Los Angeles herald., 1905-05-19
BY Associated Press.

NEW YORK, May 1S--Ioss of confidence
IN values showed a notable growth during
the progress of todays trading in stocks,
and a movement of great animation to
liquidate was the consequence Professional
traders We're very persistent and dlligent on
the short side of the market. There was
heavy selling by speculative pools which
have made unavailing efforts to get prices
up, and the decline in prices brought other
selling by the impairment of margins and
the uncovering of stop loss orders.
The downward course was not established
WI without struggle and contest by friends
of higher prices. and the level vibrated
many times during the course of the morn
Ing under the conflicting Influences of oper-
ations on opposite sides of the market.
Operations for the advance centered again
on the transcontinental group, and St Paul,
Union Pacific and Southern Pacific at off
!erent times showed considerable strength.
But the over accumulation of these stocks
the effort to support the market made
them weaker than the average when the
Unloading process began
1t cannot be said that any important
news developed during the day, but there
was very earnest discussion of a number
of points in the outlook which have been
brought into attention in the last few days.
The principal texts of the discussion by
1ounced policy of the administration to
purchase the Panama canal supplies in for
etgn markets where that could be done more
,heaply, and the admitted lull in the iron
and steel trade. These two items of dis
cussion worked together in their effect as
it assumed that the canal materials
would come mostly from iron and steel
products.
The political phases of the question re-
ceived much attention of a more or less
expert character, in accordance with the
usual versatility of the average stock bro
ker's knowledge. The opening of the whole
subject of tariff revision and the danger of
1nsettlement of the whole industrial and
financial fabric were pointed to with assur-
ance in the expressed opinions of the bear
traders who selling stocks short
The reassuring opinions from steel trade
authorities that the present lull in demand
was likely to prove temporary were disre-
garded. 1t argued that the present
high rate of consumption must represent
rot only that for current needs, but also
confident anticipation of future needs. and
that with the prospect of prices becoming
unstable, buying in all grades would quickly
fall to the limits of actual requirements.
The liquidation of the United States Steel
stocks in consequence came from all quar-
ters selling for London account forming an
important proportion of the whole.
With the news of the action of the
general retirement of the Union Pacific ele-
Jnent from the directorate, n of dis
trust swept over the market regarding the
persistent rumors of the working out of the
northwest by exchange of holdings in diff
ferent railroads. The occasion was not
neglected, the tone of depression
was we'll established, to bring out a crop
scare and reports were heard of serious
damage by excessive moisture to the winter
wheat crop in the southwest.
There was not ripple in the money mar
ltet to explain the urgent liquidation which
became precipitate in the final dealings
making the closing very weak and at about
the lowest.
Bonds were weak; total sales. par value
S2.350,000.
u S. Is registered and the old As ad-
vanced Il per cent on call.