Los Angeles herald., 1905-01-05
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BY Associated Press.

NEW YORK, Jan. 4.-There was a
decided abatement of speculative in
tereSt in rtocks and resulting heavy
irregular tone in the days dealings.
To some extent this was undoubtedly
due to the fear that the advances of
yesterday We're at too fast a pace for
the health of the market. There was
perceptible sensitveness also to the
constant fluctuations in Amalgamated
Copper, which continues to be re-
garded as a danger point by a large
element among the operators since
their experience few weeks ago. The
threatening utterance from the same
source as ~ the time of the previous
break in the stock keeps alive this
spirit of apprehension.
The stimulating effect of the North
ern Securities decision has lost some
of it's force today and Northern Sc
curities on the curb, and all the stocks
related to it on the exchange were re-
dictionary. 1t is taken for granted that
plans are far advanced toward an
agreement, but there is a remaining
force in the consideration that the
terms fixed for the redistribution of
: the properties in the merger will end
the control secured by the Union Pa
cific of the old Northern Pacific, thus
in measure relegating conditions to
the same state as that existing before
mates of the railroad world in 1901.
There was an inclination to depend
more upon the expected January in
vestment demand for securities. This
proved to be of moderate proportions
and was met by offerings on the part
of the uealers, who had taken stocks
in anticipation of this demand. There
were sustaining points in the market,
. however, which held prices against any
severe reaction. New York Central
was notably strong and reports per-
sisted of a large interest concerned in
this property by Union Pacific and
Standard Oil interests, which would
tend to harmonize it's operation with
other railroad properties.
The marked buying for London ac-
count was felt as yesterday. The Of
fering of the Irish land purchase loan
absorbed a large interest in that
market and preparations for the Rus
sian loan on the continent formed an
other deterrent influence.
The money market here continued
extremely easy, but the rate of the
gold out-go was of some sentimental
influence on the stock market In ad-
dition to the weeks exports to France
and South America, it was intimated
that gold was likely to be shipped
from San Francisco to Japan on ac-
count of deposits at the New York
Sup-lIedSuIy. Inc only occasion that
can call for shipments to Japan at this
time would be on account of New York
subscriptions on the Japanese loan. 1t
is interesting to recall that at the time
of the last Russian loan it was alleged
that it's flotation was facilitated by
reason of disbursements in the worlds
markets of drafts on deposit in Euro
pean banLs of the proceeds of the
former Japanese loan. The calling
home hU .T1n1n nf ire on
would promise a contrary effect
Railroad net earnings reported for
November showed good increases, an
important instance being Union Pa
cific. The reactionary tendency in the
market however, prevailed, and the
close was weak.
Bonds were easy Total sales, par
value, $4,295.000.
United States bonds We're unchanged
on call.