Los Angeles herald., 1905-03-21
Rv Associated Press.

BY Associated Press.
NEW YORK, March 20.-The elects
were perceptible in the stock market
today of some benevolent superstition,
which had the effect of discouraging
aggression by the bear party. The
buying which checked the decline,
however, hestated to follow prices
when they turned upward and the
speculative operators who attempted to
push the advance found themselves in
scanty companionship.
The result was period or dullness
in the trading and narrowing in the
fluctuations, prices showing a tendency
to settle to about last weeks closing.
The impression was given of an effort
to hold the present situation on an even
keel, while awaiting the solution of
some of the doubtful factors.
The party of reaction were some
what aggressive in the early part of
the day until checked by later support.
With the reaction checked some of
the old rumors of deals showed re-
newed vitality, notably that alleging
that a plan for holding company for
the Vanderbilt properties and for the
combination of New York Central.
Northwestern and Union Pacific.
The Northern Securities case also
showed a remnant of its strong hold on
speculative sentiment when the inti-
nation was circulated that the supreme
court was likely to conclude the case
by issuing it's mandate today for the
carrying out of the decision. The re-
newed signs of depression shortly after
noon were clearly to the news of the
adjournment of the court over the
recess. without issuing it's mandate.
About the same time there appeared
official disclaimers of the New York
Central rumors, also pointing out the
absence of directors to secure a quorum
of the board. Such disclaimers have
often been issued in the midst of the
most excited periods of the late rise
without attracting the slightest atten-
ton. Their greatest effect today was
an index of the subdued spirit of spec
ulation.
Attention converged in the money
market, owing to the low state of the
bank reserves and the expected growth
of an interior demand for currency.
The extreme activity in all lines of
business itself promises to increase
this demand and any material inroad
ON money supplies would be expected
to affect unfavorably the stock market.
There is no evidence of lack of funds
today, although rates were we'll main
tanned.
OF the general news the conditions
reported from all quarters were bril-
liant The tone of reviews of traffic
conditions by railroad officials was
fairly enthusiastic, the only complaint
being of a shortage of cars with which
to meet the extraordinary business Of
fering. Stocks of merchandise are re-
ported low, owing to former hesitation
about reordering, and orders are re-
ported to be coming in such volume
as to promise glut of railroad traffic
for some time to come.
Suggestions were put out of an early
payment of accrued dividends on Re-
public Steel preferred and that stock
made squirt, carrying Tennessee Coal
with it in sympathy. Some renewed
credence was given to the story of
the merger of southern iron companies,
therefore, the railroad equipment
stocks were in demand.
Intimations of a newly found value
of the Canadian Pacific lands by rea-
son of oil discoveries caused an ex-
tended rise in that stock, and contrib
uted, with the movement in the south
ern iron stocks, to the strong closing
and activity at the best prices of the
day.
Sterling exchange broke violently
full quarter of cent in the pound,
and this was pointed to as promise
of relief for the money market.
Bonds were irregular. Total sales,
par value, $3,750,000.
United States bonds were all un-
changed on call.