Los Angeles herald., 1905-05-16
nv Associated Press,

~ DOlnC III SeN0Tdl QUIET SIOChS. IL
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Dy Associated Press.
NEW YORK, May 15.-There was
some resumption of operations on the
advance today on the stock exchange
but they gave the appearance of being
almost altogether in professional hands.
A striking feature of the market was
its lapse into dullness verging on stag
nation at the higher level of prices.
The renewal of operations on the
long side of the market was based on
the conviction that forced liquidation
of weak speculative accounts had been
completed and that it would be pos
sible to advance the level of prices
without bringing out any unsupport-
able burden of offerings.
Very general confidence Is still felt in
the soundness of the business and the
financial situation and the supplies in
the money market for the needs of the
immediate future. There are some
suggestions Of disapproval on the part
of the important banking and money
powers of any active speculation at
this time or any sudden and violent
movement Of prices. But this did not
make itself evident today in active
opposition to the advance.
Some obstacles were met during the
early part of the day, but they were
TeSlSIeu anu ultimately overcome. Inc
most notable Of these was the selling
for London account, left over liquida-
tion following the settlement making
itself felt again in that market. But
this influence proved less effective than
the comprehensive revival of a full
line of merger and dividend increase
rumors, which have served the purpose
Of advancing prices several times al
ready.
The bearing on the Northern Secur-
tiles adjustment were especially prom
inent and there was added to them the
new suggestion of a proposed retire.
ment Of the Burlington purchase bonds
by an issue of new stock by the hold
ing companies.
Among the inoustrials old rumors of
combination were revived by the news
of plan for the absorption of the
Rubber Goods company, the United
States Rubber company and by the
wide scope disclosed in the organiza-
tion of. the new American Smelter Sc
curities company.
1T was assumed in some quarters that
growing investment demand for
bonds could be detected, which was
to be asoribed to the growing supply
of capital seeking investment. But the
fact is that the bond market Is at
present slow and the inquiry made
among bond dealers discloses that
large portions of recent new issues are
still in the hands of underwriters and
are marketed with difficulty and in
some cases at discount.
The Journal of Commerce has traced
new issues Of bonds since January to
par value of upward OF $780, 900, 900.
OF these $236, ,000.0 900 was for refunding
or merger purposes, but 1t is pointed
out that the output by railroads alone
of new bonds for the four and one-half
months was $37 100000 more than for
the full twelve months of 1904 The
present sluggishness of the bond mar
ket finds explanation in these facts.
Railroad officials reported most roads
as having a surplus of cars now on
hand, partly due to the small move
ment of grain and to competition by
the lake lines. The increases in value
OF April exports on agricultural pro-
ducts was regarded with satisfaction.
Large payments to the sub-treasury
ON account of the returns of govern
ment deposits by banks left the money
market unruffled and confidence in
the continued ease of money is undis-
turbed.
The advance in a number of public
franchise stocks was at the expense
OF the short interest. The professional
character of the market was Indicated
by the disposition to take profits on
the days rise. This movement re-
duced the gains considerably and in
spite of the running up of St. Paul over
two points. in the final dealings the
closing was heavy.
Bonds irregular, total sales, par
value, $2,970,0O
United States bonds were all un-
changed on call.