Los Angeles herald., 1906-05-18
Rv Associa ted Press.


NEW YORK, May 1.-THE profit limi-
tations of the current stock market clear
~ defined themselves today by the action
of the market. Varying fiuctua tions over
narrowing range and consequent dis
couragement of any participation out
side of the most persistent operators
were the characteristics Of the trading.
The early dealings made a show of con-
siderable animation and carried an i'm
preston of continuance of the brisk
advancing tendency of the latter part Of
yesterday The adriotness of the display
of strength pointed to skillful and vet
eran market management. But 1t was
not so successful as to prevent the fact
emerging with glaring distinctness in a
short time that stocks which were con-
spicuous for strength yesterday were be-
ing diligently fed into the market for the
purpose of realizing profits, while the
new points of strength were sustaining
prices by sympathy and encouraging the
purchase by new speculative elements
of the stock which were lifted to higher
prices in yesterdays dealings.
These stocks include most of those
which are supposed to be the favorite
medium for operations by the so-called
Standard Oil party. Their advance yes
terday waS~due to the influence of the
Anaconda annual report and the expected
statement by Standard Oil officials in
reply to the arraignment of the company
by the commissioner of corporations.
The professional element adopted the
inference that this powerful group of
capitalists was embarked on a campaign
for rise in prices. When 1t became evil
Adent today that the same stocks were be-
hing sold to take profits professional
sentiment was thrown into a quandary
again as to attitude of the Standard
OIL party. Lacking light on this import
ant question, the professional element
was not much impressed with other news
developments of the day.
The strength was pretty strictly con-
fined to the group of anthra cite coaiers
on the assumption that great benefits
We're to accrue from the labor settlement
for a term of three years to come. Very
spectacular advances were scored In the
high priced members of this group
The Pennsylvania group Was subject ITO
positive depression which was rather
by the inquiry into the soft coal carriers
and by a report that President Cassatt
contemplated retirement.
More serious attention was paid to the
resumption of the currency outgo to San
Francisco. Todays transfers to that
point through the subtreasury rose to s2-
227,0OO and yesterdays explanation of a
special transaction lost it's force of
reinsurance today The movement is said
TO be likely to reach considerable pro-
portions again in preparation for the
and also, it is believed, by remittances of
some of the insurance companies with
the expiration of the thirty day period
after the losses
heavy loss by the banks on the week 5
operations, but as this is on account Of
the return of government deposits allowed
against gold engagements, and is made
good by the receipt by the banks of in
coming gold from abroad, the real posi-
tion of the banks Is not affected.
Local money rates were not affected by
the renewal of the removal to San Fran
cisco. Foreign exchange rates were in
cned to advance, thus offering no sug-
gestion of a resumption of the gold inn
port movement.
Crop damage reports affected the wheat
market and may have contributed to the
unsettlementj of stocks. The sagging
movement is as irregular as yesterday s
hardening movement, but there was a
general yielding at the last and the
closing tone was weak.
Bonds were irregular Total sales. par
value. 81, 5000
United States bonds were unchanged
on call.