Los Angeles herald., 1905-09-06
By Associated Press.

NEW YORK, Sept. 5.--There was, a
harp rebound in prices Of stocks today
rom the acute depression of last week
-hich had been largely extended in the
ourse of last weeks aggressive bear
impaign,. was credited with large
lat the market had recovered, it's re-
sting power discouraged further at
eks by the bear party and they were
,lined to cover their short contracts
The market gave every appearance of
i provements as the result of the clear
out of weak ACCOUNTS in the the course
d culative accounts were eliminated to q
II ge extent and vulnerable pools had
the penalty for t0ro,n their njIdicio1ls toUls
a avorable view. of American securities
3 the advance in prices effected abroad
" terday during. the holiday here was
q otent factor in driving the bears to
\ / prices did NOT rise above the Lon
d level at once there was profit in
II ng stocks for London account on
d arbitrage operation against sales
d at the higher level there before
u l. A large part of the early demand
M was attributed to this London buy
ID The favorable character of the
% = news helped to restore the conf
dence which was shaken while prices
were falling last week.
Railroad traffic officials in speaking of
business and prospects were driven to
the use of superlatives. The movement
Of general merchandise over, the railroad
lines is pronounced unparalleled. Ship
ments of the smaller grains are grow
ing in volume and officials professed
encouragement over the prospect of get
ting this mivement cleared before. the
new corn begins to come forward In
large volume; Shippers are protesting
against the lack of adequate facilities
on the part of the roads and complaints
of car shortage come from all quarters
The interruption by yellow. fever. en-
bargoes makes some exceptions among
the chorus of complaints of congested
traffic is practically unanimous.
The weekly report of the weather
reserve of the excellent condition and
the rapid advance of the corn crop
Even the cotton crop added it's influence
of the reported condition as of August
% issued by the agricultural department
While showing some further deterior-
ure was so much better than was anti
cipated in the trade that heavy unload
ing of cotton and a slump in the price
of that commodity followed.
The bear party In stocks was decidedly
upset by the various developments. Dur
ing the first hour of the marfet their
large proportion of the days total bust
ness being concluded within that period.
Prices held stubbornly for some time
4r the 6a daT Of tbe the prneipSb day
the effect of the satisfaction of the
demand from the shorts and prices sag
ged away again.
There was nothing in the money rate
to prohibit speculative activity but the
outlook in that market continues the
subject of grave consideration. Low
condition of bank reserves and the ex-
ceeding activity in all lines of business
promise clearly the necessity for a.
the new requirements. Hopes of an
active renewal of sufficient demand for
the crops cause profitable advance in
prices are thus discouraged and spec
ulative enthusiasm therefore kept in
check.
Prices rallied, however from the after
noon depression and the market closed
firm.
Bonds We're strong. Total sales, par
value, $3520,00O.
United States bonds were all unchanged
on call.