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

BY Associated Press
NEW YORK, Feb. 1.-The heavy en-.
gagements of gold for export to Paris
tomorrow were made the nominal oc-
casion for selling of stocks today, but
the taking of profits on yesterdays
feyerish and volatile advances was an
obvious motive in many parts of the
list. The weakness of these stocks was.
offset by strong advances at other
points, according to the usual method
of supporting the market to facilitate
the taking of profits by professional
operators.
But the not very striking advance
in such stocks as Reading and Mis-
jsouri Pacific among the usual favor
: ties even supplemented as it was by
Z the, rise in a lengthy list of special.
ties, proved poor substitute as n
stimulating factor for yesterdays
movements in the Vanderbilts. The
mass offered to the market for diges-
tion proved under these circumstances
somewhat heavier than could be COM
fortably absorbed, and the prevailing
tone was heavy.
! Large exports of gold We're expected
this week and the prospect has oc-
casioned little concern owing to the
actual embarrassment found in secur-
ing employment for the accommodating
bank reserves at this center, in spite
of a considerable activity in the issues
of the securities and investment in ex-
listing bond issues. But an outgo for
a single day of upwards of $9,000,000
in the precious metal and the slight
impression caused by the enormous
supply of exchange on that market
are impressive facts.
The Unsuitable demand of the Paris
market for gold is the more notable in
view of the rapid recuperation of
London's supply, that capital having
returned S. 100000 from Egypt and the
In ci nola nt1cier ant
ceived from Cape Town within the past
week. Yet the principal demand from
Paris continues to be divided upon
New York. 1t is evident that the
only change in conditions that is like
ly to put stop to the movement will
be an advance in interest rates which
will offer sufficient inducement 10
keep the gold at home rather than
send it abroad to secure the additional
advantage offered there.
Quite as influential a factor in the
stock market was the action of the
Vanderbilt shareholders and of the
more sober consideration given of the
recent rumors regarding a wholesale
consolidation of that group with the
great Hartman properties. Yester-
days action towards the concentra-
ton of operating control in the Van
derbilt group and the known extern
sion of Rockefeller holdings in New
York Central, while of admitted i'm
portance in the standing of these Sc
curities, was not felt to be sufficient
to explain the violent movements in
the group.
The rise of twenty-five points effect
ed yesterday in Chicago. st. Paul,
Minneapolis & Omaha, which was par
TALLY lost before yesterdays closing,
was completely yielded at one time to-
day on transactions as small as those
of yesterday. It's parent stock, North.
western, and New York Central, were
also subject to the pressure to get
out at the high level of prices.
There was no difference of opinion
as to the favorable showing of the
quarterly report of the United States |
Steel Corporation, but it's securities
We're also subjected to a natural pro- |
ceAs of realizing, with the good news
all public.
The strength of the local fractions
seemed to be associated with threat |
of a strike by subway employees The |
wide movements in specialties We're |
not affected, by special news develop |
ments. The halting and irregular tone |
of the market continued throughout
Bonds were irregular. Total sales, |
(par value), $5,955,000
United States bonds were all un-
changed on call