Los Angeles herald., 1905-02-16
BY Associated Press.


NEW YORK, Feb. 15.-The volume
of dealings in stocks expanded again
today and there was a better show Of
strength than yesterday in the impor-
tant standard stocks The strength of
this class was not general by any
means, however, and the hesitation
which came into evidence at the
higher level was an additional modl-
flying factor in the judgment of the
days market.
Industrial stocks of second and
lower grades We're still conspicuous
feature of the trading, with the cool
ing effect on the speculative temper
which the predominance in speculation
of these stocks almost invariably
causes.
Probably the principal influence on
the days operations was the course
of the foreign exchanges indicating
quite definitely the termination for the
present of the movement of gold to
France. An engagement of three
quarters of a million dollars for ship
ment to South America did not change
this conviction. But symptoms of re-
taxation in the foreign money markets
were unmistakably shown and were
effective in lowering the exchange rate
here.
A further advance in sterling at
dllS was lllulCdllNc Ol lllG SdllSldC-
ton of the requirements of that CEN
ter. Large shipments of gold are to
be received shortly in London and
open market discounts declined there,
giving rise to a belief that the Bank
of England will reduce its official
rate tomorrow.
Rumors of peace negotiations were
again an effective force in foreign
markets and reflected beneficial in
H11on har DYin a hopofit
as well of rumors of some special de-
velopments bearing upon the values Of
individual stocks.
There was strong demand for On
tario e. Western, which was explained
about the stock exchange by the as
sertion that the control of this prop
erty, recently acquired for the New
York, New Haven & Hartford, was to
be turned over to the New York Cen
controllers of that property to the ex-
tension Of New Haven influence into
the trunk line field.
Besides this movement in Ontario &
Western, cheerful reports for the
trade in anthracite helped the coalers.
Reading showed d continued effect of
profit taking.
The advance of Amalgamated Copper
was due to the current reports of the
active demand for it's production and
by the rise in the price of copper in
London.
The long-standing rumors of the re-
suits to follow the distribution of
Northern Securities assets were re-
yived and helped to advance the Pa
cities and Northern Securities itself.
The recent movement in the iron and
steel industrials had some extension,
but met with a degree of pressure.
The break in Pressed Steel Car caused
by the poor showing in the annual
report of the business for 1904 had
some effect on the group.
The constant departures from the
Wall Street district of men influential
in the market and in financial affairs
induces some caution about commit
ments by operators OF smaller re-
sources. and causes a suspicion that
operations on a large scale are not to
be looked for in the immediate future.
The reaction on profit taking in the
last hour was practically recovered,
but the closing was irregular.
Bonds were firm. Total sales, par
value. $5,06O,0O0.
United States bonds were all un-
changed on call.