Los Angeles herald., 1905-08-18
Bv Associated Press.

BY Associated Press.
NEW YORK, Aug H.-Nearly half a
million shares of stocks were sold today
in the first hours dealings on the stock
exchange
Transactions of the first hour are the
most 5igncant g az to- OF the the day and are the
the majority of cases. The extreme ami
nation during that period of today. was
Of the orgsg gr9wtn
from various quarters.
Every device was used to make the
opening prices high for, the benefit of
those who desire to realize profits with
the advantage of this growing outside
demand The accumulated buying de-
mand was fed steadily during the whole
Of the first hour in the process of realiz-
ing profits. The result was a growing
tendency to yield which became more
marked as the accumulated buying orders
were worked off. But when this condition
of affairs began to be evident there was
a discontinuance Of the pressure to sell
which threw the market of the middle
portion of the day into dullneSS.
Immediate new events were of little
consequence in the market and nothing
important occurred in fact to change the
general conditions existing.
Each days news adds to the confidence
in the prosperous outcome of the grain
crops and the grain carriers held their
conspicuous place In the days market,
Stocks of eastern railroads were notably
held back by the pressure to realize,
Reading being the conspicuous example
record during its period of strength. So
did the Erie, which was the strong ex-
ception in the group.
Union Pacific was again very conspicu-
Gus and was the subject of the most
talked of deals and mysterious develop
ments. These rumors have taken the
form of some important development re-
garding Great Northern preferred, from
which it is said the expected benefit to
Union Pacific would accrue. by reason of
its large holdings of Great Northern. The
enthusiastic forecasts of the corn crop
helped Missouri Pacific to an additional
advance.
was the belief that the yellow fever epi-
demic in New Orleans has come under
control.
The peace conference at Portsmouth
was the subject of attentive consideration
under the belief that the critical stage of
the negotiations had arrived. All signs
dence in the financial world and peace
full outcome of the conference and pess-
mistic utterances from diplomatic quar-
Aters seemed to have no power to alter this
The favorable condition reported by the
trade authority in the iron and steel in
dustry had it's effect on the stock of COM
panies connected with various branches
of that industry There was some special
activity in the Republic Steel stocks in
sumptio9 sIouT m of dividends on the preferred
stock. The extra dividend on United
States Reduction and Refining explained
the advanced STOCKS OF tnaC company.
merger was again abandoned depressed
National Lead and had some effect also
on American Smelling.
The money market continued easy and
therefore received attention in the stock
market.
The digestive process continued up to
the close, which was made irregular by
the heavy profit taking in some stocks
and the late rise of about a point in the
United States Steel stocks and some
Bonds were steady. Total sales, par
value, $3,SS0,000.
United States 2s advanced ss per cent.
on call.