Los Angeles herald., 1905-04-08

NEW YORK, April THE wave of
speculative enthusiasm which devel-
oped in yesterdays stock market as a
result of the sudden awakening in
United States Steel preferred was car
ried over into the early market OF to-
day and swept prices quite compre-
hensively to a higher level with an
appearance of great animation and
buoyancy.
But the market underwent con-
siderable change of front In the course
of the day and the trading became
much uuieter and the tone reactionary
by contrast There was some pressure
to take profits in recent special favor
ties from the outset and the pressure
gained in force during the day.
The change in the markets tone was
not based upon any widespread general
condition., but was explained by con-
siderations of a narrower scope, such
as have force with boardroom oper-
ators.
Traders bought stocks freely while
they found that prices advanced easr
lily, and there was ready opportunity
to secure profits for a quick turn. But
some of the newer ventures brought
out such heavy offerings on the ad-
vance that the confidence of the
traders deserted them.
This was notably true of Rock
Island, which has enjoyed no notable
movement for a long time and which
was taken up by the professional oper-
ators for that reason alone. They rea-
soned that a stock so long practically
dormant would advance easily to a
level of readjustment with the ad-
vances already effected somewhere.
The bidding up of this stock brought
out such enormous blocks in liquida-
tion that the load proved too heavy
to carry
1t was evident also at the opening
high level for United States Steel pre-
ferred that the attraction of profits
was so tempting as to bring in selling
orders in excess of the demand The
opening price proved the highest of the
day.
The heavy profit taking centered in
Atchison from the outset. Its late
sharp advance yesterday served to
bring out selling orders. This obvious
tendency of the trading took away the
confidence of the spectators for that
rise and the aggressive demand sub
sided gradually.
Different stocks were taken up in
detail and lifted sharply in the effort
to contest the reaction.
There was very striking movement
in American Smelling, which was
based upon the assumption that the
plan for further combination of the
smelling and lead companies was
nearly accomplished.
The increase in the dividend of
United States Rubber preferred
helped the stocks and the industrials
generally.
In the opening rush to buy much
was made cf the remarks made in
speech yesterday by President Roose-
welt, intoxicating the desirability of
fair treatment of the railroads in any
legislative action for their regulation.
A formal intimation on the part of
the Hartman interests of an inten-
ton to make no further contest of
the Northern Securities case was of
some effect.
The good prospects for the winter
wheat crop were assigned as ground
for special strength of some of the
southwestern railroads.
Estimates of the weeks currency
movement indicate a small gain in
cash by banks, but call money rose
again to per cent and caused some
revival of misgivings over the future
supply. The active speculation of in
dustrials has resulted in some decline
In their favor as collateral of loans
The persistent strength of sterling
exchange also, in view of the low
rates for foreign discounts and the rel
ative firmness of money here, is some-
thing of mystery and induces sur
mise that remittances are being made
for some special purpose, possibly on
subscriptions to the Japanese loan
placed last week.
Quite brisk recovery followed the
late reaction in the market, and the
close was irregular, but only a few
stocks recovered to the top level.
Bonds were steady, 'ptal sales. par
value. $4G000O0.
lUnited States Registered, advanced
ss on call1F
New York Stocks