Los Angeles herald., 1905-03-23
BY Associated Press.

BY Associated freSSs
NEW YORK, March 22.-The grow
ing Indifference of the demand for
stocks had chilling effect on specula-
tive sentiment and the level of prices
was let down considerably further to-
day In spite of the constant Irregular
ity of the market.
The fluctuations We're largely due to
the activity of the board-room traders
of the larger class, whose position was
occasionally shifted in the progress of
maneuvers designed to evade an un-
desirable following. This shifting pro-
cess involved the buying of stocks now
and then, but there was no evidence of
positive strength in the market at any
time
The growing conviction that no ag-
gressive upward movement is to be
looked for in the immediate future
prompted considerable throwing over
of securities by holders not prepared
to retain their contracts through an
indefinite decline.
The ENHANCEMENT over Venezuelan
relations continued to be the subject
of discussion, and while no ground
was perceived for immediate alarm, it
was felt that the progress of the af-
fairs concerning various powers in in
terest offered a delicate situation with
room for troublesome developments.
The action taken yesterday by the
directors of the Corn Products COM
pany in reducing the dividend on the
preferred stock had a decidedly un-
favorable influence, especially coupled
as it was with the pessimistic remarks
of the president of the conditions in
that trade. The shutting down of the
sugar refneries was cited as a parallel
to show that trade might not be un-
deviatingly prosperous in all lines.
The persistent heaviness of the
United States Steel stocks, in spite of
all the glowing reports of the enormous
demand for it's products, had a dis
couraging effect on the advocates of
higher prices. The merely nominal i'm
provement indicated in the New York
CentraPs net earnings for the March
quarter, although compared with a
period last year of extraordinary OBJ
stacles to transportation, was not
relished.
More attention was paid than recent
lyIto the apparently officially inspired
disclaimers of some of the lately pre-
valent rumors of intended dividend in
creases and stocks which have moved
under this influence were notably
heavy.
Importance was attached to the news
from Albany as promising the success
of some measures of legislation which
are feared for their effect upon Sc
curitles.
A Russian loan was reported once
more to have been negotiated in France
and the imminence OF another Japanese
issue was also taken account of for the
requirement on the money markets,
especially in view of the reported par
ticipation by American bankers. In
the case of the last Japanese loan these
subscriptions involved shipments of
gold to Japan.
The pressure upon the stock market
increased progressively and was most
severe in the closing transactions,
trading ending on a rapidly descending
scale of prices, losses extending from 1
to 11s to over points for many of the
leading speculative stocks.
Bends were heavy. Total sales (par
value), $2,925,000.
United States old As and the new As
registered advanced s per cent, the
new As coupon and IS registered a per
cent, the rs ss and the 3s coupon ,s per
cent on call