Los Angeles herald., 1905-08-16
BY Associated Press.

BY Associated Press
NEW YORK, Aug 15-The tide of de-
mand for stocks was reduced today and
while the market showed additional
points of strength they were ut as pre-
dominating as for some time past.
its part in the selling and the failure Of
the efforts to get the market to move
upwards prompted an attack in the lat
ter part of the day by the bears which
ganization. The attack had little success
in disodging any stock and a rather
hearty movement to cover shorts fol-
lowed.
Some of the principal selling was much
concentrated in character and was the
ground for the supposition that some of
the large operators who accumulated
stocks early IN the present movement were
tightening their loads. 1t was even sur
missed that the supply of stocks might be
coming from some of the large banking
interests under a precautionary motive
and with a desire to check speculative
excess with the period approaching for
the reduction of banking reserves in New
York by the demand. improvements of
the interior demand for currency is the
only question which seems to weigh at
all on the market.
Reports from Chicago show an opinion
amongst brokers there that money rates
are likely soon to work closer, The great
promise of the grain crops indicates an
easy demand for. currency to effect their
movement and the stimulating effect on
business and inquiry in general is re-
fiected in a growing demand for credits
In the west which promises the full nor
NAL requirements on this center.
The supposition is taken account Of
also that Yesterdays conference of promi-
nent Jewish bankers with the Russian
peace envoy may have the effect ulti-
patton on the part of New York bankers
IN future Russian loan. While the pres
ent view OF the peace conference is that
a favorable outcome will result, there is
the reserve caused by the possibility of
failure which would unquestionably have
some depressing effect on the stock mar
ket
The weekly crop bulletin of the weather
bureau was regarded as giving every
encouragement to the high hopes now en-
tertained for the great yields of the grain
crops. The outlook on the cotton crop
was shown to remain less favorable.
The beginning OF investigation by the
interstate commerce commission of the
charges against the various railroads and
private car lines, which are charged with
violating the regulations for uniform
rates, was something of weight on the
list of railroad stocks which were most
affected by the pressure to sell. The
corn carrying railroads were relatively
firm except for the realizing sales in
Missouri Pacific and Atchison. New York
Central was the most influential railroad
stock to make headway against pressure
and speculative favor turned for the
most part to the industrials and special
ties again.
OF the high priced stock Great Northern
preferred alone continued the upward
movement sustained by professed belief
in an early disposal of its iron ore lands
to the U. S. Steel corporation. Buying
for London account was an early sustain
ing factor, the easing of the discount
rate there prompting some increased de-
mand for Americans.
Net changes here show that the selling
pressure was of small effect and the
market closed firm and in course of re-
covery
Bonds were firm, total sales par value,
$685. 000
U. S. rs advanced Il per cent and the
new As Il per cent on call.