the negotiations today and pro-
ceeded to establish new high records in
the stock market.
The issues which came in for this dis
tinction included three of the market
leaders, namely Union Pacific, United
States Steel preferred and Reading. In
its attitude the local market had the open
European financial centers where Ameri-
can securities with but few exceptions
were generally strong. Aside from. the
ations, such as favorable weekly returns
of the Bank of England and the Bank
Of France were impeling factors.
London bought literally here and Ger
man banking interests took a large
amount of Pennsylvania, which it is au-
thoritatively stated to be listed on the
Berlin exchange Pennsylyania was the
which was broad. The stock advanced
easily on heavy trading, gaining not quite
Amalgamated Copper shared honors
with Pennsylvania and greater gains on
smaller transactions were scored at the
outset by Louisville & Nashville, Colorado
Fuel, metropolitan Street Railway and
some less prominent issues.
Prices yielded some on heavy profit
taking shortly after the first outburst,
Reading and Atchison falling below the
previous days closing prices and the tone
Of the market became relatively quiet.
The movement in Pennsylvania found
many followers, however, and commits
sion houses and traders bought this
stock; also Southern Railway and the
u. s. Steel Issues.
Union Pacific soon recovered more than
Its loss. The strength of this issue is
partly explained by the near approach of
the closing of the transfer books, which
NAV CAUSE the calling of a LOT of stock
now out on loans.
1t was not until after midday that
ship, advancing rapidly on heavy buying
Of the character heretofore noted from
1885, its low price Of the morning, to
1221s, new high record.
For a time at least the balance of the
list showed little sympathy with the re-
newed strength Of Reading and the mar
ket again. Developed an irregular, ten
dency, until Union Pacific established a
new high record, from which attention
was again diverted by fresh rise in
Reading to 1889. This sensational move
settled the general list to the extent of
wiping out practically all of the days
substantial gains and in some instances
sending prices below the previous day.
close. Reading made net gain of 394
points.
Amalgamated Copper made a one-point
response to a further rise in the price of
the metal, the third reached this week,
but it's gain was lost in the final decline.
An advance Of Ac per pound In the
price of lead failed to stimulate National
Lead shares.
Close observers reported considerable
realizing throughout the day under cover
of advance in Reading and Union Pacific,
but under the scare created by 1t, final
movement in Reading offerings were free
ly absorbed.
The volume of business was again very
large, making the third consecutive day
of transactions well in excess of million
shares.
Bonds were irregular. Total sales, par
value, $3,1S9,000.
United States bonds were all unchanged
on call